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The Sandbox announced Wednesday the establishment of a $50 million metaverse incubation program in collaboration with VC Brinc. Over a three-year period, the program will fund up to $250,000 in 30 to 40 metaverse enterprises. Top performers in the program will also get rewards of up to $150,000. Which will be in the form of SAND and LAND tokens.
Over the next three years, the Animoca Brands subsidiary has committed to funding $250,000 in up to 40 metaverse projects every year.
Beloved of the metaverse The Sandbox announced Wednesday the start of a $50 million incubator program. Which will take place in collaboration with VC firm Brinc.
$50 million fund for metaverse firms.
According to a press release, during a three-year period, the initiative will fund up to $50 million in dozens of metaverse firms each year. The program’s top-performing companies will also win up to $150,000 in SAND and LAND incentives.
The program’s inaugural cohort will be announced early in the second quarter. Applications for the three-month program are now being accepted. It arrives at a time when suitable metaverse experiments are still in their early stages.
“The Sandbox’s metaverse gas pedal is a significant expansion of our continuous commitment to assisting the next generation of metaverse businesses,” The Sandbox co-founder Sebastien Borget said in a press release.
“Startups around the world can achieve their objectives and drive societal impact by generating more chances for all with imagination, innovation, and hard work.”
The Sandbox is a subsidiary of Animoca Brands, one of the metaverse’s most active investors. Animoca Brands secured a $360 million round in January. Which is valuing the firm at $5.5 billion, more than double its October valuation of $2.2 billion.
In December, the business also led a $130 million Series B round for Brinc. In order to accelerate the company’s entry into Web 3 games.