Ethereum’s The Sandbox launches a $500 million metaverse accelerator in a bid to mentor up to 100 startups working to build the open metaverse so let’s read more in today’s Ethereum latest news.
Ethereum’s The Sandbox metaverse game launched a $50 million accelerator program with Animoca Brands and Brinc. The program will invest in 100 startups across the crypto ecosystem over the next three years. As the hype around the metaverse enhances, the Ethereum-based game The Sandbox emerged as one of the early contenders in the space, and to encourage the development of other projects in the gaming world, The Sandbox launched an accelerator program to invest in startups.
Alongside the parent company Animoca Brands, the leading metaverse and NFT gaming investor and global venture accelerator Brinc, the Sandbox committed to investing $50 million in up to 100 startups building an interoperable metaverse. The initaitive plans to work with 30 to 40 startups per year across a three-year span. The Sandbox Metaverse Accelerator Program will be added as a track in the launchpad Luna that Animoca and Brinc established in 2021. Animoca also led Brinc’s $130 million investment round as the accelerator was looking for a shift into Web3.
The Sandbox is leading the charge, the startups however don’t have to be building within the gaming world. The goal here is not to bring in creators to develop the game’s own metaverse experience and it is now even focused on Ethereum. Instead, it is aimed at the broader crypto ecosystem and builders that want to develop interoperable platforms and pieces which can work together in an open metaverse. The online program will include mentorship alongside investment and will help projects discover market readiness and connect with other partners, investors, and influencers.
The program will make an equity investment in every startup valued at between $150,000 to $250,000 and up to $150,000 worth of the SAND token. It will also make grants of in-game land plots which are sold as NFT assets. The program amassed dozens of mentors from the crypto and gaming industries including Borget himself. The Sandbox already has a creator fund that rewards artists and developers working in the game world but the founder and COO Sebastien Borget said that he saw an increasing number of people that want to build the metaverse but don’t’ have the support or the investmetns.
“We’re looking at startups that bring value to the overall ecosystem,” said Borget, “and we think that The Sandbox will hopefully be a great kick-starter place for them.”