Enjin wants to decentralize its metaverse with new $100M fund

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Blockchain gaming platform Enjin is establishing a brand new fund to help the event of the metaverse ecosystem and make it extra decentralized.

Enjin, a startup behind the nonfungible token (NFT)-focused blockchain Efinity, has fashioned a $100-million fund to help ​​Efinity adopters in addition to different associated tasks, the startup announced Thursday.

“It’s now time for us to show this into an official, public, and acutely aware piece of our progress technique, and help a free, open, and decentralized Metaverse,” Enjin stated, including that it’ll think about fairness investments in seed funding rounds and token purchases to nurture the ecosystem.

Dubbed the “Efinity Metaverse Fund,” the brand new fund additionally targets organizations which are targeted on cross-chain integrations with the Enjin ecosystem in addition to collaborative NFT tasks on Efinity and Polkadot. The fund can even help gaming tasks constructed on “all platforms” alongside different areas associated to the metaverse, NFTs and Efinity’s core infrastructure.

Associated: The Sandbox raises $93M to expand its NFT metaverse

Earlier this 12 months, Enjin secured $18.9 million in funding from traders, together with main crypto change Crypto.com to debut Efinity, its Polkadot-based blockchain for the NFT trade. EFI, the native cryptocurrency of Efinity, went live in August 2021 following a $20-million token sale in July.

Enjin’s newest transfer into the metaverse comes amid the rising hype across the metaverse idea, fueled even additional after social media big Facebook officially changed its company name to Meta. The idea of the metaverse is used to explain a mixture of applied sciences that create a 3D digital actuality that includes actions corresponding to on-line gaming and hangouts.