Enjin Sets up a $100 Million Metaverse Fund. The Investments in Metaverse Space is Just Starting

By November 4, 2021Polkadot
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The metaverse space has seen a huge influx of investment in recent weeks thanks to the entry of giant tech companies, and the growth will continue over the next few months and years.

Enjin Launches a $100 Million Metaverse Fund

Enjin, one of the leading nonfungible token and metaverse-focused blockchains in the cryptocurrency space, announced the launch of its metaverse fund earlier today. The fund is designed to support NFT and metaverse development on its ecosystem.

In a blog post earlier today, Enjin said, “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 fund would be used to support a wide range of things such as metaverse projects, specifically built on the Enjin and Polkadot blockchains. Game developers in the Enjin ecosystem will also benefit from the fund to create mixed reality (AR/VR), esports, immersive entertainment, virtual events, and more.

ENJUSD chart. Source: FXEMPIRE
ENJUSD chart. Source: FXEMPIRE

Furthermore, NFTs, decentralized applications (dApps) and similar projects on the Enjin blockchain would also get the required funding.

The Metaverse Space Will Only Grow Bigger

The past few weeks have seen the metaverse space gain attention and investments from the cryptocurrency space. This is due to Facebook’s decision to rebrand to Meta and become a metaverse-focused company.

As a result of Facebook’s entry, numerous metaverse tokens, including SAND, the native token of The Sandbox and MANA, Decentraland’s native coin, rallied to new all-time highs. These projects also raised millions of dollars from investors to boost their developments.

The Sandbox raised $93 million from investors to boost its metaverse NFT project. As Facebook starts its journey into the metaverse space, some of the crypto projects operating in this sector will most likely receive more investments.

The funds pouring into the metaverse space are just starting. Similar to NFTs and DeFi that have grown to become multi-billion sectors within the crypto space, metaverse would most likely be the next field to experience such massive growth

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