The HBAR Foundation, under the Hedera Network, a distributed ledger platform, launched a $250 million Metaverse Fund, which aims to integrate Hedera Hashgraph’s Web3 metaverse world for consumer brands.
Funding from the $250 million Metaverse Fund will be used in four areas: gaming, sports, fashion, and entertainment, the foundation said. This is the largest fund launch to date, following a $155 million DeFi fund launch in late March.
The HBAR Foundation is an independent non-profit organization of distributed ledger company Hedera Hashgraph and acts as an integrated force multiplier to help builders and creators overcome the challenges of bringing their ideas to market. The HBAR Foundation is accelerating the Hedera ecosystem.
HBAR, which is responsible for developing the Hedera network, said the Metaverse Fund targets both B2C and B2B2C applications and wants to integrate users into Web3 development “at scale.”
Through the fund, the foundation is focused on building an advanced digital world and advancing the ecosystem by supporting and complementing projects, according to the statement. To support game developers within the ecosystem and incorporate NFTs into their projects.
According to Alex Russman, Vice President of the HBAR Foundation, “they see the potential of Web3, so are integrating (non-fungible tokens) 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.”
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