Multinational software and microchip giant Qualcomm has launched a $100 million Metaverse fund. It does this in support of extended reality (XR), artificial intelligence (AI), and augmented reality (AR) technology companies.
Extended reality refers to the combination of smartphones with AR and VR technology such as headsets and glasses. The investment project is called the SnapDragon Metaverse Fund. This refers to the company’s Snapdragon chips designed for a long list of devices, including smartphones, tablets, computers, smartwatches and smartbooks.
According to an announcement Monday’s funding will also go to a grant program for developers building XR-focused gaming, health, wellness, media and entertainment experiences. Qualcomm CEO Cristiano Amon said:
“Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes to push the boundaries of what is possible. We are entering a new generation of computing.”
Do you want to trade Crypto on one of the largest and most reliable exchanges in the world? †
An XR device
The company stated that it aims to be a “ticket to the metaverse” through its 5G, AI and XR technologies. These technologies are critical to the Metaverse. Qualcomm’s website indicates that in the future it wants to combine a smartphone, VR headset and AR glasses into one XR device.
“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 widely used computing platform. It is comparable to the current smartphone.”
The company said the grant recipients will gain early access to advanced XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities.
Crypto has been in the spotlight lately. Partly due to the ongoing conflict between Russia and Ukraine. However, it seems that interest in Metaverse projects is starting to grow.
In the past seven days, the prices of the coins of metaverse projects such as Decentraland and The Sandbox have risen 7% and 14% respectively.
Bored Ape Yacht club founders Yuga Labs have raised $450 million in a round of funding, which is now worth $4 billion. A portion of the funding is for the development of the Apecoin-backed metaverse project.