Singapore-based Enjin, a pioneer in the blockchain ecosystem for Non-Fungible Tokens (NFTs) and digital assets, has launched the Enjin Blockchain. The innovative new blockchain, dedicated to NFTs, is built on the open-source Substrate framework, distinguishing it from others by integrating NFT-related transactions directly into its foundational code, rather than relying on smart contracts.
Incorporating NFT transactions at the protocol level enhances scalability and prepares projects for future-proofed digital assets. Notably, Enjin Blockchain features like Fuel Tanks and Discrete Accounts simplify end-user interaction by subsidizing transaction fees and eliminating the need for specific wallet software.
In the proposed restructuring, Enjin Coin (ENJ) will transition from the Ethereum network to become the native token of the Enjin Blockchain’s Mainnet on a 1:1 basis. Furthermore, Efinity Token (EFI) is suggested to merge with ENJ, further promoting decentralized governance and participation.
Efinity, the Polkadot parachain, has successfully forked to the Enjin Blockchain, now known as the Efinity Matrixchain. The Matrixchain preserves all data from Efinity, ensuring seamless user transition and data integrity. A flagship Matrixchain, the Enjin Matrixchain, is due to launch, utilizing ENJ as the native currency and primary platform for NFT creation.
Enjin plans to deploy additional Matrixchains tailored to meet the specific needs of enterprise and large communities, extending the opportunities for digital ownership and interaction.
Enjin’s existing community projects will utilize the Enjin Blockchain, inviting all members to participate. The Enjin App Layer, essential for low-cost NFT integration, will be readily available for developers to incorporate into their projects.
The Enjin Blockchain and the Enjin Matrixchain will be secured by Substrate’s robust Proof-of-Stake system, powered by ENJ, promising maximum security, reliability, and sustainability.
Since its inception in 2009, Enjin has remained at the forefront of blockchain innovation, continually seeking to revolutionize the landscape of digital items and NFTs. With its dedicated community and cutting-edge technology, Enjin is poised to shape the future of digital ownership and blockchain technology.
Final Fantasy game creator Square Enix has announced plans to launch a non-fungible token (NFT) project related to the game franchise.
A collection of Final Fantasy VII NFT will be created and launched in collaboration with NFT marketplace Enjin. The collection will feature the 25th Anniversary cards and figures on Enjin’s Efinity blockchain.
The company has also announced that buyers will be able to purchase a commemorative action figure with a code that will help redeem an NFT version of the figure.
Interested buyers can start checking out the NFTs as pre-orders for the figures are already available, while trading card pre-orders will be available only later in 2022. Further announcements regarding the pre-order is yet to be revealed.
However, gaming fans have not reciprocated the inclusion of NFTs into the traditional gaming environment. GSC Game World, a Ukrainian game development company behind the S.T.A.L.K.E.R franchise, cancelled its plans to include NFTs in its S.T.A.L.K.E.R. 2 release when fans pushed back on the decision, The Block reported.
Square Enix is possibly plotting an upgrade to its gaming experience as the company’s president, Yosuke Matsuda, previously teased about the allocation of more to blockchain technology in 2022.
In a letter on Jan 1, Matsuda said Square Enix was looking into issuing its own tokens. However, he tempered those comments by saying it was seeing examples of overheated trading in the NFT space, according to The Block.
“This, obviously, is not an ideal situation, but I expect to see an eventual right-sizing in digital goods deals as they become more commonplace among the general public, with the value of each available content corrected to their true estimated worth, and I look for them to become as familiar as dealings in physical good,” Matsuda said in the letter.
Particularly from that incident onwards, Square Enix showed more interest in blockchain technology. It sold $300 million in intellectual property and studios to invest in the technology along with artificial intelligence and cloud investments.
Enjin is one of the leading projects involved in the currently booming play-to-earn and metaverse space.
In Layman’s terms, Enjin helps teams tokenize all aspects of their digital journey. In essence, the project provides an ecosystem of blockchain-based gaming products that are interconnected. Its flagship offering is the Enjin Network.
With this said, the entire project is garnering massive attention and is coming to serious prominence as of late because of the recently booming play-to-earn space, as well as all the hype surrounding the metaverse concept.
