Hassan Maishera
Enjin Commits $100 Million To Metaverse Development
Enjin announced the creation of a $100 million fund earlier today in a bid to boost the development of its planned metaverse. According to the company, the Efinity Metaverse Fund will be used to support gaming and NFT developers in the Enjin ecosystem.
In its blog post, Enjin said the fund would support developers working on Enjin Ecosystem Integration. These developers will integrate with Efinity, the Enjin Wallet, the NFT.io marketplace, and the rest of the Enjin ecosystem.
The fund will also support metaverse Projects, allowing developers to build collaborative NFT projects on Efinity and Polkadot, featuring assets usable across multiple projects and chains. Furthermore, the fund will support gaming projects and applications such as collectibles, digital art, music, tokenized data apps, and Web 3.0 and cloud applications.
Enjin said, “Our team will consider equity investments in seed / Series A fundraising rounds and purchases of new project native tokens for potential use in our ecosystem.”
The NFT and Metaverse ecosystems have recorded incredible growth in recent months. In the third quarter of the year, NFT transaction volume topped $10 billion for the first time. The entry of Facebook into the metaverse ecosystem has also increased the attention and support for projects within the space.
Enjin, similar to other gaming and NFT-related tokens, has posted significant price gains in 2021. ENJ, the project’s native token, has been up by more than 2,000% since the start of the year, according to data from CoinGecko.
The token and other coins within the Metaverse and NFT ecosystem could record further growth over the coming years as more players and investment enters the space.
