The Efinity Metaverse Fund is determined to support work on metaverse projects on Enjin and Polkadot.
Blockchain organization Enjin has established a fund of $100 million to support projects in its ecosystem aimed to develop a decentralized metaverse.
According to an announcement made on Thursday, The Efinity Metaverse Fund is intended to support work on metaverse projects on Efinity, which happens to be a blockchain developed by Enjin with Polkadot, apart from those involved in decentralized applications (dapp), non-fungible tokens (NFT), and gaming.
The fund is expected to concentrate on digital collectible applications, cross-chain NFT assets, gaming that harnesses mixed reality, virtual events, and building multichain infrastructure.
The metaverse has become a conceptualized world, where ultimately the internet becomes an immersive virtual space that can be used for socializing, working, playing, etc. The term was conceptualized by Neal Stephenson in his 1992 novel “Snow Crash.”
According to Enjin, these days, the metaverse is everywhere and now it’s the 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.
Originally, Efinity was developed for Ethereum, and Enjin raised $18.9 million in a private token sale in March to finance its migration to Polkadot for escaping Ethereum’s high gas prices and increasing the ability to expand NFTs on the Efinity platform.