In this interview, we sit with Witek Radomski, the CTO of Enjin – a long-term cryptocurrency proponent, an early adopter, the author of Ethereum Improvement Proposal 1155. We discussed many exciting topics, including Enjin’s focus, the current hype behind the P2E space, and what’s the metaverse all about.
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From Bitcoin to Ethereum and Enjin
Radomski revealed that he first heard about Bitcoin back in 2011-2012 from a friend who “is a sort of futurist guy.” Ironically, he shared how his friend was all fired up about its whitepaper and how “one day it will be on par with the dollar.”
The price back then was a lot less. It’s funny how things progressed in retrospect. At this point, he checked it out but wasn’t really impressed with the overall UX.
“I went on and installed the Bitcoin QT and it was that really crappy experience. I thought – who’s going to use? It looked like just another one of these digital cash coins.”
Radomski admits that back then, he didn’t really read the whitepaper – admittedly, a mistake. However, even at that time, he noticed that many people were buying graphic cards to mine Bitcoin, which is when he started learning more about it and becoming a part of the community.
Even then, though, he expressed interest in capabilities that are really similar to what Ethereum smart contracts are now. It wasn’t until 2013 that he got really involved, and he revealed that the concept of Ethereum was particularly mind-blowing to him.
“Ethereum’s concept was pretty mind-blowing when I first heard about it. I still didn’t understand ICOs.”
The Enjin CTO said that he was thinking about writing smart contracts and what Ethereum did was revolutionary. This seems to be the reason for which the transition towards the smart contract community happened seamlessly. However, he also told us that Enjin back then was a company trying to put interconnect gaming guilds and online clans, providing server solutions, and whatnot, and were among the first the introduce BTC payments.
Enjin and Efinity: A Foray into Blockchain Gaming
As explained earlier, Enjin’s goal is to enable anyone to tokenize every part of their digital journey without hiring an entire team to do so.
“Our end goal is for when people go into a virtual universe or the metaverse or a game, they can send and receive tokens, they have a digital identity that will have their assets and they can persist this for thousands of years because blockchain is not going to shut it down.” according to Radomski.
He also gave a very clear and painful (for many gamers) reference where a lot of the games that he played back in the days are already shut down.
“All that time I spent in the games – all that is deleted, it’s gone. I would love to have, even just for nostalgia value, but to have my whole digital history persist with me… […] Blockchain lets you have that kind of thing and it gives you full control over your assets. All that time and effort and money you put into the game stays with you.”
As CryptoPotato reported earlier in November, Enjin launched a $100M fund to tap into the Metaverse realm and support teams building in it.
Speaking on it, Witek said:
“We want game developers who are experimenting with interesting ideas, anyone who wants to go into the metaverse, to have some support.” According to Radomski. “A lot of the times, if someone has an interesting and experimental metaverse idea it might be difficult to get funded with traditional means.”
The Trending Metaverse and P2E
Regarding the current state of play to earn (P2E), while it is undoubtedly one of the hottest current trends, it also can’t go without saying that the UX and overall gameplay of existing games are just… scuffed, to say the least.
Amongst the many things that Radomski said on this topic in our interview was the fact that the current games are still rather experimental and are in no way capable of competing with the gameplay of legacy games from triple-A developers: “It’s Like Email on the Internet,” according to him.
However, he also added that “it’s all about inspiring game developers on how they can use blockchain in their current games. I’ve been speaking to the larger game developers across the space for the last few years, wondering how this could fit into their games… […] Now they are actually really starting to take this seriously.”
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While Bitcoin remains in a cool-off period after thrusting to its all-time high in early November and the decentralized finance (DeFi) sector in an apparent dry spell, gaming tokens seem to have taken the spotlight as massive gains are seen across the industry.
The Sandbox’ SAND captured headlines as it spearheaded the enthusiasm for gaming tokens, with over 340% gains in the past month. Another one is GALA, with a similar 300% rally in November. Such coins, including those under the metaverse sphere like Decentraland’s MANA and Illuvium’s ILV, gained momentum after Facebook’s rebranding to Meta, suggesting that gaming tokens could be preceding a new altcoin season.
An altcoin season is defined as when a majority of the top altcoins outperform Bitcoin (BTC) over a set period. For example, Cointelegraph Markets Pro uses two weeks in its algorithm, and it currently broadcasts a 40% reading in favor of altcoins. This means altcoins have fared better than BTC over the two-week time period.
