The HBAR Foundation launched the fund to attract luxury brands to interact with the Hedera metaverse ecosystem through multiple avenues.
Metaverse Fund Launched
On Thursday, The HBAR Foundation (THF) announced the allocation of a new $250 million fund (called the THF Metaverse Fund) to encourage both brands and their consumers to interact with the Hedera Hashgraph metaverse ecosystem. The announcement published on its website pointed out,
“If the metaverse is the next iteration of human experience then an unprecedented number of individuals will be onboarded into the applications and platforms that make up this realm. The THF Metaverse Fund was launched to bring consumers into the Hedera ecosystem at scale and accelerate the development of applications in high-growth target areas.”
Targeting High-Growth Areas For Development
The four main avenues of funding will be Gaming and Virtual Worlds, Consumer Brands and Collectibles, Sports Platforms and Fan Engagement, and Enterprise Metaverse. According to the announcement, the fund will focus on drawing in both B2C and B2B organizations to scale up its user integration into Web3. Furthermore, the fund will also be utilized to develop and advance the virtual ecosystem. Game developers interested in building within the ecosystem will receive extra support, as will those looking to create and introduce non-fungible tokens (NFTs).
Sayl – One Of The First Grantees
One of the first companies to benefit from the fund will be the customer relationship management platform Sayl. An undisclosed portion of the fund has been already earmarked for this company, which is aiming to blend customer relationship management with the functionalities of Web3 as the first Owner Relationship Management platform for Web3.
Sayl co-founder Geert Roete commented on the company’s decision to participate in the Hedera ecosystem, saying,
“We chose to build on Hedera for its carbon negative and enterprise-grade blockchain, tailored for security and regulatory compliance. This is exactly what brands and consumers are looking for when they enter this space.”
DeFi Fund Launched In March
Last month, THF launched a decentralized finance (DeFi) incentive program featuring a $155 million Crypto Economy Fund to integrate its DLT technology into DeFi supported use-cases.
The fund’s director, Alex Russman, had said,
“The metaverse will require robust infrastructure that champions decentralization while remaining intuitive for consumers, brands, and developers.”
By launching the Crypto Economy Fund and the Metaverse Fund, THF is focusing on growing the Hedera ecosystem by supporting organizations that are developing the DeFi and NFT spaces. The HBAR Foundation is also helping organizations scale up through integrated support across technical, marketing, business development, and other operational fields.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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