Qualcomm (QCOM) has established a $100 million fund to invest in metaverse infrastructure developers and businesses. Qualcomm announced on Monday that the Snapdragon Metaverse Fund will help unlock the next generation of spatial computing. The fund will target developers creating immersive extended reality (XR) experiences in fields such as gaming, health, education, and entertainment.
Qualcomm Ventures, the company’s venture capital arm, will provide funding through a combination of grants and investments. Because of the use of blockchain and decentralised applications, as well as the use of digital currencies as a form of payment, metaverse infrastructure development intersects with the crypto sector.
The metaverse is a virtual environment based on immersive and augmented reality in which the internet is used for work, leisure, and socialising. Since Facebook changed its name to Meta in October of last year to reflect its expanding focus on this sector, it has gotten a lot of attention.
Qualcomm has made significant venture capital investments in new technology fields such as 5G and artificial intelligence in the past. According to Tristan Gerra, managing director and senior semiconductor analyst at investment firm Robert W. Baird & Co., the metaverse fund created this week is in line with the company’s overall goal to diversify its core business.