However, the top 10 cryptocurrencies by market capitalization had mixed results against BTC over the past month, and it is the leading tokens in the gaming sector that outclassed Bitcoin. SAND, of course, has been the frontrunner since October, but Axie Infinity Shards (AXS), Enjin Coin (ENJ), ILV and Ultra’s UOS had better gains compared with Bitcoin throughout November.
An investment in ILV back in September would be up by more than threefold and one in SAND by at least sevenfold. Overall, most of the tokens in the gaming sectors have appreciated by more than 100% against Bitcoin in the last month.
Why did gaming tokens take off?
The apparent popularity of gaming tokens stems from the marriage of cryptocurrencies and gaming. The two are forging a new ecosystem where crypto enthusiasts and gamers intertwine. Most are aware of Axie Infinity by now, as the Pokemon-like game exploded in popularity due to its play-to-earn (P2E) model. Initially, players breed monsters called “Axies” using experience points rather than a “currency” within the game. The Smooth Love Potion (SLP) token was not introduced until the release of the Community Alpha on Dec. 19, 2019. From there, the game picked up steam, particularly among developing countries like the Philippines since it provided a way to earn income amid the pandemic last year.
Moreover, nonfungible tokens also play a part in the success of the sector. The NFT hype was hot on the heels of 2020’s DeFi summer, and 2021 has been its breakout year. While artworks and collectible items gained the most publicity early on, games like Axie Infinity and Dark Country buffered the industry in May’s market downturn.
NFTs introduced the element of ownership within games. For Axie Infinity, this could be the Axies, which are valued by their rarity and aesthetic elements or its game’s in-game assets. Battle of the Guardians has quite the same concept, while for something like Splinterlands, these are the trading cards. Ostensibly, the capability to uniquely verify the attributes and uniqueness of digital assets is what breathed a new dynamic for gaming.
Attracting investments
As the popularity of gaming tokens continues to rise, more investments get funneled into the space. In 2021, about $3.7 billion has been raised by blockchain companies involved in gaming, a 414% increase from 2020, per BlockchainGamerBiz.
Forte, the most notable among these, secured $725 million in a Series B funding round led by Sea Capital and Kora Management. Forte plans to expand its product offerings and services and attract more game publishers onto its blockchain gaming platform. Fantasy soccer game Sorare also bagged a whopping $680 million back in September, which boosted its valuation to $1.2 billion.
OpenSea, an NFT marketplace that deals with game assets and other digital assets, is also among the unicorns in the space. Such deals signify the burgeoning growth of this class of tokens.
Future of blockchain gaming
The gaming sector of the broader cryptocurrency market is still relatively small. The top gaming tokens only boast about a $21 billion market cap — which is inconsequential compared with Bitcoin. This means that sector dominance is still there for the taking, as the market can change rapidly, especially since games, by design, may come and go. The argument, however, is whether the play-to-earn model can keep everyone interested.
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For instance, Axie Infinity’s scholarship program lets users with more capital bear the initial costs of playing the game for players (called “scholars”) who can’t afford them, and the two parties share the SLP generated.
Axie Infinity has created a new digital ecosystem, and it continues to rake in more users. However, if players are more interested in playing for money — i.e., cashing out — then the price of SLP suffers. This has been the case for a while now. Suppose it gets to a certain level where players under its scholarship programs find the dollar value of SLP (after profit sharing) to be significantly less. In that case, it could discourage them from spending time playing the game at all.
However, Sky Mavis has also entered the Metaverse, as it recently sold virtual land for 550 Ether (ETH), or $2.3 million. It also plans to have developers create other games to keep things interesting for users, hoping to attract players drawn in by playing the game rather than the financial aspect. But whether this could buoy the price of SLP in the future remains to be seen.
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Its been a rollercoaster week in the cryptocurrency market after volatility returned to shake up Bitcoin (BTC) price, pushing the digital asset to lows not seen since mid-October.
As has happened frequently in the past, the drop in price of BTC was followed by a rotation into altcoins and the Altseason Indicator from Cointelegraph Markets Pro suggests that the current market conditions are similar to those seen in the past when altcoins outperformed Bitcoin.
Altseason indicator. Source:Cointelegraph Markets Pro
Here’s a look at a few altcoins that have been making steady gains over the past few weeks.
