Enjin Forms $100M Fund to Support Metaverse Projects

Blockchain firm Enjin has formed a $100 million fund to support projects in its ecosystem geared toward developing a decentralized metaverse.

• The Efinity Metaverse Fund will aim to support work on metaverse projects on Efinity – a blockchain developed by Enjin with Polkadot – as well as those involved in non-fungible tokens (NFTs), decentralized applications (dapps) and gaming, according to an announcement Thursday.

• The fund will focus on cross-chain NFT assets, digital collectible applications, gaming that harnesses mixed reality, virtual events and building multichain infrastructure.

• The metaverse is a conceptualized world where the internet eventually becomes an immersive virtual space that can be used for work, play, socializing, experiences and events. The term was coined by Neal Stephenson in his 1992 novel Snow Crash.

• “These days, the metaverse is everywhere,” according to Enjin. “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.”

• Efinity was originally eveloped for Ethereum, and Enjin raised $18.9 million in a private token sale in March to fund its migration to Polkadot in order to escape Ethereum’s high gas prices and increase scalability of NFTs on the Efinity platform.