Chip supplier Qualcomm creates $100 million metaverse investment fund

What

Qualcomm is launching a $100 million investment fund to support companies creating metaverse technology 

Why

The investment fund is designed to broaden the market for its chips

What next

The fund will begin accepting applications in June

The Story

American chip supplier Qualcomm is launching a $100 million investment fund to support companies creating augmented, mixed or virtual reality experiences in the metaverse.

Named after its suite of products, the Snapdragon Metaverse Fund is designed to help broaden the market for the supplier’s chips and will begin accepting applications in June.

Qualcomm already generates 17% of its $10.7 billion revenue from selling chips related to the metaverse through its partnership with Microsoft, which provides chips for its virtual reality headsets. 

The chip supplier is far from alone in its metaverse push, with companies across different industries looking to cash in on the new sector. 

In the sporting world, English football club Manchester City FC, in partnership with Sony, has stated their intentions to launch virtual football stadiums while South African mobile network operator MTN made headlines with its purchase of 144 plots of land in the Africarare Ubuntuland metaverse.

To read more about the metaverse and cryptocurrencies visit our learning resource here.

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