Qualcomm Announces $100 Million Metaverse Fund

Synopsis- The company has planned to install the fund through a combination of venture investments in the leading companies in the industry including Qualcomm Technologies grant program for developer ecosystem investing in XR experiences like gaming, health, and wellness, media, entertainment, education, and enterprise.

Semiconductor giant Qualcomm has announced that it is launching a $100 million Metaverse fund named ‘Snapdragon Metaverse Fund’ in order to back the companies developing Extended Reality (XR), Artificial Intelligence (AI), and Augmented Reality (AR). Qualcomm is a US-based global chip-making company.

The company has planned to install the fund through a combination of venture investments in the leading companies in the industry including Qualcomm Technologies grant program for developer ecosystem investing in XR experiences like gaming, health, and wellness, media, entertainment, education, and enterprise.

The chipmaker has posted a blog on its website in which Cristiano Amon, President, and CEO, Qualcomm Incorporated, said, “We deliver the groundbreaking platform technology and experiences that will enable both the consumer and the enterprise to build and engage in the metaverse and allow the physical and digital worlds to be connected. Qualcomm is the ticket to the metaverse.”

Amon further added, “Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push boundaries of what’s possible as we enter into this new generation of spatial computing.”

Note It!

Established in 1985, Qualcomm is a multinational company with its headquarter situated in San Diego, California, and Delaware of the United States. The company is involved in the business of semiconductors, software, and wireless services. It has been collaborating with companies like Epic Games, Unity, Oppo, Lenovo, Motorola, and Xiaomi for several projects.

Advanced Technology Division (ATD) of Square Enix which is based in Japan has joined hands with the Snapdragon Spaces XR Developer platform in a bid to build new immersive gaming experiences. Square Enix is popular for its video game franchises which include Final Fantasy and Dragon Quest. The company however is also into merchandise, arcade gaming facilities, and publication of comic books.

Ben Taylor, Technical Director, Square Enix, said, “We have been investing in XR and look forward to building on Snapdragon Spaces. In particular, we think the time is right with XR to innovate on games of a classic genre we are especially known for and look forward to sharing them with the world to further our mission to help spread happiness across the globe.”

Furthermore talking about the deal, Taylor added, “Square Enix has a rich history of bringing in deep storytelling and engaging gameplay that have pushed the potential of new gaming platforms over each console generation. We’re excited to work together and raise the bar of what’s possible in the gaming with AR glasses using Snapdragon Spaces.”

What is Metaverse?

Going by the literal meaning, ‘Meta’ means is a Greek prefix term that means ‘Beyond’ and ‘Verse’ is referred to as ‘Universe’. A report titled ‘Opportunities in the metaverse’ by JP Morgan which recently entered Metaverse defines it as a ‘seamless convergence of physical and digital lives’ that creates a unified virtual community where people may work, play, relax, transact and socialize.

The report also mentions that due to the continuous emerging nature, it further adds that there is no ‘singular, all-encompassing definition’ of metaverse that people can look up to.