Enjin wants to decentralize Metaverse with a new $ 100 million fund

Blockchain gaming platform Enjin is setting up a new fund to help the Metaverse ecosystem grow and make it more decentralized.

Enjin, a startup behind Efinity Token’s (NFT) centralized blockchain, has set up a $ 100 million fund to support Efinity users as well as other related projects.

“It is time we made this an official, public and conscious part of our growth strategy while supporting a free, open and decentralized metaverse,” said Enjin Buy Token to Maintain the Ecosystem.

The new fund, known as the “Efinity Metaverse Fund”, will also target institutions focused on cross-chain integration with the Enjin ecosystem, as well as NFT projects working together on Efinity and Polkadot. The fund will also support game projects based on “all platforms” as well as other areas related to the Metaverse, NFT and Efinity’s core infrastructure.

Related: Sandbox raises $ 93 million to expand its NFT metaverse

Earlier this year, Enjin raised $ 18.9 million in capital from investors, including major crypto exchange Crypto.com, to launch Efinity, its Polkadot-based blockchain for the NFT industry. EFI, Efinity’s native cryptocurrency, was launched in August 2021 after a $ 20 million token sale in July.

Enjin’s latest move into the Metaverse comes amid a growing hype surrounding the Metaverse concept that was further fueled after social media giant Facebook officially changed its company name to Meta. The term metaverse is used to describe the combination of technologies like virtual reality to create a 3D virtual reality, including activities like online games and hangouts.