Chip giant Qualcomm launches $100 million Metaverse fund

Multinational software and microchip giant Qualcomm has launched a $100 million Metaverse Fund to back 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.

Dubbed the "SnapDragon Metaverse Fund," the investment involves the company's SnapDragon chips, which power smartphones, tablets, computers, smartwatches, and smartbooks. device design.

According to a March 21 statement, the funds will also go towards 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’s possible, and we look forward to supporting them through the Snapdragon Metaverse Fund,” said Cristiano Amon, Qualcomm president and CEO. "

The company says it aims to be "the ticket to the metaverse" through 5G, AI and XR technologies, which it believes are critical to the metaverse. Qualcomm's website also shows that the company's goal is to integrate 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 become one of the most ubiquitous and disruptive computing platforms in the world — similar to the smartphone today."

The company also revealed that grant recipients will have "early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and joint marketing and promotion opportunities."

While cryptocurrencies have been in the spotlight recently due to the Russia-Ukraine conflict, there appears to be renewed interest in Metaverse projects.

In the past 7 days, the prices of native assets of metaverse projects Decentraland and The Sandbox have increased 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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