Enjin (ENJ) launches $100m fund to support the Metaverse

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 5, 2021
  • Enjin has become the latest player in the crypto sector to announce plans of exploring the Metaverse.
  • The platform has announced the launch of a $100M fund that will support projects in the Enjin ecosystem.
  • This comes amid major interest in the Metaverse.

The Metaverse is now everywhere, and blockchain networks are rushing to find a space in this rapidly growing sector. Facebook and Microsoft are among the tech giants that have ventured into the Metaverse, and now everyone seems to be flocking into this space.

Enjin (ENJ/USD), one of the sector’s reputable blockchain gaming platforms, has announced the launch of a $100 million fund on November 4. The goals of the fund dubbed “Efinity Metaverse Fund” will be to support partners in the Enjin ecosystem and boost the development of the Metaverse.

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Enjin Metaverse fund

The blog post by Enjin stated that the new fund would offer support to Metaverse projects launching on Efinity. Efinity is a blockchain network that supports non-fungible tokens created by the Enjin blockchain in partnership with Polkadot (DOT/USD).

The blog post adds that this new fund will seek to support parties in the Enjin and Efinity platforms and help them work on a wide range of initiatives. One of the objectives of this blockchain is to bring Efinity, the Enjin wallet and the entire Enjin ecosystem under one platform.

The fund will also support NFT projects launching on Efinity and Polkadot networks by giving them access to asses that can be used across different projects and blockchains.

“We’ll support gaming projects on all platforms, as well as projects in adjacent spaces like mixed reality (AR/VR), esports, immersive entertainment, virtual events and similar,” the post adds.

Enjin has a great presence in the gaming sector. It also offers access to other offerings in the blockchain and technological spaces, including Web3.0, digital art, collectables, tokenized DApps and cloud applications. All these will be supported by the $100 million fund.

Attention is now on the Metaverse

The Metaverse is now the talk of the town. However, this concept has been around for years, with platforms such as Decentraland enabling users to have a piece of the virtual world. However, it is this year that the Metaverse has enjoyed major gains.

Tech giants are now looking for a way to boost efficiency through the Metaverse. Facebook recently announced plans to rebrand into Meta. Microsoft is also working on exploring the Metaverse.

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