- Snapdragon mobile processor creator, Qualcomm, pledges up to $100m for developers and companies working in and around the metaverse*
- *It’s primarily focused on Qualcomm’s platforms for emerging and cutting-edge mobile tech
There is an unusual situation in blockchain, isn’t there? If any company mentions they’re looking into NFTs or dares to release some, their fanbase collectively defecates through every social media channel until said company flees back to web2. However, launch a metaverse fund worth the same as a small nation’s GDP and you’re just part of the cool kids.
Well, another company has pledged unholy amounts of cash to developers and companies in the metaverse space: Qualcomm. If anyone had any doubts that there’s too much money and not enough talent to spend it on in crypto, that position will be harder to hold every day for the foreseeable!
Who Is Qualcomm?
Qualcomm is most famous for its Snapdragon processors; a mobile chip prevalent in smartphones, tablets, and other portable devices. You’ll find these processors in everything from flagship Samsung Galaxys and Sony Xperias, through to entry-level Huawei and Oneplus. They are found in more or less everything that isn’t on iOS it seems.
Now, the mobile processor manufacturer wants a slice of the metaverse action with up to $100m for developers and companies building in and around the area, though this is something I’ll pick apart in a moment.
Thoughts and Analysis
The first thing to note is the motivation: The Snapdragon Metaverse Fund is primarily to aid the development of their Snapdragon XR Platforms, not necessarily the advancement of blockchain technology per se. XR stands for “Extended Reality” which incorporates AR, AI, and VR, and is a key part of Qualcomm’s long-term strategy to provide better mobile experiences with 360° video, VR, and so on.
In all honesty, it doesn’t appear to have much of a bearing on the “metaverse” at all, but due to the term being woefully ill-defined, it can be stretched and molded around most digital objectives. This feels closer to a marketing rebranding of an otherwise legitimately useful fund for the betterment of emerging technology. Perhaps I have become too much of a cynic, but the wording of the press release feels far more concerned with Qualcomm’s various ventures than aiding to build the metaverse, though I hope I am proved wrong.