coindesk.com
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, according to a press release. 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.