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Up to 100 different startups will receive support from The Sandbox accelerator initiative as the metaverse continues to take shape.
The Sandbox, an Ethereum NFT game, has launched a $50 million accelerator program in partnership with Animoca Brands and Brinc. Furthermore, this new initiative will invest in and mentor as many as 100 crypto-centric startups over the next three years. The accelerator program primarily functions to facilitate the development of an open metaverse.
In addition to backing and supporting “promising startups and projects,” the accelerator program will also foster networking opportunities. These include providing access to potential partnerships as well as business development opportunities. The Sandbox accelerator program was set up within Launchpad Luna, and has already garnered support from several high-profile mentors. Some of these include leaders from Altitude Games, Binance, Dragonfly Capital, Republic Crypto, and True Global Ventures.
The Sandbox co-founder Sebastien Borget weighed in on this development. Borget explained that the accelerator program aims to ensure the sustainability of the wider crypto ecosystem. The Sandbox visionary also added:
“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 accelerator program looks to welcome applications from blockchain startups in various industries. Some of these include digital art, collectibles, culture, entertainment, gaming, media, content, and streaming. Furthermore, all startups will undergo evaluations based on their traction, technical expertise, and ability to provide radically distinctive experiences. Startups admitted into The Sandbox accelerator program will each receive an investment of up to $250K. Furthermore, exceptional performers will receive further grants as high as $150K in SAND tokens in addition to LAND grants. The grants are sellable as NFT assets, and are also highly customizable with options for monetization within the gaming world.
The Sandbox Accelerator Is an Attempt to Provide Ample Opportunities for All Metaverse Creators
The Sandbox already has an existing creator fund that rewards artists and developers operating in the gaming world. However, Borget explained in a media session that he was able to identify an increasingly peculiar group of people. According to The Sandbox co-founder, these people desired to help scale up the wider open metaverse but lacked requisite resources. As he put it:
“We saw people wanting to start their own business in the metaverse, and we had no specific funds or foundation to support them properly.”
The advent of the accelerator program should alleviate some of those headwinds. Borget concluded by saying:
“We’re looking at startups that bring value to the overall ecosystem, and we think that The Sandbox will hopefully be a great kick-starter place for them.”
Despite the accelerator initiative announcement, The Sandbox’s native token SAND is changing hands 3.4% lower for the day. As of press time, it was $3.11, a decline of approximately 40% over the last two weeks. That slump was in line with the general market decline of digital currencies to begin the new year.
SAND reached an all-time high of $8.40 on November 25th last year, and is currently the third-largest metaverse token with $2.8 billion. Only Axie Infinity (AXS) and Decentraland (MANA) have higher market cap figures.