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Chip giant Qualcomm launches $100 million Metaverse fund

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

Augmented Reality or XRrefers to the combination of smartphones with AR and VR technology such as headsets and glasses.

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

According to a statement dated March 21 NoticeFunding also goes 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 helping developers and businesses of all sizes push the boundaries of what is possible as we step into 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” via its 5G, AI and XR technologies, which it says are critical to the Metaverse. While Qualcomm’s website also indicates that the goal is to combine a smartphone, a VR headset and AR glasses in a single XR device in the future.

“XR could replace every other screen in your life, like that 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 – much like today’s smartphone.”

The company also teased that grantees will receive “early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotional opportunities.”

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

While crypto has stolen the limelight lately in the context of the ongoing conflict between Russia and Ukraine, interest in Metaverse projects appears to be on the rise again.

In the last seven days, prices of native assets from top metaverse projects like Decentraland and The sandbox have gained 7% and 14% respectively.

On March 18, Cointelegraph also reported that the Bored founders of Ape Yacht Club Yuga Labs had raised $450 million in a seed funding round valued at $4 billion, with part of the funding going towards the development of the Apecoin supported Another Metaverse project.