The HBAR Foundation has announced a $250 million Metaverse Fund with the goal of integrating Hedera Hashgraph’s Web3 metaverse environment for consumer brands. The HBAR Foundation is a non-profit organisation run by Hedera Hashgraph, a distributed ledger corporation, that functions as a force multiplier to assist builders and creators in overcoming the hurdles of bringing innovative ideas to market. Following a $155 million DeFi fund debut in late March, this is the largest fund launch to date.
Plans to utilize the $250 million Metaverse fund
The Metaverse Fund aims to incorporate users into Web3 development at scale and targets both B2C and B2B2C applications.
The $250 million Metaverse Fund will be spent in four categories: gaming, sports, fashion, and entertainment. The foundation’s goal with the fund is to develop an improved digital world and promote the ecosystem through supporting and complementing activities. Fund will also be used to encourage game developers to use NFTs in their games and to assist them within the ecosystem.
According to Alex Russman who is currently Vice President of the HBAR Foundation:
“…. They realise the promise of Web3 technology, thus, they’re including NFTs and tokens within their offering. They are offering a hand-holding package that enables a large corporation to grasp how tokens integrate into their corporate infrastructure.….”
HBAR Foundation and Hedera ecosystem
The HBAR Foundation, established in 2021, supports the growth of the Hedera ecosystem by offering grants and other resources to developers, entrepreneurs, and organisations looking to create decentralised applications in DeFi, NFTs, CBDCs, gaming, and other areas.