Avalanche’s DeFi ecosystem explodes
Avalanche (AVAX) is a layer-one blockchain protocol that has risen in popularity over the course of 2021 as its decentralized finance (DeFi) and nonfungible token (NFT) ecosystems have grown, thanks in part to the low-fee nature of the protocol attracting users and liquidity from Ethereum.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AVAX on Nov. 5, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. AVAX price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for AVAX began to pick up on Nov. 5 and reached a high of 83, just as the price of AVAX began to increase by 54.76% over the next two weeks.
The climbing price of AVAX comes as the DeFi ecosystem on Avalanche saw its total total value locked on the network rise to new highs and this week Binance US announced plans to list the token.
Enjin aims for a Polkadot parachain slot
Enjin (ENJ) is a protocol that operates on the Ethereum (ETH) network and focuses on the creation of blockchain-based gaming products and nonfungible tokens.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $1.19 on Sept. 29, the price of ENJ has blasted 213.5% higher to a daily high at $3.74 on Nov. 19 as its 24-hour trading volume spiked 92% to $1.57 billion.
ENJ/USDT 4-hour chart. Source: TradingView
The rising strength for ENJ in November comes as the Enjin ecosystem aims to secure a spot as a Polkadot parachain via the crowdloan auction for its cross-chain metaverse project Efinity.
Elrond announces a $1.29 billion liquidity incentive program
Elrond is a blockchain protocol aimed at becoming the technology ecosystem for the “new internet” and it uses sharding technology to enable its network to process 15,000 transactions per second (TPS) with an average transaction cost of $0.001.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for EGLD on Nov. 12, prior to the recent price rise.
VORTECS™ Score (green) vs. EGLD price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for EGLD began to pick up on Nov. 12 and reached a high of 76, around 108 hours before the price of EGLD began to increase by 30.27% over the next three days.
The building momentum for EGLD comes as the protocols Maiar decentralized exchange (DEX) officially launched alongside a $1.29 billion liquidity incentive program designed to help attract users and liquidity to its DeFi ecosystem.
The overall cryptocurrency market cap now stands at $2.59 trillion and Bitcoin’s dominance rate is 42.2%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
A crypto-focused YouTube channel with over 1 million followers is predicting an Ethereum (ETH) explosion possibly as soon as this weekend.
In a new video, Altcoin Daily co-host Austin lays out two fundamental factors that he says will drive up the price of the leading smart contract platform even further.
First, Austin notes that major movie studios are getting into the non-fungible token (NFT) market, notably on the Ethereum blockchain.
“Huge green flag if you’re an ETH hodler [long-time holder].
Warner Bros to launch Red Pill NFT avatars for their new movie ‘The Matrix Resurrections.’
Think about this: this is the first time in history that we have major movie studios encouraging their audience to download an Ethereum wallet [and] get a little bit of ETH, all thanks to NFTs.”
Even more pressing than movie-themed NFTs, Austin explains a major reason why Ethereum could spike over the next 24 hours.
“On Friday, over $540 million worth of Ethereum options contracts expire. Now luckily, those contracts do favor traders with ETH targets at $5K.
Generally speaking, when options contracts expire, especially [at] these high amounts, it’s always wise to expect volatility, in either direction.
The good news is, the bulls in this case seem to be winning.”
The host goes on to say,
“What this means is that even though many, many people seemed to have been betting against the Ethereum price, because the price has shown such strength, such a rally in these recent weeks, the bears look like they’re about to get wiped out.”
Ethereum is trading at $4,496 at time of writing, according to CoinGecko.
Next, Altcoin Daily lays out concrete reasons for holders of decentralized video streaming platform Theta Network (THETA) to be excited.
“Theta Network welcomes Fuse.TV as their latest media partner.
How this affects you is that [actress and singer Amara La Negra] now joins the list of other notable celebs choosing Theta.
If you hold Theta, this is a big news day for you.”
At time of writing, THETA is trading at $7.92 per CoinGecko.
Finally, Austin looks at Enjin Coin (ENJ), the cryptocurrency of the Enjin metaverse. Enjin recently announced a fund incentivizing developers to use their metaverse blockchain, which he believes will only help to grow the platform.
“Enjin wants to decentralize its metaverse with their new $100 million fund.
The Efinity Metaverse Fund will focus on seed equity investments for projects building on Efinity.
Efinity in Enjin’s much more scalable, yet much more centralized, blockchain for metaverse/crypto gaming.”
