Hedera Hashgraph (HBAR) wants to attract luxury brands entering the metaverse
The HBAR Foundationthe 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 award $ 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 for attracting 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 is aimed at projects for both businesses and consumers. As explained Alex Russman, fund manager, this initiative is expected to bring new users to the Hedera Hashgraph ecosystem. The manager specifies that non-fungible tokens (NFTs) are also part of the fund’s focus areas:
“The fund is focused on building an advanced and engaging metaverse, supportive and complementary to the 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 brands, who are very interested in digital works certified on the blockchain. In recent months, brands such as Balmain, Frank Muller and Gucci have in fact launched non-fungible tokens. Alex Russman explains:
“Companies are eager to engage with NFT 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 on the Web3 “.
The HBAR Foundation will also focus on supporting video games “Game Developers Enter Web3 and Introduce NFT into Their Experiences”. With this in mind, the foundation has associated with Venly, a Belgian blockchain technology provider that helps companies exploit the possibilities of blockchain. Partnerships of this kind should help game developers and designers in their approach.
One of the first beneficiaries of the “Metaverse Fund” is Sayl. 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 architecture of the direct acyclic graph (DAG).the network of interconnected nodes of Hedera, is the “Central component of the new infrastructure” behind the metaverse. The press release specifies that the technology developed by the foundation to inflate network scalability can serve as a catalyst for all future augmented and virtual reality experiences.
This announcement comes just days after the launch of a $ 155 million fund to encourage DeFi development on the Hedera Hasgraph network. With this initiative, the foundation was already trying to do so reach a wider audience. This is also the case with the fund dedicated to the metaverse.
Many other industry giants have also launched dedicated metaverse funds. Recently, chip maker Qualcomm announced a $ 100 million fund to support developers in designing augmented and virtual reality experiences.
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Source: HBAR Foundation
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