Chip giant Qualcomm launches $100 million Metaverse Fund

Chip giant Qualcomm launches 0 million Metaverse Fund

The funding will also be used to fund grant programs for developers building gaming, health, wellness, media and entertainment experiences focused on extended reality.

Multinational software and microchip giant Qualcomm has launched a $100 million Metaverse Fund to support extended reality (XR), artificial intelligence (AI) and augmented reality (AR) technology companies.

Extended reality refers to the combination of smartphones with technologies such as augmented reality and virtual reality (VR), such as headsets and glasses.

The investment, dubbed the “SnapDragon Metaverse Fund,” involves the company’s SnapDragon chips, which power smartphones, tablets, computers, smartwatches, and smartbooks. equipment designed.

According to a March 21 statement, the funding will also be used for a grant program to help developers build XR-focused gaming, health, wellness, media and entertainment experiences.

“As we enter the next generation of spatial computing, developers and companies of all sizes will push the boundaries of what is possible, and we look forward to supporting them through the Snapdragon Metaverse Fund,” said Cristiano Amon, Qualcomm President and CEO. “

The company said it aims to be “the ticket to the Metaverse” through 5G, AI and XR technologies it believes are critical to the Metaverse. Qualcomm’s website also shows that the company aims to combine smartphones, VR headsets and AR glasses into a single XR device in the future.

XR can replace every other screen in your life, like the big TV in your living room. Mobile XR has the potential to be one of the most ubiquitous and disruptive computing platforms in the world — similar to smartphones today.

The company also revealed that those receiving funding will have “early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities.”

Although cryptocurrencies have been in the spotlight recently due to the Russian-Ukrainian conflict, there seems to be a renewed interest in the Metaverse project.

In the past 7 days, the prices of the native assets of the Metaverse projects Decentraland and The Sandbox have risen by 7% and 14%, respectively.

On March 22, Cointelegraph also reported that Bored Ape Yacht Club production company Yuga Labs raised $450 million in a seed round at a $4 billion valuation, some of which will be used to develop the Apecoin-backed Metaverse project Otherside .

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