Enjin tends to spend a new $100M to decentralize its metaverse
The fund will be dedicated to building the Efinity blockchain, focusing on seed equity investments.
Enjin is a blockchain gaming platform that is planning to allocate a fund to develop the metaverse ecosystem and help further decentralize it.
Metaverse is a 3D virtual reality environment in which we can come across various technologies that enable us to experience certain activities, such as online virtual hangouts and gaming.
"We've formed a US $100 million Efinity Metaverse Fund to formalize support for our ecosystem partners, and help make the decentralized Metaverse a reality."
Efinity is an NFT-focused blockchain that is supported by Enjin. In an announcement on Thursday, the tech company said that it has allocated a $100 million fund, dubbed the "Efinity Metaverse Fund," to the Efinity and other organizations that work on Enjin Ecosystem Integration, Metaverse Projects, Gaming, NFT DApps, Projects, Decentralized Infrastructure, and Pioneering Projects.
"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,"
It also says that it will help the ecosystem thrive by taking account of equity investments in seed funding rounds and token purchases.
To debut Efinity, Enjin collected $18.9 million in funding from investors like Crypto.com. Efinity is Enjins' blockchain-based Polkadot created for the NFT industry. Efinity has a native coin called EFI. EFI was launched after a token sale worth $20 million in July.
Metaverse hype was further fueled when the giant social media company, Facebook, officially changed its name to Meta.
$150 million in USDT was frozen by Tether
A rationale for blacklisting three addresses has not been given by Tether, although it has done so in the past to cooperate with law enforcement and help exchan ...
JAN 14, 2022
Pakistanis have $20 billion in crypto assets
The local association chief said that Pakistanis have $20 billion in crypto assets, and they need to set up a policy for that. ...
DEC 22, 2021
With many parachain deployments, Polkadot anticipates disrupting Web 3.0.
Parachains have been among the greatest achievements of Polkadot and it took Polkadot five years to build them which were auctioned off to teams. ...
DEC 19, 2021
Reddit will go public
Internet forum Reddit Social network announced its plans of going public and it is filing for an IPO. ...
DEC 17, 2021