The Sandbox (SAND) is making slight gains on Thursday, a day after it announced the launch of a metaverse accelerator program in partnership with Animoca Brands and Brinc. At the time of writing, SAND/USD is trading at around $3.32.
The metaverse is booming and is likely to witness significant mainstream adoption this year. With this in mind, The Sandbox has committed $50 million to invest in as many as 100 startups over the coming three years to bolster the development of metaverse projects.
The accelerator program will enable The Sandbox to invest in and mentor startups looking to create an open metaverse not just in the world of gaming but with other applications as well. The Sandbox Metaverse Accelerators Program is wide in scope, looking at developing interesting projects beyond Ethereum and in the overall crypto industry.
As part of the program, the popular metaverse game based on Ethereum will make equity investments between $150k and $250k in each selected startup, in addition to $150k worth of SAND tokens. Under the accelerator program, chosen startups will also receive in-game land plots, in the form of LAND grants.
The Sandbox’s latest offering will feature as a dedicated track within Launchpad Luna – an accelerator that was launched mid of last year as part of a partnership between Animoca Brands and Brinc. Startups that are working to develop the open metaverse across the fields of art, collectibles, culture, entertainment, gaming, and more, can apply to become a part of the program.
SAND/USD Technical Analysis
Taking a look at the H4 chart of SAND/USD, we find a bullish bias among the smaller moving averages as well as popular technical indicators MACD and momentum. However, medium and longer timeframe MAs are pointing to selling interest in the market.
The SAndbox’s price is holding under the pivot point at $3.54 but a long way from the immediate support at $2.13. We might just see some more buyers getting into the market soon, which could see SAND cross the PP, so let’s keep a close watch on this level for now.
Read More: SAND Price Analysis: The Sandbox Unveils $50 Million Accelerator Program