Software and microchip heavyweight Qualcomm Incorporated reportedly rolled out a $100 million Metaverse fund, to support extended reality (XR), artificial intelligence (AI), and augmented reality (AR) tech firms. 

Specifically, Extended reality (ER) is reportedly a term used to describe the combination of smartphones, together with AR and VR technology,  nominally headsets and glasses.

The investment reportedly goes by the name the “SnapDragon Metaverse Fund”, as a reference to the company’s Snapdragon chips, built to cater to a long list of devices including smartphones, tablets, computers, smartwatches, and smartbooks.

As detailed in an announcement issued on March 21st, the financial support will reportedly also be dedicated partially to a grant program for developers building XR-centric gaming, health, wellness, media, and entertainment experiences.

“Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push the boundaries of what’s possible as we enter into this new generation of spatial computing” president and Head of Qualcomm Incorporated, Cristiano Amon, further remarked. 

The company shared its intention of becoming the “ticket to the metaverse” – one of the most talked about field of crypto at the moment – via its 5G, AI, and XR technologies, which it refers to as playing critical roles in the Metaverse, while Qualcomm’s website further indicates that it is working towards the goal of combining a smartphone, VR headset, and AR glasses into a single XR device in the future.

“XR could replace all the other screens in your life, like that big TV in your living room. Mobile XR has the potential to become one of the world’s most ubiquitous and disruptive computing platforms—similar to the smartphone today.”

The company further teased that recipients of the grants will gain “early access to cutting-edge XR platform technology, hardware kits, a global network of investors, and co-marketing and promotion opportunities.”