After putting up $155 million in tokens last month for wooing DeFi projects, the HBAR_foundation is committing $250 million to a metaverse push. $HBAR elitanjourno reports
Hedera Hashgraph is eyeing the metaverse with its latest venture fund, putting $250 million in HBAR tokens towards its development.
The Thursday announcement, made by the HBAR Foundation, comes just a week after the network launched aThe metaverse fund targets business-to-consumer and business-to-business-to-consumer projects that Hedera hopes will onboard users into Web 3 and its ecosystem, with a focus on “gaming and virtual worlds, consumer brands and collectibles, sports and fan engagement and enterprise metaverse,” according to a press release.
Hedera is known for its blockchain-esque distributed ledger technology , which was recently made Ethereum Virtual Machine compatible. With a package of large token incentives, the network’s backers are looking to attract applications that have clicked on other chains.“We see this whole metaverse area as a bit of a catch-all for the apps bringing in new users into Web 3,” Alex Russman, a VP at the HBAR Foundation, told CoinDesk in an interview.
Russman told CoinDesk two areas of particular interest for Hedera are virtual fashion and gaming, two sectors the company already feels well-connected with. One of the 39 companies on Hedera’s “Governance Council,” a group assembled to oversee the network’s operations and strategy, is gaming giant Ubisoft, which joined the council a little over a month after its ownThe leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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