Enjin Sets Up $100million Metaverse Fund

Takeaway points

  • Enjin sets up a $100 million metaverse fund.
  • The Fund was named after Enjin’s Efinity blockchain.
  • Efinity will help realise Enjin’s metaverse vision.
  • metaverse projects have witnessed a surge in prices since the Facebook Meta announcement.

The Enjin Fund Announcement

In a blog post, Nov.4, Enjin announced the fund and its purpose,

“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,”

the post read.

According to Enjin, the move followed the announcement that many big tech companies are moving into the metaverse space. However, they stated their belief that the metaverse should be a decentralized ecosystem.

“These days, the metaverse is everywhere. Social media feeds, media outlets, and forums like Reddit have been flooded with the news of Facebook becoming Meta, followed by everyone from Microsoft to Electronic Arts announcing plans to build the metaverse and integrate non-fungible tokens (NFTs),” the post added.

Enjin Efinity Metaverse Fund

Enjin announced that the Efinity metaverse fund will support Enjin and Efinity adopters as well as organizations working on other metaverse-related projects. The specified spaces were gaming, NFTs, dApp, decentralized infrastructure, metaverse, and pioneering projects.

They also reiterated their solid support for gaming projects. They said, “Enjin was forged in gaming, all the way back in 2009. We’ll support gaming projects on all platforms, as well as projects in adjacent spaces like mixed reality (AR/VR), esports, immersive entertainment, virtual events, and similar.”

Enjin also noted that their team will consider investment in seed/series A fundraising rounds, as well as purchases of new project native tokens for potential use in our ecosystem. In March, Enjin’s project, Efinity-a blockchain originally developed for Ethereum but later launched on the Polkadot Parachain- raised $18.9 million in a private token sale, to build a blockchain network for non-fungible tokens (NFTs).

The Efinity project will have its own native token called EFI. The funding round was led by Crypto.com Capital, DFG Group, and Hashed, with support from Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, DeFi Alliance, and a long list of other leading key players and users.

The CTO OF Enjin, while speaking on Enjin’s Efinity launch in March and why Digital assets should exist in the metaverse, said opening up liquidity for the entire ecosystem will help creators.

“Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers.”

He said.

Maxim Blagov, CEO of Enjin reiterated their commitment to build an open digital world starting with NFT’s. He has stated,

“We created the first NFT platform in 2017, along with the advanced ERC-1155 standard. With Efinity, we’re bringing the NFT industry a dedicated, purpose-built blockchain that will create the advent of a globe-spanning, advanced digital asset economy—a free, open, and decentralized market where new digital worlds begin.”

The Enjin Blockchain Ecosystem

Enjin is a blockchain technology company invested in building products that will aid next-gen gaming, NFTs, and the metaverse. It was founded in the early days of BTC in 2009. Enjin envisions offering products that will facilitate P2E in the long run. They are the largest Gaming Network online with over 250,000 gaming communities and 18.7 million registered gamers according to CoinGecko.

Enjin’s Native token, ENJ, like other metaverse-related projects, had gained significantly at price in 2021, rising more than 100%. ENJ is currently trading at $2.5 according to data from CoinMarketCap. According to CMC, ENJ is also currently trading above a $2 Billion market capitalization.

Enjin also pioneered the ERC-1155 NFT standard in 2017, which has since been adopted by companies like Microsoft, Nike, and OpenSea.

The Metaverse Wave

On Oct. 28, Facebook announced changing the name of its parent company to META, signaling a transition into the metaverse. Since the announcement, the metaverse project has caught the attention of investors and blockchain industry players. With Facebook leading the move, many other tech giants like Google, HTC Vive, Microsoft, Oculus, and Sony Interactive Entertainment have joined the race.

Major metaverse projects witnessed new all-time highs of their native token after the announcement. The top tokens were Decentraland’s native token, MANA. SAND the native token of Sandbox. And AXL, Axie Infinity’s native token.

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