Enjin pioneered the NFT industry in 2017, authoring ERC-1155, the groundbreaking NFT token standard, and launching the first NFT creation platform.
Efinity is the world’s cross-chain NFT blockchain. Powered by the deflationary Efinity Token (EFI), the network is environmentally friendly, scalable, and built for games, apps, enterprises, and creators to deliver their own non-fungible tokens to mainstream audiences. Built on Polkadot in partnership with Parity Technologies and the Web3 Foundation, Efinity is a new blockchain that’s purpose-built for NFTs. It’s a token highway designed to enable a specific kind of future—where NFTs are as widespread and easy to use as smartphones today. EFI price has been on the watchlist of many traders.
Seamless NFT Experience
The NFT space has been growing exponentially. There is a dire need for a robust and developer friendly NFT experience. The NFT space primarily has the below problems:
- Extremely high fee
- Inflexible smart contracts
- Disjointed interoperability
Along with these issues, The blockchains that non-fungible tokens live on give actual users no incentives (other than the prices rising), because miners are given the full share of generated tokens. Prices rise, infrastructure companies create silos and paywalls, and it becomes difficult to make real progress in this industry – unless we can unify the community and think a bit differently. Efinity solves these above problems!
Fee
Efinity’s purpose is to be an NFT highway, not a general computing blockchain. Token creation, transfers and purchases are the network’s priority. Transaction fees on Efinity stay in the background, and allow users to experience their favorite collectibles without worrying about how the network operates.
Network Effects
Efinity will be a hub for all fungible and non-fungible tokens. The Paratoken standard accepts tokens from any other chain, including the popular ERC-721, ERC-1155, and ERC-20 standards. The network that solves the challenge of facilitating the pricing and exchange of NFTs will naturally gain traction, because it will create network effects by attracting increasing volumes of transactions. Tokens don’t need to be listed for sale or even exist on the network to receive a bid. In fact, users can be compensated for initiating Bid Orders or Ask Orders.
Polkadot Parachain
Enjin is working in collaboration with the web3 foundation and building Efinity on Polkadot. The Efinity blockchain is a parachain that uses Polkadot Relay Chain validators for its consensus, which allows Efinity to have an independent economic framework, data, and state.
Let us review EFI Price
EFI Price Prediction
EFI is current trading above the support of $0.89. If it can stay above this support, we could start seeing a move towards $1.07, $1.15, $1.23, $1.34 and $1.49. If the resistance at $1.49 flips to support, we could see a move towards $1.92, $2.61, $3.29 and $3.72. Failure to hold the support at $0.89 could lead to a drop towards $0.80 and $0.73.
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