Hedera Hashgraph (HBAR) wants to attract luxury brands entering the metaverse
The HBAR Foundationat the origin ofHedera Hashgraph (HBAR)has just announced the creation of a fund dedicated to the development of the metaverse, the “Metaverse Fund”. The foundation will allocate $250 million in HBAR cryptocurrencies to this venture capital fund.
According to the press release published on April 7, 2022, the fund dedicated to the metaverse is intended to attract consumer brands and their customers to the Hedera Hashgraph network. With this investment, the HBAR Foundation seeks to attract companies wishing to launch projects related to digital worlds.
The fund targets both business and consumer projects. As explained Alex Russman, Fund Managerthis initiative should bring new users to the Hedera Hashgraph ecosystem. The manager specifies that non-fungible tokens (NFT) are also part of the fund’s areas of interest:
“The fund is focused on building an advanced and engaging metaverse, supporting and complementary ecosystem of projects. This means that the fund also stimulates the development of markets dedicated to NFTs”.
In the field of NFTs, the foundation plans in particular to forge partnerships with luxury brandswho are very interested in digital works certified on the blockchain. In recent months, brands such as Balmain, Frank Muller and Gucci have indeed launched into non-fungible tokens. Alex Russman explains:
“Enterprises are keen to engage with NFTs and the metaverse, but are wary of deploying high-value assets on untested networks. HBAR Foundation works with industry partners that brands trust to help them in Web3”.
The HBAR Foundation will also focus on video games by supporting “game developers as they enter Web3 and introduce NFTs into their experiences”. With this in mind, the foundation has associated with Venlya Belgian blockchain technology provider that helps companies take advantage of the possibilities of blockchain. Partnerships of this ilk should help video game developers and designers in their approach.
One of the first beneficiaries of the “Metaverse Fund” is sail. This Web3 platform promises to facilitate the relationship between consumers and brands through an innovative approach. For example, a customer earns rewards (NFTs or cryptocurrencies) in exchange for certain actions, such as purchases. More than 300 companies, including L’Oréal and Brussels Airport, already rely on Sayl. According to Alex Russman, Sayl sees the full potential of Web3.
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According to the fund manager, the directed acyclic graph (DAG) architectureHedera’s network of interconnected nodes, is the “central component of the new infrastructure” behind the metaverse. The press release specifies that the technology developed by the foundation to inflate the scalability of the network can serve as a catalyst for all future augmented and virtual reality experiences.
This announcement comes days after the launch of a $155 million fund to encourage the development of DeFi on the Hedera Hasgraph network. With this initiative, the foundation was already seeking to reach a wider audience. This is also the case with the fund devoted to the metaverse.
Many other industry giants have also launched funds dedicated to the metaverse. Recently, chipmaker Qualcomm announced a $100 million fund to support developers designing virtual and augmented reality experiences.
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Source: HBAR Foundation
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