Enjin tends to spend a new $100M to decentralize its metaverse

The fund will be dedicated to building the Efinity blockchain, focusing on seed equity investments.

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Enjin is a blockchain gaming platform that is planning to allocate a fund to develop the metaverse ecosystem and help further decentralize it.

Metaverse is a 3D virtual reality environment in which we can come across various technologies that enable us to experience certain activities, such as online virtual hangouts and gaming.

"We've formed a US $100 million Efinity Metaverse Fund to formalize support for our ecosystem partners, and help make the decentralized Metaverse a reality."

Efinity is an NFT-focused blockchain that is supported by Enjin. In an announcement on Thursday, the tech company said that it has allocated a $100 million fund, dubbed the "Efinity Metaverse Fund," to the Efinity and other organizations that work on Enjin Ecosystem Integration, Metaverse Projects, Gaming, NFT DApps, Projects, Decentralized Infrastructure, and Pioneering Projects.

"It is now time for us to turn this into an official, public, and conscious piece of our growth strategy, and support a free, open, and decentralized Metaverse,"

It also says that it will help the ecosystem thrive by taking account of equity investments in seed funding rounds and token purchases.

To debut Efinity, Enjin collected $18.9 million in funding from investors like Crypto.com. Efinity is Enjins' blockchain-based Polkadot created for the NFT industry. Efinity has a native coin called EFI. EFI was launched after a token sale worth $20 million in July.

Metaverse hype was further fueled when the giant social media company, Facebook, officially changed its name to Meta.

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Enjin

Metaverse

Efinity

Tags

Enjin

Metaverse

Efinity