coindesk.com
Technology giant Qualcomm (QCOM) has set up a $100 million fund to invest in developers and companies building metaverse infrastructure.
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The Snapdragon Metaverse Fund is designed to help unlock the next generation of spatial computing, Qualcomm announced on Monday.
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The fund will target developers building immersive extended reality (XR) experiences in areas, such as gaming, health, education and entertainment.
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Capital will be deployed via a combination of grants and investments from Qualcomm Ventures, the firm's venture capital arm.
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Metaverse infrastructure development crosses paths with the crypto industry due to the involvement of blockchain and decentralized applications and the use of digital currencies as a means of payment within it.
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The metaverse is a conceptualized world of immersive and augmented reality where the internet is used as virtual space for work, play and socializing. It has received significant interest since Facebook changed its name to Meta in October last year to reflect its growing focus on this area.
Read more: What Can You Actually Do in the Metaverse in 2022?