Enjin, the blockchain platform and creator of the ERC-1155 non-fungible token (NFT) standard, has seen the price of its token, ENJ, enjoy a healthy rise in value after JumpNet launched. JumpNet is a new solution that’s focused on democratizing NFTs as well as eradicating ETH gas fees.
Announcing the new feature via its official Twitter account, Enjin noted that JumpNet would enable users to create NFTs with ENJ and send them to others users without the need of worrying about ETH gas fees.
💥 Enijn JumpNet is live 💥
This launch is a monumental first step toward democratized #NFTs, accessible and usable by anyone, anywhere, anytime.
— Enjin (@enjin) April 6, 2021
The new initiative was unveiled in line with the blockchain platform’s mission to tackle the rising gas fees on the Ethereum network. In addition to also solving users’ issues regarding accessibility as well as interoperability.
“Enjin’s vision is to build a scalable, cross-chain token network that would make creating, using and trading NFTs far more accessible, affordable and faster, thereby significantly increasing the volume of trade and adoption,” the platform noted.
What Is JumpNet?
Notably, JumpNet is a network that operates on a proof-of-authority (PoA) consensus mechanism. It is a bridging solution that would increase support for NFTs while eliminating costly gas fees.
JumpNet features all of the core mechanics necessary for a great blockchain experience. These mechanics include being able to move Enjin Coin (ENJ) from Ethereum to JumpNet, send and receive ERC-1155 tokens and ENJ for free, mint and trade ERC-1155 tokens for free, distribute ERC-1155 tokens and ENJ via QR codes for free, and the ability to automatically distribute ERC-1155 tokens from your game or app for free.
JumpNet will also support Efinity, which focuses on allowing users of different blockchains to move their tokens easily by using trustless bridging smart contracts.
According to Witek Radomski, Enjin CTO, this initiative will enable users and developers to connect easier as well as provide premium experiences without expensive gas fees. This will invariably increase adoption.
The day before JumpNet launched, ENJ was trading at around $2.50. Since then, the coin hit a new all-time high of $3.94 on April 9, 2021. ENJ has cooled off a bit but is still trading at $3.00. The coin has surged 29% over the last seven days.
Coinbase Lists Enjin Coin (ENJ)
In another development, popular crypto exchange Coinbase has added support for Enjin Coin (ENJ) amongst other digital assets, allowing users to now buy, sell, convert, send, receive, or store the token.
According to Coinbase, ENJ was listed as a result of high demand for the token from the exchange’s users. It noted that the Ethereum token makes it easy for individuals, businesses, and brands to use non-fungible tokens (NFTs).
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