Invesco, an investment management giant headquartered in Atlanta, US, is looking to give the metaverse sector a chance to expand further. Invesco has launched a fund of reportedly $30 million in a bid to incubate promising metaverse projects and start-ups.
This Invesco Metaverse Fund will concentrate on growing
seven areas including networks for hyper connectivity, next-generation
operating systems, and advanced hardware that have in-built metaverse
supporting features. This fund is open to be accessed by metaverse firms
located across the US, Asia, as well as in Europe.
Tony Roberts, the fund manager at Invesco, will be
overseeing this newly launched pool. As per Roberts, the metaverse is currently
surrounded by several positive predictions.
“It has been estimated that by 2030, virtual and augmented
reality could deliver a GBP 1.4 trillion boost to the global economy,” a report
by Bitcoin.com quoted Roberts as saying.
The performance of this Invesco fund will be measured
against the Morgan Stanley's MSCI AC World (Net Total Return) benchmark.
The company will also charge a management fee of 0.75
percent, a Decrypt report cited an Invesco spokesperson as saying.
The metaverse is a blockchain-enabled Web3 sector that
allows people to explore a fully functional virtual universe as digital avatars.
The sector has become a hotspot for blockchain gaming companies to take the
next step in providing an immersive experience.
In recent times, several industrial giants have poured
millions of dollars into the sector.
Back in May, venture capital giant, Andreessen Horowitz aka
a16z, launched a new mega crypto fund worth $4.5 billion. This marked the
firm's fourth such fund, concentrated on digital assets, with over $7.6 billion
raised in total.
In March, Yuga Labs, the creator of the most popular
non-fungible token (NFT) project in existence, the Bored Ape Yacht Club (BAYC),
claimed to have raised $450 million in funding for its planned joint ventures
and partnerships, as well as its recently teased metaverse project dubbed
“Otherside”.
In the same month, Qualcomm launched a Snapdragon Metaverse
Fund of $100 million.
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