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Qualcomm announces $100 million Metaverse fund

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A grant project for developers creating enhanced reality-focused gaming, healthcare, wellness, media, and entertainment experiences will also be funded with the grant.

Qualcomm Incorporated, a multinational software and microchip company, has formed a $100 million Metaverse fund to support companies working in the fields of extended reality (XR), artificial intelligence (AI), and augmented reality (AR).

Extended reality (XR) refers to the use of smartphones in cooperation with AR and VR technology like headsets and glasses.

The "SnapDragon Metaverse Fund" is named after Qualcomm's Snapdragon chips, which are intended for a wide range of devices such as smartphones, tablets, desktops, smartwatches, and smartbooks.

The funds will also be used for a grant plan for developers creating XR-focused gaming, health, wellness, media, and entertainment experiences, as per a March 21 statement.

“Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push the boundaries of what’s possible as we enter into this new generation of spatial computing,” stated Cristiano Amon, president and CEO of Qualcomm Incorporated.

The firm stated that it intends to be the "ticket to the metaverse" with its 5G, AI, and XR technologies, which it defines as essential to the Metaverse. Qualcomm's website also claims that in the future, it plans to merge a smartphone, VR headset, and AR glasses into a single XR gadget.

“XR 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 world’s most ubiquitous and disruptive computing platforms—similar to the smartphone today.”

The firm also indicated that grant applicants will have “early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities.”

Whereas crypto has recently taken the spotlight in the context of the present Russian-Ukraine war, it seems that interest in Metaverse ventures is starting to reappear.

Native assets from major metaverse projects like Decentraland and The Sandbox have garnered 7% and 14%, respectively, during the week.

It was also reported on March 18 that Yuga Labs, the creators of the Bored Ape Yacht club, had secured $450 million in a seed fundraising round at a valuation of $4 billion, with a portion of the proceeds going toward the expansion of the Apecoin-backed Otherside metaverse project.

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