Enjin to Support Metaverse Projects Through $100M Fund
- Called “Efinity Metaverse Fund”, the initiative will support metaverse-based projects being developed on Efinity.
- The fund will also help projects focused on cross-chain NFT assets, digital collectible apps, gaming, virtual events, and multichain infrastructure.
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Blockchain-based gaming platform Enjin has formed a new $100 million fund to support the creation of a decentralized metaverse ecosystem, the company said in a press release on 4 November.
According to the announcement, the “Efinity Metaverse Fund” will help support metaverse-based projects being developed on Efinity, a cross-chain network developed by Enjin as a Polkadot parachain. The fund will also target organizations that are focused on cross-chain NFT assets, digital collectible apps, gaming, virtual events, and multichain infrastructure. Enjin said in its announcement:
“At Enjin, we believe the Metaverse should be decentralized. 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.”
The $100 million will be used in equity investments in Series A and seed fundraising rounds, as well as for purchasing the native tokens for projects that can potentially be used in the Enjin ecosystem. The fund will also support gaming projects built on “all platforms”, as well as projects in adjacent spaces like mixed reality, e-sports, immersive entertainment, virtual events, and others.
While Efinity was originally developed for Ethereum, Enjin was able to secure $18.9 million in funding from investors in March to migrate to Polkadot in order to escape the ever rising gas prices on Ethereum. The company was also able to secure $20 million in July through an EFI, the native cryptocurrency of Efinity, public sale that saw 40,089 participants buying all the available tokens in around 2.5 hours.
- Blockchain has not only affected the financial industry but also the gaming world, and game developers are increasingly incorporating the technology into their products.
- Although the technology is extremely secure, it is important to remember that safety starts with the user, and it is up to them to ensure their protection online.
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- Metaverse gaming platform The Sandbox has signed a memorandum of understanding (MoU) with the Saudi Arabia Digital Government Authority.
- The partnership will see The Sandbox and DGA “exploring, advising and supporting” each other on future metaverse projects.
- The newly launched ecosystem fund is backed by Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital.
- Highest priority will be given to interoperability and DeFi projects, but the fund will also support developers that are building trading platforms, scalability solutions, and PoS infrastructure.