Popular gaming crypto The Sandbox (SAND) is partnering up with a global venture company to open an acceleration fund for developing metaverse start-ups.
According to a news release, SAND has committed $50 million to Hong Kong-based accelerator company Brinc for The Sandbox Metaverse Accelerator Program, which will invest $250,000 in 100 new metaverse altcoins.
The program will fund 30 to 40 start-up companies per year over the next three years. Start-ups that receive the acceleration money will be encouraged to build on SAND’s ecosystem, and top performers will be further granted funds in the form of $150,000 in SAND tokens.
As stated by The Sandbox co-founder Sebastien Borget,
“The Sandbox’s Metaverse Accelerator is a major expansion of our ongoing commitment to support the next generation of metaverse entrepreneurs.
With imagination, ideas and hard work, start-ups from all over the world can realize their visions and drive societal impact by creating more opportunities for everyone.
We’re especially eager to support underrepresented founders in their ambitions as they explore the infinite possibilities offered into The Sandbox ecosystem.”
Other prominent partnerships formed with SAND include a partnership with famous rapper Snoop Dogg, who purchased his own virtual plot of land in the ecosystem with plans to offer fans VIP access to concerts. The Sandbox has also partnered with video gaming pioneer Atari, which plans to introduce intellectual property from its vast portfolio onto The Sandbox metaverse.
The Sandbox is exchanging hands at $3.46 at time of writing, a 6.5% increase on the day.