ENJ is trading at $2.98 at time of writing.
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Enjin, one of Ethereum’s first NFT gaming platforms, has announced a $100M fund to develop its Metaverse.
The new Metaverse is to be built on a new dedicated blockchain, called Efinity.
The move comes amid a flurry of other recent Metaverse project announcements, including those from Facebook (now Meta) and Microsoft.
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Enjin has created a $100 million fund for a cross-chain Metaverse it is building on Polkadot. It plans to build an entirely new dedicated blockchain for the project.
Enjin Invests in the Metaverse
Enjin, one of the first NFT gaming projects on Ethereum, has announced a $100 million fund to accelerate the development of its Metaverse, which it plans to build on a new dedicated blockchain, called Efinity, that will be built in part using the funds.
In the last year, the Enjin team has shifted gears toward launching its Efinity blockchain on Polkadot. On the Efinity network, the team will build a Metaverse that will serve as the base infrastructure for games, tokenized collectibles, digital art, music, and other dApps.
Enjin’s announcement has come ahead of the team’s upcoming bid to acquire a parachain slot on Polkadot. As Polkadot can only support 100 parachains, projects have to compete in auctions. The Enjin team plans to bid on the first batch of parachain slot auctions scheduled to take place next month.
Detailing the team’s new growth strategy, Witek Radomski, co-founder and CTO of Enjin, said Efinity would attract new mainstream gamers and NFT collectors to the Polkadot ecosystem. Radomski added:
“We’ve addressed current barriers to entry in blockchain with an incredibly powerful parachain and our seamless open-source development framework. Our intention is for Enjin to be an interoperable, decentralized gateway to the worldwide Metaverse.”
The $100 million fund will also strengthen its cross-chain NFT infrastructure between Ethereum and Polkadot. Enjin is also working on a new Paratoken Standard, so tokens can easily move between Polkadot and Ethereum without wrapping them.
Facebook and Microsoft’s plans to launch their Metaverse have driven the demand for decentralized gaming projects powered by in-game NFTs. As more tech companies realize the full potential of blockchain and NFTs, usage of Enjin will likely continue to increase.
Amid the positive development, the Enjin token has registered a 10% jump in price on today’s news. In the last 30 days, the token has rallied by more than 200%, up from about $1.5 to about $3.05.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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The metaverse is where all the rage is now, and Enjin has ambitious plans to support projects in its ecosystem designed towards a decentralized metaverse.
Consequently, the blockchain-powered gaming platformannouncedthe formation of a $100 million fund on November 4th. Dubbed ‘Efinity Metaverse Fund,’ the main objective behind it is to support its partners in the ecosystem partners and foster the development of a decentralized metaverse.
Everything about Enjin’s Efinity Metaverse Fund
According to the official blog post, the Efinity Metaverse Fund aims to assist and promote work on metaverse projects on Efinity. This is a blockchain network for non-fungible tokens (NFTs) developed by Enjin in collaboration with Polkadot.
The fund in question will focus on helping organizations develop collaborative NFT projects on Efinity and Polkadot, with assets operable across different protocols and chains.
Enjinalso aims to deploy funds to support gaming projects across all platforms, extending to protocols in adjacent spaces that include Mixed Reality (MR), an experience that combines elements of both Augmented Reality (AR) and (VR), esports, immersive entertainment, in addition to virtual events, and more.
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Enjin has roots in the gaming sector. Moreover, collectibles, digital art, music, tokenized data apps, Web 3.0, and cloud applications will also be supported through the $100 million funds.
Earlier in March this year, Enjin raised $18.9 million in a private token sale led by CryptoCom Capital, DFG Group, and Hashed. Other participants included Iconium, BlockchainCom Ventures, DeFi Alliance, Fenbushi, HashKey, BlockTower, Arrington XRP Capital, etc.
Metaverse Explosion
The blurring lines between the physical and digital world cannot be ignored. Enjin’s dive into the metaverse comes at a time when the hype around a potential metaverse is peaking.
Further driving the concept was the social networking giantFacebookrebranding to ‘Meta.’ Since then, the social discourse surrounding the space has picked up the pace. However, the Zuckerberg-led platform isn’t the only one interested in it. More tech giants such as Microsoft CEO Satya Nadella are gearing up to tap this new world.
