Sandbox announces its metaverse accelerator program and YouTube to launch potential NFT feature to benefit creators
Nameet Potnis
Founder @Muzify | Connecting Music Superfans with Their Tribe and Empowering Artists | Payments & E-commerce Expert
Virtual world project The Sandbox, together with Animoca Brands subsidiary and global venture accelerator Brinc, has set aside $50 million to invest in up to 100 startups working on an open, interoperable metaverse.
The Sandbox Metaverse Accelerator Program will invest up to $250,000 in each potential initiative, with additional incentives given to top-performing projects.
The Sandbox (SAND) digital asset and LAND, digital real estate within The Sandbox's metaverse, are among the benefits. Aside from that, the high-profile mentors will be eligible for further investment grants and high-profile mentors.
According to The Sandbox Co-Founder Sebastien Borget, the initiative is an extension of the organization's mission of assisting a new generation of metaverse entrepreneurs. This allows startups all across the world to bring their ideas to life.
"We're especially eager to support underrepresented founders in their ambitions as they explore the infinite possibilities offered into The Sandbox ecosystem," said Borget.
Applications are now being accepted, and the first round of investments is expected to begin in the second quarter of 2022. The initiative is housed within Launchpad Luna, a joint venture by Animoca Brands and Brinc that aims to support the growth of startups.
The initiative has dozens of mentors from the crypto and gaming sectors, including members of The Sandbox team, Animoca Brands Executive Chairman Yat Siu, Yield Guild Games co-founder Gabby Dizon, Kabam co-founder Holly Liu, and Lympo co-founder and CEO Ada Jonuse.
"as digital experiences develop, we will find ourselves having fewer reasons to emit carbon to travel for work or play," said Manav Gupta, the founder and CEO of Brinc.
YouTube is looking into the non-fungible token (NFT)-based services for its creators. In a letter published today, YouTube CEO Susan Wojcicki stated that the firm is seeking to expand into NFTs in the future as another source of revenue for its content creators.
This is the first time Google has been involved with NFTs; This comes shortly after Twitter launched NFT-based profile pictures for non-fungible token owners. Facebook is also considering something similar in which people can showcase their NFTs.
In a letter to the YouTube community, Wojcicki emphasized that the firm is growing the YouTube ecosystem to help creators capitalize on emerging technologies such as NFTs while reinforcing and improving the experiences creators and their fans enjoy on YouTube.
According to her letter, YouTube CEO Susan Wojcicki stated that the company's goals include gaming, shopping, music, and Shorts - the short video format comparable to TikTok and Instagram Reels.
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"We're always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube," the letter reads.
YouTube did not provide further details on how NFT features might be applied at the company.
The creators of a few successful YouTube videos have already transformed and sold them as NFTs. The Charlie Bit Me NFT, which depicts newborn chewing on his brother's finger, was auctioned off for $760,000 last year. As an NFT, David After Dentist, a film about a disoriented youngster after the anaesthetic, sold for more than $11,000.
According to The Wall Street Journal, which cited an unknown source, The Diem Association, a Meta Platforms-led venture that was planning to launch a new, user-friendly stablecoin, is selling its technology to Silvergate Capital for $200 million.
Diem is currently negotiating with investment bankers to sell its intellectual property and find new jobs for the engineers who developed the technology.
Last year, Silvergate Capital and Diem agreed to collaborate on developing a stablecoin pegged to the U.S. dollar. The deal was expected to breathe fresh life into a dormant project that Meta Platforms had started under the name Libra in 2019 when Facebook was still known as Facebook.
The project's original ambition was for a stablecoin backed by a basket of fiat currencies that could be used as a medium of exchange around the world. It was met with instant international regulatory opposition, with politicians demanding that all development be halted until they could offer regulatory direction and assure that it did not jeopardise global financial stability.
In December 2020, Libra Association was renamed Diem to take a different strategy, but the effort continued to face challenges, including the resignation of key executives.
Silvergate would be the formal issuer of the Diem USD stablecoin and maintain the reserve supporting the token, while Diem Networks U.S. would administer the Diem Payments Network and register as a money services business with the Financial Crimes Enforcement Network (FinCEN).
The Federal Reserve, on the other hand, raised reservations about the idea and said it couldn't guarantee that it would be approved. Lawmakers also took a stand against Novi (previously Calibra), a Meta subsidiary intended with developing a Diem-compatible wallet, which announced a pilot programme with Paxos last November.
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