The Sandbox Looks to Boost Metaverse Startups With $50M Incubator Program

The Animoca Brands subsidiary has committed to invest $250,000 in up to 40 metaverse projects each year over the next three years.

AccessTimeIconJan 27, 2022 at 12:00 a.m. UTC
Updated Feb 3, 2022 at 7:42 p.m. UTC

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

Metaverse darling The Sandbox is launching a $50 million incubator program in partnership with venture accelerator Brinc.

The company announced Wednesday the program will invest up to $250,000 in 30–40 metaverse startups each year over a three-year period. Top performers of the program will also be awarded up to $150,000 in SAND and LAND token grants.

The program’s first cohort will be announced sometime in early Q2. The program runs three months in duration, with applications currently open. It comes at a time when usable metaverse experiences are still in their nascency.

“The Sandbox's metaverse accelerator is a major expansion of our ongoing commitment to support the next generation of metaverse entrepreneurs,” Sebastien Borget, co-founder of The Sandbox, said in a press release. “With imagination, ideas and hard work, startups from all over the world can realize their visions and drive societal impact by creating more opportunities for everyone.”

The Sandbox is a subsidiary of Animoca Brands, one of the metaverse industry’s most active investors.

Animoca Brands raised a $360 million funding round earlier in January, valuing the firm at $5.5 billion, more than double its $2.2 billion valuation from last October.

The firm also led a $130 million Series B for Brinc in December to boost the company’s expansion into Web 3 gaming.

The Sandbox’s SAND token was up nearly 6% over the past 24 hours, to $3.50 as of press time, with an upward climb starting at about 4:00 UTC.

UPDATE (Jan. 27, 14:23 UTC): Adds SAND price action.

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Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.