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Blockchain

Qualcomm Announces $100m Metaverse Investment Fund

Qualcomm has introduced a $100 million funding fund for crypto corporations.

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The San Diego-based chip provider’s fund will go to corporations constructing the metaverse utilizing augmented actuality, blended actuality or digital actuality.

The Qualcomm Chief Financial Officer stated in an interview with the Wall Street Journal that the corporate goals to broaden the market for its chips via this new Snapdragon Metaverse Fund.

He added that the fund would start accepting functions in June.

On its web site, Qualcomm stated that the “Snapdragon XR1 and XR2 platforms are purpose-built to meet the particular demands and requirements of today’s virtual reality and augmented reality devices.”

The firm added that it has deliberate to “deploy capital through a combination of venture investments in leading XR companies by Qualcomm Ventures and a grant program by Qualcomm Technologies, Inc. for developer ecosystem funding in XR experiences.” The XR experiences embody gaming, well being and wellness, media, leisure, schooling and enterprise.

Among different notable achievements, Qualcomm’s portfolio contains chips for digital actuality headsets and a partnership with Microsoft for creating chips engineered for augmented actuality. The deal generates 17% of its $10.7 billion income from promoting chips associated to the metaverse.

A rising variety of startups have acquired funding to assist the creation of digital world initiatives; for instance, agency Space Runner had raised $10 million to create style and different wearables as digital belongings.

Popular leisure conglomerate Disney has additionally made a transfer to develop its metaverse attain. While there’s additionally an growing variety of corporations which might be submitting emblems associated to buying and selling objects in lots of digital areas.

Image supply: Shutterstock

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