HBAR Foundation Dedicates $250 Million in HBAR Tokens for Hedera Metaverse Ventures

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Metaverse
HBAR Foundation Dedicates $250 Million in HBAR Tokens for Hedera Metaverse Ventures

According to a recent announcement on April 7, the HBAR Foundation will once again fund one of Hedera ventures, this time into the metaverse space. The HBAR metaverse fund has its eyes on encouraging different businesses to build their metaverse applications on Hedera. The announcement expressed the primary focus will be on gaming, fashion, virtual spaces, NFTs, consumer brands, creators, and more. 

HBAR Foundation Adds toHedera’s Metaverse Ventures

The press release also mentioned that Hedera is best-suited for the needs of such platforms that utilize distributed ledger technology heavily. As it stands, HBAR runs the Hedera ecosystem, providing all the needed security and funding all applications. 

With this step, it hopes to bring its partners closer to the digital future that virtual worlds aim to achieve. However, it insists that the advantages will not be tied to the virtual spaces only, but also benefit people in the real world. 

Furthermore, businesses can grow their products for consumers and other businesses in a highly scalable network. As a result, there is expected to be unprecedented growth of the target sectors, while taking advantage of NFTs and Web 3.0. Therefore, B2B and B2B2C applications will all converge on the Hedera ecosystem to benefit from the fund. 

HBAR Foundation Vigilant Efforts

The end of March was phenomenal for both the HBAR Foundation and Hedera after a $155 million funding from the latter to enable Hedera to be EVM compatible. The step targeted the decentralized finance space, which has been a booming industry for the past few years. 

Despite Hedera being termed as a ‘late entrant’ into the DeFi space, the Crypto Economy Fund put it a tad further into achieving its goal. The HBAR Foundation was confident that despite the odds being against them, it expects to rise to the top soon. 

However, its current entrance into the metaverse industry is at the opportune time. Considering the continued interest growth among individuals globally in virtual spaces, Hedera has the most to gain from its possible successes. 

Already, Sayl, a customer relationship management network has its eyes on becoming the first launch on Hedera’s ecosystem. In a statement from its co-founder, one of the selling points was that the network aims for a carbon negative footprint, unlike most blockchain networks in the industry today. 

The Hedera Hackathon

On April 4, the HBAR Foundation announced on Twitter its excitement as it would be funding the Hedera Hackathon. Already, the platform has received a lot of support from a myriad of sponsors, including Google, Atma, UCL. Taskbar, Filecoin, HeadStarter, and more. Participants need to come up with tools or applications that leverage the Hedera Smart Contract Service. 

The hackathon is set to end on May 16, where the winners have a chance to win among the $522,500 in prizes from HBAR. To learn more, visit here. It is clear that HBAR and Hedera are making revolutionary steps in the blockchain space, and the world is to see more from them.

Adam Robertson

Adam is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.