Enjin appears to have ambitious plans to support projects in its ecosystem designed to support a decentralized metaverse.
The blockchain gaming platform announced the formation of a $100 million fund on November 4.
The main objective behind this fund, which has been dubbed the “Efinity Metaverse Fund,” is to support its ecosystem partners and promote the development of a decentralized “metaverse” system.
According to the official blog, the “Efinity Metaverse” fund aims to help and promote work on “metaverse” projects on Efinity. It is worth mentioning that the latter is a blockchain network of non-fungible tokens (NFT) developed by “Enjin” in cooperation with Polkadot.
Enjin also aims to provide financial support to gaming projects across all platforms, extending to protocols in adjacent spaces that include Mixed Reality (MR), an experience that combines elements of both augmented reality (AR), (VR), esports and entertainment, as well as events default…
As is well known, Project Enjin has its roots in the gaming sector.
In addition, NFT digital tokens, digital arts, music, token data applications, Web 3.0 and cloud applications will also be supported by the $100 million fund.
Earlier in March of this year, Project Enjin raised $18.9 million in a private token sale that was contributed by CryptoCom Capital, DFG Group and Hasshed…
Explosion of the "metaverse":
The blurred lines between the physical and digital world cannot be ignored.
Enjin's dive into the metaverse comes at a time when the hype around the "metaverse" is at its peak.
This concept also prompted social networking giant Facebook to rebrand it to Meta.
Since then, the social discourse surrounding the space has accelerated.
However, the platform that Zuckerberg leads is not the only one interested in it.
More tech giants, such as Microsoft CEO Satya Nadella, are preparing to take advantage of this new world.
As captivating as it sounds, the "metaverse" concept isn't new, but it rose to prominence this year.
In the cryptocurrency world, KuCoin has become the latest cryptocurrency exchange to announce the exploration of the emerging “metaverse” technology.
