Invesco, an investment management company headquartered in Atlanta, US, is looking to expand further into the Metaverse sector. Invesco has reportedly launched a $30 million (roughly Rs. 240 crore) fund to incubate promising Metaverse projects and start-ups. This Invesco Metaverse fund will focus on growth in seven areas including hyper connectivity, next generation operating systems and advanced hardware with built-in Metaverse supporting features. The fund is open to entry by Metaverse companies across the US, Asia as well as Europe.
Invesco fund manager Tony Roberts will oversee the newly launched pool. According to Roberts, the Metaverse is currently surrounded by many positive predictions.
“It is estimated that by 2030, virtual and augmented reality will boost the global economy by GBP 1.4 trillion (roughly Rs. 1,31,47,700 crore),” a Report Bitcoin.com quoted Roberts as saying.
The performance of this Invesco fund will be measured against Morgan Stanley’s MSCI AC World (Net Total Return) benchmark.
The Company will also charge a management fee of 0.75 percent, a Decrypt the report An Invesco spokesperson said.
Metaverse is a blockchain-enabled web3 realm that allows people to explore a fully functional virtual universe as digital avatars. This area has become a hotspot for blockchain gaming companies to take the next step in providing immersive experiences.
In recent times, several industry giants have poured millions of dollars into this sector.
In May, venture capital giant, Andreessen Horowitz aka a16z, launched a new mega crypto fund worth $4.5 billion (roughly Rs. 34,900 crore). This makes the firm’s fourth such fund, focused on digital assets, with a total of $7.6 billion (roughly Rs. 59,000 crore) raised.
In March, Yuga Labs, maker of the most popular Non-Fungible Token (NFT) project in existence, claimed to have raised $450 million (roughly Rs. 3,400 crore) in planned funding from Bored Ape Yacht Club (BAYC). joint ventures and partnerships, as well as his recently teased Metaverse project dubbed “Otherside”.
In the same month, Qualcomm launched the $100 million (roughly Rs. 760 crore) Snapdragon Metaverse Fund.
