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Enjin wants to decentralize Metaverse with new $ 100 million fund, ENJ price rises by more than 10%

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

Enjin, the startup behind the NFT Efinity-focused blockchain, has set up a $ 100 million fund to support Efinity users as well as other related projects, according to a report. notification today.

“It’s time we made this an official, public, and explicit part of our growth strategy while supporting a free, open, and decentralized metaverse,” Enjin added.

The new fund, named Efinity Metaverse Fund, is also aimed at 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 “all platform” gaming projects as well as other areas related to Metaverse, NFT and Efinity’s core infrastructure.

Earlier this year, Enjin raised $ 18.9 million in funding from investors, including major crypto exchange Crypto.com, to launch Efinity, the 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 on 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 a combination of technologies that create a 3D virtual reality characterized by activities such as online gaming and chatting.

The price of the native Enjin token is up more than 10% at press time and is trading at $ 3.07 with a trading volume of $ 1.15 billion.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.