The HBAR foundation, a nonprofit organization designed to accelerate the development of the Hedera Hashgraph ecosystem, has announced the launch of a new Metaverse fund. The fund, which launches with $250 million, will serve to entice builders and programmers to bring their metaverse products to the Hedera network and make use of its decentralized ledger technologies.
HBAR Foundation Wants the Metaverse to Happen on Hedera
The battle for the metaverse is intensifying, and many organizations are offering incentives for these experiences to be built using their own infrastructures. The HBAR Foundation, an organization devoted to the growth of the Hedera Hashgraph ecosystem and the apps on it, has announced the launch of the THF Metaverse Fund that will offer $250 million in incentives to programmers that want to bring their metaverse apps to life by using Hedera Hashgraph’s tools.
On why the HBAR Foundation believes that Hedera is an ideal platform for metaverse inspired apps, it stated:
DLT [Decentralized Ledger Technology] is the core component of such infrastructure and it is the Hedera network that is best architected to meet the DLT demands of enterprise platforms and their complex economies.
Furthermore, the foundation is confident that it will be able to help newcomers in the area to tackle the hardships of launching these products with a “wealth of experience and financial backing … accelerating the development of applications in high-growth target areas.”
Specific Developments
The foundation offered some examples — referencing projects such as Tunefm and Siki — in which they are working with different brands in the metaverse and NFT space that want to develop their products on this blockchain. In the gaming space, it aims to include more of these projects by using middleware services that allow for rapid deployment of projects in the environment.
Regarding consumer brands and collectibles, it announced:
[The foundation is] working with industry partners who brands trust to hand-hold them into the Web3 space.
The enterprise metaverse sector is also being given special importance by the organization, which believes that middleware directed to support this kind of product is “key to powering future virtual economies.” In this sense, the company expects these products to also be developed on Hedera due to its favorable traits.
Hedera’s metaverse fund joins other funds that also center their interest on the development of the metaverse, which, according to a recent survey, will be a popular place to buy, store, and sell cryptocurrencies.
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