The HBAR Foundation, a non-profit organization designed to accelerate the development of the Hedera Hashgraph ecosystem, has announced the launch of a new Metaverse fund. The $ 250 million fund will be used to attract builders and developers to bring their metaverse products to the Hedera network and use its decentralized ledger technologies.
HBAR Foundation Wants the Metaverse to Happen on Hedera
The battle for metaverse is intensifying, and many organizations are offering incentives for these experiences to be built using their own infrastructure. The HBAR Foundation, an organization dedicated to the growth of the Hedera Hashgraph ecosystem and the applications on it, has announced the launch of the THF Metaverse Fund, which will offer $ 250 million in incentives to developers who want to bring their metaverse programs to life using Hedera Hashgraph’s tools.
As to why the HBAR Foundation thinks Hedera is an ideal platform for metaverse-inspired programs, it stated:
DLT [Decentralized Ledger Technology] is the core component of such infrastructure and is the Ivy network that is best designed to meet the DLT requirements of enterprise platforms and their complex economies.
In addition, the foundation is confident that it will be able to help novices in the area deal with the difficulties of launching these products. with “a wealth of experience and financial support … accelerating the development of applications in high-growth target areas.”
The foundation has offered a number of examples – referencing projects such as Tunefm and Siki – in which they are working with different brands in the metaverse and NFT space who want to develop their products on this blockchain. In the game space, it aims to include more of these projects using mid-range services that enable rapid deployment of projects in the environment.
Regarding consumer brands and collections, it announced:
[The foundation is] working with industry partners that brands rely on to keep them handy on the Web3 website.
The enterprise metaverse sector is also given special importance by the organization, which believes that a medium aimed at supporting this type of product is “key to driving future virtual economies.” In this regard, the company expects that these products will also be developed on Hedera due to its favorable features.
Hedera’s metaverse fund joins other funds that are also focusing their interest on the development of the metaverse, which, according to a recent survey, will be a popular place to buy, store and sell cryptocurrencies.
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