Qualcomm Launches $100 Million Fund Focused on Metaverse Tech

Qualcomm, a multinational software and microchip giant, has recently launched a $100 million Metaverse fund that will be used to support extended reality (XR), augmented reality (AR), and artificial intelligence (AI) technology companies.

According to an announcement made on Monday, part of the fund will also be used for a grant program for developers working on projects relating to extended-reality focused gaming, media, health, wellness, and entertainment.

The firm also teased that grant recipients will gain “early access to cutting-edge XR platform technology, hardware kits, a global network of investors and co-marketing and promotion opportunities.”

Dubbed the “SnappDragon Metaverse Fund”, the investment project references the firm’s Snapdragon chips that are designed for an extended list of devices including smartphones, computers, smartwatches, and smartbooks.

The firm expressed its intention to be the “ticket to the metaverse” via its XR and 5G technologies, which the firm describes as being critical technologies to the Metaverse.

Qualcomm’s website also indicates that the firm is aiming to combine a VR headset, AR glasses, and smartphones to create a single XR device in the future.

Qualcomm added: “XR could replace all the other screens in your life, like that big TV in your living room. Mobile XR has the potential to become one of the world’s most ubiquitous and disruptive computing platforms—similar to the smartphone today.”

Even though the spotlight has recently been focused on cryptocurrencies amid the Russian and Ukraine conflict, attention seems to be shifting towards Metaverse projects again, with popular Metaverse projects such as The Sandbox and Decentraland gaining 14% and 7% respectively, according to CoinMarketCap.