Enjin has announced the creation of a $100 million fund to boost the development of its planned metaverse.
According to the announcement issued on November 4, the fund dubbed the Efinity Metaverse Fund will be used to support gaming and non-fungible token (NFT) developers in the Enjin ecosystem.
Enjin launched the Efinity ecosystem as a blockchain for NFTs on the Polkadot network back in March. At the time, the company secured $18.9 million in a funding round led by cryptocurrency exchange service Crypto.com.
Detailing plans for the metaverse fund, Enjin said the move was a conscious effort to support a free and open metaverse.
The news comes as several major tech brands, including Facebook and Microsoft, have begun outlining metaverse-related plans of their own.
Cross-chain compatibility
The $100 million fund will be used to lay the groundwork for integrating the different projects and marketplaces within the Efinity and broader Enjin ecosystems.
According to the announcement,
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