The HBAR Foundation (THF) announced the new fund in a press release Friday, voicing its intention to “bring consumers into the Hedera ecosystem at scale and accelerate the development of applications in high-growth target areas.”
In regards to the nearly $200 billion gaming industry, THF said:
“THF aims to support game developers as they enter Web3 and introduce NFTs into their experiences. One key approach here is supportive ecosystems and product suites for building on the Hedera network. Partners like Venly exemplify this by providing developer tools, a market API, and a user-friendly wallet for quick deployment on Hedera. Expect to see more such partner ecosystems announced and working as BD partners for acquisition of Hedera projects.”
Besides gaming, THF also put four other key mega-industries in the new fund’s scope, including consumer brands and collectables, social platforms and fan engagement, and enterprise metaverse.
The Metaverse Fund targets both B2C and B2B2C applications that will onboard users at scale into Web3 and de facto into the Hedera ecosystem,” THF said.
“However, beyond that focus on growth of Hedera users and network TVL, there is a Fund focus on building an advanced and interesting metaverse, an ecosystem of supporting and complementing projects. This means the Fund also drives development of NFT markets and SI Partner expertise. Expect to see more emerging tech innovators such as [NFT verification tech firm] Rev3al join the THF family and see us build the metaverse together.”
Hedera’s new metaverse fund comes just a month after it launched a $155 million “Crypto Economy Fund” focused on decentralized finance (DeFi). The Crypto Economy focuses on three main objectives according to Hedera, which include increasing mainstream retail access to DeFi, establishing modular yield generation opportunities, and strengthening centralized and decentralized liquidity