The HBAR Foundation Launches a $250M Metaverse Fund to Onboard Major Brands
The HBAR Foundation, a non-profit organization of distributed ledger developer Hedera Hashgraph, has announced the launch of a $250 million metaverse fund to encourage consumer brand adoption of tokenized Web3 applications.
The HBAR foundation's team has identified applications that build direct from business-to-consumer and act as a reciprocal middle-man between all parties for the metaverse fund to focus their efforts across four sectors: blockchain gaming, the brands and collectibles market, sporting experiences, and institutional metaverse opportunities in both the Web3 and Hedera ecosystems.
Sayl, the fund's first beneficiary, runs an owner relationship management (ORM) platform that uses Web3 mechanics to better the commercial relationship between brands and consumers.
Sayl's current global customer relationship management (CRM) business serves over 300 companies, including industry giants like Procter & Gamble, L'Oreal, and Brussels Airport.
“They see the potential of Web3, so are integrating [non-fungible tokens, or] NFTs and tokens into that offering, being that hand-hold service that allows a large enterprise to understand how tokens relate and fit into their business.” said Alex Russman, the director of the metaverse fund at the HBAR Foundation.
Russman, speaking about Sayl's renowned customer list, emphasized the considerable thought that must go into such a huge company entering the Web3 arena, stating that "it's not the same as doing a single NFT drop," but that:
“These are all long-term relationships, so these are the kind of meaningful pieces that take longer to ship, but they’re moving the needle for the distributed ledger technology (DLT) industry as a whole, and Hedera is very well positioned as a part of that.”
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