In a press release, Enjin announced an $100 million fund to support the development of a decentralized ecosystem through blockchain technology. With this announcement, gaming and crypto have combined for one huge step towards their place in world domination.
Enjin Coin is a cryptocurrency with the goal of creating an Enjin-powered virtual gaming world. The project has announced a $100 million fund to support the creation of this metaverse.
The Efinity Metaverse has received $100 million in investment from social gaming company Enjin. This intends to assist Enjin, Efinity adopters, and third parties in implementing a variety of initiatives to expand the Efinity Metaverse, such as integrations, games, and decentralized infrastructure.
“To formalize our support for our ecosystem partners and assist make the decentralized Metaverse a reality, we’ve established a US$100 million Efinity Metaverse Fund.”
Facebook recently announced intentions to establish its own Metaverse, igniting a new wave of interest in virtual worlds. However, because of prior data scandals, the response to this proposal has been less than positive.
What makes Enjin stand out from the crowd?
The Metaverse Fund, managed by Efinity, will provide financial assistance to its ecosystem partners via equity investments in seed or Series A funding rounds.
The fund also plans to buy native tokens from projects that are based on the Metaverse. EnjinStarter, Forest Knight, Kingdom Karnage, and Splinterlands were among the games they purchased.
The fund’s overarching goal is to make Enjin’s notion of a decentralized, multi-chain metaverse a reality. The fund, according to Enjin’s Chief Legal & Financial Officer Oscar Franklin Tan, formalizes this purpose.
Early pioneers lacked structure and financing before the Metaverse Fund, but now that the Metaverse Fund is in place, developing the metaverse idea becomes “more methodical.”
“[Early pioneers] who built with us as one-man studios through the trenches and are now flapping their wings.” We’re excited to put our team’s expertise and long-standing communities to work in a more methodical manner to promote the decentralized metaverse.”
The Efinity Metaverse is conceived by Enjin as a free, open, and decentralized environment, which sets it apart from previous alternatives. As a centralized service, Facebook’s Meta would be the polar opposite.
The Metaverse is the next-generation internet.
The Metaverse is a still-developing technology, hence the phrase isn’t well-known among the general public. However, the notion is gaining traction after Facebook announced its ambitions to pivot into the Metaverse last week.
It encompasses the notion of virtual worlds and augmented reality and portrays a future anticipated version of the internet consisting of shared, 3D virtual places.
Microsoft revealed a metaverse inside its Teams platform, which is mostly used as a corporate communication tool, a few days later.
As a result, both Facebook and Microsoft are on the verge of colliding at some time in the future. However, with Enjin emerging as a significant challenger in this contest, the future internet is up for grabs.
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