HBAR Foundation unveils $250M fund to advance metaverse development

HBAR Foundation is looking to further its development in the metaverse industry with a new fund. The $250 million fund announced Thursday seeks to attract developers, entrepreneurs, and companies into developing their metaverse products in the Hedera ecosystem.

(1) We’re excited to officially announce the launch of the #Metaverse Fund, a major acceleration force for #gaming, virtual worlds, fashion, #NFTs, consumer brands, social platforms, the creator economy, & enterprise to enter the #Hedera ecosystem https://t.co/0tFydGDMlV pic.twitter.com/HVprXZ5FyL

— The HBAR Foundation (@HBAR_foundation) April 7, 2022

With an aim to support both B2C and B2B2C applications on the network, the HBAR foundation looks to onboard users “at scale” into Web3. The funding, provided in HBAR tokens, will be directed towards development in gaming, virtual worlds, fashion, collectibles, consumer brands, social platforms, the creator economy, and metaverse enterprise.

“With a wealth of experience and financial backing, we are perfectly situated to bring consumers into the Hedera ecosystem at scale – accelerating the development of applications in high-growth target areas,” the foundation tweeted.

HBAR Foundation oversees the development of the Hedera Network, a protocol that provides an alternative distributed ledger technology to the blockchain, called the Hedera Hashgraph. The network’s native token, HBAR, was trading at $0.21 with a 24-hour price change of +2.50%, at press time.

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