The HBAR Foundation, a not-for-profit independent organization of distributed ledger firm Hedera Hashgraph, has announced the establishment of a $250 million dollar metaverse fund to drive consumer brand adoption of tokenized Web3 applications.
The foundation’s team has identified applications within both the Web3 and Hedera ecosystems 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.
The fund’s inaugural recipient, Sayl, operates an owner relationship management (ORM) platform focused on strengthening the commercial connection between brands and consumers with the integration of Web3 mechanics.
In a video conversation with Alex Russman, the director of the metaverse fund at the HBAR Foundation spoke to Cointelegraph about an array of subjects including the reasons for partnering with Sayl, the importance of technological architecture in the space as well as upcoming yet-to-be-announced partnerships with gaming and sports platforms, and fashion brands.”
Sayl’s current global customer relationship management (CRM) operation serves over 300 corporations, including industry giants such as Proctor and Gamble, Loreal and Brussels Airport, among others.
According to Russman, “they see the potential of Web3, so are integrating [nonfungible tokens, or] NFTs and tokens into that offering, being that hand-hold service that allows a large…