The metaverse fund is expected to support web3 innovation in fields such as gaming, sport and consumer brands and collectibles.
The HBAR Foundation, the non-profit backing the distributed ledger firm Hedera Hashgraph has set up a $250 million metaverse fund. According to the Wednesday announcement, the purpose of the fund is to attract consumer brands and their clientele to the Hedera Hashgraph network. The foundation revealed that the fund will be targeted at both business-to-business and business-to-business-to-consumer applications expected to bring on “scale into Web3 and de facto into the Hedera ecosystem.”
The fund’s first recipient is Owner Relationship Management (ORM) platform Sayl. The web3 platform’s goal is to solidify the connection between brands and consumers. It is used by more than 300 corporations including Poctor and Gable, Loreal, and Brussels Airport.
Commenting on the platform’s notable clientele, Alex Russman the HBAR Foundation’s director of the Metaverse Fund said:
“These are all long-term relationships, so these are the kind of meaningful pieces that take longer to ship, but they’re moving the needle for the distributed ledger technology (DLT) industry as a whole, and Hedera is very well positioned as a part of that.”
Russman also said of Sayl, “they see the potential of Web3, so are integrating [nonfungible tokens, or] NFTs and tokens into that offering, being that hand-hold service that allows a large enterprise to understand how tokens relate and fit into their business.”
The metaverse fund is expected to support web3 innovation in fields such as gaming, sport and consumer brands and collectibles.
About the Hashgraph Network
The network uses a Directed Acyclic Graph structure. Its ledger records transactions through vertices stacked atop each other as opposed to a data chain.
Some experts have criticized the network citing susceptibility to attacks that could influences nodes to malfunction. They attribute this to the network’s lack of block confirmation protocols. Others have questioned the network “decentralization”, a point that HBAR denies, asserting that its consensus mechanism and governance model are highly decentralized. The foundation has defended its network’s design by claiming it increases speed and efficiency. The network processes about 2.6 million transactions daily. The average transaction completion time is 5 seconds.
Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
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