HBAR Foundation Dedicates $250M towards Metaverse Development

Key Insights:

  • HBAR Foundation’s metaverse fun will ‘encourage’ luxury brands to engage with Hedera NFTs.

  • The first grant from the new fund went to Sayl, a customer relationship management platform.

  • This comes only a week after the foundation launched a $155 million DeFi fund.

On Thursday, Hedera Hashgraph announced its latest venture fund, in which it will invest $250 million in HBAR tokens for Metaverse development.

Hedera’s Metaverse Boost

The HBAR Foundation revealed that it has set aside $250 million in a new fund aimed at drawing in both consumer brands and their users to Hedera Hashgraph’s metaverse ecosystem.

The fund also aims to provide ‘a major acceleration force’ for gaming, virtual worlds, fashion, NFTs, consumer brands, social platforms, the creator economy, and enterprises to enter the Hedera ecosystem.

The recent Metaverse fund announcement, made by the HBAR Foundation, comes merely a week after the network launched a $155 million ‘Crypto Economy Fund’ focused on decentralized finance (DeFi).

Furthermore, a press release by HBAR Foundation highlights that the Metaverse Fund targets both B2C and B2B2C applications that will onboard users at scale into Web3 and de facto into the Hedera ecosystem. Beyond that, the fund focused on the growth of Hedera users and network TVL.

Additionally, the fund also drives the development of NFT markets and SI Partner expertise and hopes to bring users into Web 3 and its ecosystem.

HBAR Price Action

HBAR’s long-term price trend looks largely bearish, as the coin was down 61% from its all-time high set in September 2021. However, the current price action turned bullish amid external developments.

At press time, HBAR traded at $0.22, noting a 3.73% uptick over 24-hours. On a daily chart, HBAR’s price saw a decent push as the news of the new Metaverse fund came out. However, the coin still oscillated below the crucial $0.259 resistance.

In the short term, the coin’s move above the $0.259 resistance could further confirm bullish momentum. For now, since HBAR traded close to the $0.226 support line keeping the price trajectory above the same could act in favor of the bulls.

Hedera is known for its distributed ledger technology (DLT), which was recently made Ethereum Virtual Machine (EVM)-compatible.

This article was originally posted on FX Empire