The non-fungible token (NFT) space is turning out to be one of the most sought-after spaces in the blockchain and cryptocurrency space.
The next-gen blockchain for NFTs, Efinity, plans to further drive the growth and development of this still nascent space. The NFT space has grown exponentially from its 2017 days of being called Custom Coins to becoming a pillar in the blockchain and crypto space. The NFT space, in recent times, has also facilitated global crypto adoption that is helping to bring in professionals from different niches.
Though the NFT space is truly innovative, it is still majorly nascent with a lot of gray areas with respect to usage and benefits. It is also no secret that the NFT space of today is highly limited. Researchers and enthusiasts have hardly scratched the surface of this truly amazing industry.
Challenges of NFTs
Seeing as the NFT space is basically still in its infancy, it is constantly plagued with a number of challenges. Some of these challenges include;
- Poor technical know-how – The NFT space requires more extensive research and better-informed professionals.
- High transaction fees.
- Low interoperability among marketplaces, wallets, and other major participants.
Other challenges include rigid technology, poor scalability, etc.
Efinity (EFI) | NFTs
With these challenges in mind, Efinity is out to propound workable solutions to the issues facing the NFT space. Powered by Polkadot, Efinity has been touted as the next-generation blockchain for NFTs. Its native token, EFI, also helps power the Efinity network.
Efinity has revealed at least three major ways it plans to completely revolutionize the NFT space: an open ecosystem, recipes, and governance.
1. Open Ecosystem
Efinity aims to power the global NFT trading experience. This means that interested persons can easily stake on any NFT and get rewarded. Efinity (EFI) creates transparent, fair, reliable, and accurate pricing for NFTs. Interested persons can also easily bid on any assets on Efinity-supported marketplaces.
With Efinity (EFI), interested persons can also easily create or modify NFTs without having to code via Recipes. This makes it easy for businesses to easily reward loyal customers with incentives.
Efinity has also incorporated a unique governance model that is sure to positively influence its future. Efinity users have been tasked with determining the progress and direction of the network via voting.
Proposals can either be integrated into the network or rejected via voting. In the occasion of a tie, the proposal is also rejected.
At the time of publication, EFI was trading at $1.42 with a 24-hour trading volume of $10,814,338. The token price was also down by 12.8% in the last 24 hours.
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