Blockchain gaming platform Enjin is establishing a new fund to support the growth of the Metaverse ecosystem and make it more decentralized.
Enjin, the startup behind the NFT Efinity-focused blockchain, has established a $100 million fund to support Efinity adopters and other related projects, according to today’s announcement.
“The time has come for us to make this an official, public, and transparent part of our growth strategy, while supporting a free, open, and decentralized Metaverse,” Enjin added. will consider equity investments in seed funding rounds and token purchases to nurture the ecosystem.
Called the “Efinity Metaverse Fund,” the new fund also targets institutions focused on cross-chain integration with the Enjin ecosystem as well as NFT projects collaborating on Efinity and Polkadot. The fund will also support gaming projects built on “all platforms” along with other areas related to Metaverse, NFT, and Efinity’s core infrastructure.
Earlier this year, Enjin raised $18.9 million in funding from investors, including major exchange Crypto.com, to launch Efinity, the Polkadot-based blockchain for the NFT industry. EFI, Efinity’s native cryptocurrency, launched in August 2021 following a $20 million token sale in July.
Enjin’s latest move regarding Metaverse comes amid growing hype surrounding the Metaverse concept, fueled further after social media giant Facebook officially changed its company name to Meta . The term Metaverse is used to describe a combination of technologies that create 3D virtual reality characterized by activities such as online gaming and chatting.
The ENJ native token price is up more than 10% at press time, trading at $3.07 with a trading volume of $1.15 billion.
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According to Cointelegraph
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