Enjin Releases $100 Million To Boost Crypto Metaverse.
Social gaming platform Enjin has announced $100 million of funding for the Efinity Metaverse. This will support Enjin, Efinity adopters, and third parties in developing a whole host of projects, including integrations, gaming, and decentralized infrastructure, to build out the Efinity Metaverse.
A press release from the company reads;
“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’s Metaverse Fund will structure financial support for its ecosystem partners via equity investments in seed or Series A fundraising rounds.
The fund also intends to purchase the native tokens of projects building on the Metaverse. They disclosed purchases for EnjinStarter, Forest Knight, Kingdom Karnage, and Splinterlands.
The overall intention of the fund is to bring Enjin’s concept of a decentralized, multi-chain metaverse into existence. Oscar Franklin Tan, the Chief Legal & Financial Officer at Enjin, said the fund formalizes this goal.
Previously, early pioneers lacked structure and funding, but, now, with the Metaverse Fund, developing the metaverse concept becomes “more systematic.”
The key difference between this and other offerings is that Enjin conceptualizes the Efinity Metaverse as a free, open, and decentralized world. Whereas Facebook’s Meta, as a centralized service, would be the opposite.
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