Enjin, the creator of ERC – 1155 NFT standard announced its decision to build a Polkadot-based dedicated NFT blockchain. Tagged Efinity, the blockchain will enable easy utilization of NFTs by virtually any industry. Effectively, it will help unlock trillions of dollars in the illiquid NFT world.
Enjin via an official blog post disclosed that Efinity is designed on the Polkadot network. Apart from acting as a cross-chain NFT highway, it will focus on offering better scalability for users in the booming NFT space.
We are grateful to have the support of an incredible group of partners who believe in our vision for #NFTs!
— Enjin (@enjin) March 31, 2021
Whooping $18.9 million raised
According to the announcement, Enjin, with the help of the leading Crypto exchange platform Crypto.com, DFG Group and Hashed raised $18.9 million through a private token sale to build the new Blockchain network. With support from Hypersphere, BlockTower, Blockchain.com Ventures, Iconium, DeFi Alliance, among others.
Notably, Efinity has been described as a next-generation blockchain for NFTs. It will be built by Parity Technologies for Polkadot. Furthermore, once launched it will allow NFTs to be used by nearly any enterprise.
Speaking on building Efinity, Maxim Blagov, Enjin CEO in a statement stated that the initiative would hasten the adoption and growth of a global digital asset economy.
Moreover, he explained that Efinity is the end result of a technological and ideological evolution that crystallized over the years, ever since Enjin started developing NFTs in 2017.
According to him, “Efinity, is a next-gen blockchain, as well as an idea, a movement, a vision of a future where digital worlds are free, decentralized, open, and accessible to everyone, everywhere.”
Why Enjin chose Polkadot for Efinity
In the statement, the Blockchain development firm revealed why it chose Polkadot instead of Ethereum to build Efinity. According to Enjin, “Polkadot is different.”
Furthermore, it stated that every piece of the Polkadot parachain is completely customizable, which makes it a perfect platform for building scalable, custom blockchains. However, the launch of Ethereum 2.0 will only enable faster transactions.
Enjin further pointed out that Polkadot is not built to replace Ethereum. Exactly, like that Efinity is built to complement not only Ethereum NFTs but NFTs from any blockchain.
Caleb Applegate, Enjin COO stated that building the new Blockchain on Polkadot will enable Enjin to provide an accessible, scalable solution that empowers users to partake in the emerging NFT economy.
“NFTs should be for everyone. With the end-user in mind, Efinity will provide a fun, simple, and accessible experience for all,” he said.
Stake ENJ to earn EFI
Enjin stated that when launched, Efinity blockchain will also have its own native token called Efinity Token (EFI). As well as the launch will unveil a new staking feature for the Enjin Coin token.
Enjin Coin holders will be able to stake their ENJ into nodes and earn interest in the form of EFI.
Notably, the EFI will be the first-ever para token and will be compatible with the entire Polkadot and Kusama ecosystem. According to Enjin, it will be used to facilitate transaction fees, vote in governance events. Additionally, will help maintain the liquidity of fungible and non-fungible tokens on the network.
According to Coingecko, Enjin Coin (ENJ) is currently the 50th-largest cryptocurrency by market cap. Moreover, at press time, the token was trading at $2.49.
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