Multinational software and microchip giant Qualcomm has launched a $100 million Metaverse Fund to support augmented reality (XR), artificial intelligence (AI) and augmented reality (AR) companies.
Augmented reality refers to the combination of smartphones with AR and VR technologies such as headphones and glasses.
The investment project is called “SnapDragon Metaverse Fund” in reference to the company’s Snapdragon chips designed for a wide range of devices, including smartphones, tablets, computers, smart watches and smart books.
According to Monday’s announcement, the funding will also go to a developer grant program that creates gaming experiences focused on XR, health and wellness, and media and entertainment.
“Through the Snapdragon Metaverse Fund, we are committed to empowering developers and companies of all sizes as they push the boundaries of what is possible as we enter this next generation of spatial computing,” said Cristiano Amon, President and CEO of Qualcomm.
The company said it aims to be a “ticket to the metaverse” through 5G, AI and XR technologies, which it describes as essential to the metaverse. Qualcomm’s website also says that in the future, the company intends to integrate a smartphone, a virtual reality headset, and augmented reality glasses into one XR device.
“XR can replace every other screen in your life, like the big TV in your living room. The Mobile XR could be one of the most disruptive computing platforms in the world, just like today’s smartphone.”
The company also joked that grant recipients will have “early access to XR’s cutting-edge platform technology, hardware teams, global investor network, and co-marketing and marketing opportunities.”
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While the cryptocurrency has recently been drawing attention to the ongoing conflict between Russia and Ukraine, it seems that interest in Metaverse projects is starting to grow again.
Over the past seven days, the underlying asset prices of the largest projects in the metaverse, such as Decentraland and Sandbox, have risen by 7% and 14%, respectively.
On Friday, Cointelegraph also reported that the founders of Bored Ape Yacht Club Yuga Labs have raised $450 million in a $4 billion seed funding round, with a portion of the funding earmarked for the development of Apecoin. Support for the Otherside metaverse project.