Hedera Hashgraph (HBAR) wants to attract luxury brands to enter the metaverse
the HBAR Foundationthe origin ofHedera Hashgraph (HBAR), recently announced the creation of a fund dedicated to the development of the metaverse, the “Metaverse Fund”. The foundation will allocate $ 250 million to HBAR cryptocurrencies in this venture capital fund.
According to a press release published on April 7, 2022, the funds dedicated to the metaverse are intended attracting consumer brands and their customers to the Hedera Hashgraph network. With this investment, the HBAR Foundation seeks to attract companies that want to launch projects related to digital worlds.
The fund focuses on business and consumer projects. As explained Alex Russman, Fund Manager, this initiative should bring new users to the Hedera Hashgraph ecosystem. The manager determines that non-fungible tokens (NFTs) are also part of the interest components of the fund:
“The fund focuses on building an advanced and attractive metaverse, supporting and complementary ecosystem of projects. This means that the fund also encourages the development of markets dedicated to NFTs”.
In the field of NFTs, the foundation plans specifically to forming partnerships with luxury brands, who is very interested in certified digital works on the blockchain. In recent months, brands like Balmain, Frank Muller and Gucci have actually launched non-fungible tokens. Alex Russman explains:
“Businesses want to partner with NFTs and the metaverse, but are wary of deploying high-value assets on untested networks. The HBAR Foundation works with industry partners trusted by brands to help them with Web3 ”.
The HBAR Foundation will also focus on video games through support “Game developers as they enter Web3 and introduce NFTs to their experiences”. With this in mind, the foundation is there associated with Venly, a Belgian blockchain technology provider that helps companies take advantage of blockchain possibilities. Partnerships of this variety should help video game developers and designers in their approach.
One of the first beneficiaries of the “Metaverse Fund” was Sayl. This Web3 platform promises to facilitate the relationship between consumers and brands through a new approach. For example, a customer may receive rewards (NFTs or cryptocurrencies) in exchange for certain actions, such as purchase. 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 directional acyclic graph (DAG) architectureHedera’s network of connecting nodes, is “central part of new infrastructure” behind the metaverse. The press release specifies that the technology developed on the foundation to improve network scalability 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 spur DeFi’s growth on the Hedera Hasgraph network. With this initiative, the foundation is already looking reach a wider audience. This is also the case with funds allocated 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: The HBAR Foundation
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