As enthralling as it sounds, the metaverse concept isn’t new, but it has risen to prominence this year. In the cryptocurrency realm,KuCoinbecame the latest exchange that revealed exploring the emerging metaverse technology.
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Blockchain gaming platform Enjin is establishing a new fund to support the development of the metaverse ecosystem and make it more decentralized.
Enjin, a startup behind the nonfungible token (NFT)-focused blockchain Efinity, has formed a $100 million fund to support Efinity adopters as well as other related projects, the startup announced Thursday.
“It is now 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,” Enjin said, adding that it will consider equity investments in seed funding rounds and token purchases to nurture the ecosystem.
Dubbed the “Efinity Metaverse Fund,” the new fund also targets organizations that are focused on cross-chain integrations with the Enjin ecosystem as well as collaborative NFT projects on Efinity and Polkadot. The fund will also support gaming projects built on “all platforms” alongside other areas related to the metaverse, NFTs and Efinity’s core infrastructure.
Related:The Sandbox raises $93M to expand its NFT metaverse
Earlier this year, Enjin secured $18.9 million funding from investors including the major crypto exchange Crypto.com to debut Efinity, its Polkadot-based blockchain for the NFT industry. EFI, the native cryptocurrency of Efinity, went live in August 2021 following a $20 million token sale in July.
Enjin’s latest move into the metaverse comes amid the growing hype around the metaverse concept, fueled even further after social media giant Facebook officially changed its company name to Meta. The concept of the metaverse is used to describe a mix of technologies like virtual reality to create a 3D virtual reality featuring activities like online gaming and hangouts.
Facebook is now called Meta, Mark Zuckerberg announced Thursday. The Big Tech giant has rebranded to focus on the Metaverse.
Metaverse tokens like Decentraland’s MANA and Axie Infinity’s AXS have reacted positively to the news.
The Metaverse is popularly used to refer to the next iteration of the Internet, where users will be able to interact, play games, socialize, and exchange value with others within virtual worlds. It’s often used interchangeably with the term “Web3.”
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The Metaverse-related crypto projects Decentraland and Axie Infinity are rallying after Facebook revealed that it would be rebranding and turning its focus to virtual reality worlds yesterday.
Metaverse Tokens Rise
Crypto investors are rushing to buy into the Metaverse.
Several Metaverse-focused crypto projects have rallied following Facebook’s rebranding announcement. The Big Tech giant revealed it would be changing its name to “Meta” Thursday, explaining that it will switch its focus from traditional social media towards building out the Metaverse.
“Our mission remains the same, it’s still about bringing people together,” Facebook CEO Mark Zukerberg said in a 90-minute presentation on the company’s future. “We are still the company that designs technology around people. But now we have a new North Star: to help bring the Metaverse to life.”
While several projects have rallied on the news, the virtual world Decentraland is currently leading the charge, with the game’s MANA token rising more than 46% since the announcement.
USD/MANA chart. Source: CoinGecko
Other Metaverse and NFT gaming projects have also put in significant gains. Axie Infinity, the play-to-earn blockchain game that took the crypto space by storm this summer, initially rose over 17% before a slight cool-off.
Another NFT gaming project, Enjin, has also experienced a bump, gaining over 11%. Enjin is a play-to-earn gaming platform that lets users mint their in-game items on Ethereum and transfer them between the platform’s games in what the company calls the “multiverse.”
The Sandbox, a Minecraft-style mobile Metaverse game, has also benefited from Facebook’s announcement. The game’s SAND token is up 23% today, extending its week-long rally.
The Metaverse refers to a future iteration of the Internet, where shared virtual spaces are linked together, forming a perceived virtual universe where users can meet, play games, and socialize.
Zuckerberg stated that he believes the Metaverse will be the “successor of the mobile Internet,” allowing users to create digital worlds using VR technology and augmented reality. As part of yesterday’s announcement, he also teased that his firm would support NFTs in the future.Earlier this week, the company revealed that it would invest $10 billion into building for the Metaverse this year.
Prominent figures in the crypto space have also shared similar views to Zuckerberg. Former hedge fund manager and outspoken crypto enthusiast Raoul Pal has frequently spoken about his belief that the Metaverse and social tokens like Decentraland’s MANA token will become increasingly prevalent over the coming years.
Disclosure: At the time of writing this feature, the author owned ETH and several other cryptocurrencies.
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