Chip Giant Qualcomm Launches $100M Metaverse Fund

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

Extended reality, or XR, refers to the combination of smartphones with AR and VR technology such as headsets and glasses.

The investment project is dubbed the “SnapDragon Metaverse Fund,” referring to the company’s Snapdragon chips designed for a long list of devices, including smartphones, tablets, computers, smartwatches and smartbooks.

According to a March 21 announcement, funding will also go to a grant program for developers building XR-focused gaming, health, wellness, media and entertainment experiences.

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

The company stated that it aims to be the “ticket to the metaverse” through its 5G, AI and XR technologies that it describes as critical to the Metaverse. Although Qualcomm’s website also 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 ubiquitous and disruptive computing platforms, akin to today’s smartphone.”

The company also teased that recipients of the grants “will gain early access to advanced XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities.”

Related: Education Metaverse: How Virtual Reality Can Help Schools and Colleges

While crypto has been stealing the spotlight lately regarding the ongoing conflict between Russia and Ukraine, it appears that interest in Metaverse projects is starting to pick up again.

In the past seven days, native asset prices of top metaverse projects like Decentraland and The Sandbox have risen 7% and 14% each.

On March 18, Cointelegraph also reported that Bored Ape Yacht club founders, Yuga Labs, had raised $450 million in a $4 billion seed seed funding round, with some of the funding earmarked for the development of the Projecting Apecoin Backed Otherside Metaverse.

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