Home News Enjin forms $100M fund to support metaverse projects

Enjin forms $100M fund to support metaverse projects

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Enjin blockchain company has announced the launch of a $100 million fund to support non-fungible token (NFT)-based game developers in the Efinity ecosystem. Also, accelerate the development of the metaverse being created.

Enjin launched the Efinity platform on the Polkadot network in earlier March. After raising $18.9 million in a round involving Crypto.com. The firm received funds through the private placement of Efinity tokens (EFI). Moreover, investors were Crypto.com, DF Group, Hashed, Black tower, Hypersphere, LDCapital, DeFi Alliance and others.

Thus, the company noted that after Facebook’s recent rebranding to Meta, many companies; including Microsoft and Electronic Arts, announced plans to integrate NFT and create a metaverse. According to the Enjin team, such a structure should be decentralized.

Efinity Metaverse Fund 

Created by Efinity, the Metaverse Fund aims to support startups that contribute to the development of the Efinity-based metaverse.

In addition, according to the statement, the fund will invest in projects working on integration into the Efinity ecosystem. With a focus on cross-chain and multi-chain solutions, blockchain games and NFT.

“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,” Enjin explained.

The Sandbox

Recall that previously in November, The Sandbox raised $93M to expand its NFT metaverse. Funding round led by SoftBank’s Vision Fund 2. True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, Animoca Brands and others participated in the investment.

The application allows you to create your own universe inside the game using various elements. In addition, the funds raised will help The Sandbox add NFT metaverse platform to the gameplay. This will allow users to monetize the elements they have created using the Ethereum ecosystem.

The company plans to expand its open metaverse with games, live concerts, and social interactions, while “supporting more creators and involving more brands and intellectual properties,” according to the announcement.

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