Multinational software and microchip giant Qualcomm Incorporated has launched a $100 million Metaverse fund to support extended reality (XR), artificial intelligence (AI) and augmented reality (AR) technology companies.
Extended reality, or XRrefers to the combination of smartphones along with AR and VR technology, such as headsets and glasses.
The investment project is called the "SnapDragon Metaverse Fund" in reference to the company's Snapdragon chips that are designed for a long list of devices, including smartphones, tablets, computers, smart watches and smart books.
According to a March 21 adThe funding will also go towards a grant program for developers creating XR-centric gaming, health, wellness, media and entertainment experiences.
โThrough the Snapdragon Metaverse Fund, we look forward to empowering developers and businesses of all sizes as they push the boundaries of what is possible as we enter this next generation of spatial computing,โ said Snapdragon Metaverse President and CEO. Qualcomm Incorporated, Christian Amon.
The firm stated that it aims to be the "ticket to the metaverse" through its 5G, AI, and XR technologies, which it describes as critical to the Metaverse. While Qualcomm's website also states that its goal is to combine a smartphone, VR headset, and AR glasses into a single XR device in the future.
โXR could replace all the other screens in your life, like that big TV in your living room. Mobile XR has the potential to become one of the most ubiquitous and disruptive computing platforms in the world, similar to today's smartphone."
The firm also teased that grant recipients will gain "early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotional opportunities."
Related: Metaverse for education: how virtual reality can help schools and universities
While crypto has been stealing the spotlight lately in connection with the ongoing conflict between Russia and Ukraine, it seems that interest is starting to build up again in Metaverse projects.
In the last seven days, the prices of native assets of major metaverse projects such as Decentraland and the sandbox they have gained 7% and 14% each.
On March 18, Cointelegraph also reported that the Bored Ape Yacht Club Founders Yuga Labs had raised $450 million in a seed funding round at a $4 billion valuation, with some of the funding going toward development of the Backed by Apecoin Otherside metaverse project.
Post navigation
