- The company plans to launch its first-ever dedicated non-fungible token (NFT).
- This move will better the commerce for NFT-based games and other applications.
Enjin raised $18.9 million to launch its first-ever dedicated non-fungible token (NFT) blockchain on the Polkadot network. This move will help with better commerce for NFT-based games and other applications. Enjin created the ERC-1155 non-fungible token standard and sold out at its private sale for Efinity for $18.9 million. This old a next-generation NFT blockchain made for games apps, enterprises, and creators developed on Polkadot. Blockchain is a transparent and Secure digital ledger behind cryptocurrencies like Bitcoin.
With NFTs, Enjin enables creators to create one-of-a-kind digital items that can undergo authentication on the blockchain. Crypto.com capital, DFG group and Hashed led the funding round with support from Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital, Defi Alliance, and a long list of other leading firms, celebrities, and individuals.
Last week the Singapore-based Enjin allied with Ludena Protocol, who happens to be the publisher of social gaming platform GameTalkTalk. It was the move to give NFT a boost in South Korea where cryptocurrency and gaming are a huge range.
More about Enjin:
Within the past few months NFT has expanded its use in applications like art, sports, collectibles, and music. NBA Top Shot happens to be one such example. NBA Top Shot surfers dollar 500 million in sales since October which was published by Animoca Brands and developed by DapperLabs. NXT digital collage by Beeple was sold at Christie’s for $69.3 million. Investors are putting a lot of money into NFT and some of them are big fans of the gaming industry.
History of Enjin:
Enjin began in 2009 and shifted its focus to NFTs in 2017. It hopes to compete against Ethereum as the key platform for game-based tokens. One of its benefits is an enhanced eco-friendly design. Enjin released a five-step plan to enable carbon-neutral NFTs by 2020. So far the company has managed to raise $37.8 million. One of the biggest problems of early blockchain and cryptocurrency Ethereum and Bitcoin is that they require a lot of computing power for mining the coins and verification of authenticity. This authentication is carried out based on proof of work that required miners to work out certain complex computing puzzles.
But the company plans to move to proof-of-stake where blocks in verification are dependent on a small number of trusted computing partners for data verification. This kind of data verification method uses less energy. Not many users are familiar with Enjin as compared to Bitcoin and Ethereum.
What does the COO of Enjin say about NFTs:
According to Caleb Applegate, NST should be accessible to everyone. Building the NFT through Polkadot will enable the company to deliver an accessible scalable solution. Such a solution would empower everyone to participate in the emerging NFT economy. While considering the end-user, Efinity plans to provide a fun, simple, and accessible experience for everyone.
The transactions on ethereum are slow at 15 per second. But Efinity plans to process transactions every 6 seconds and will use proof-of-stake to scale to 1000 transactions per second. A new token standard called “Paratoken” is under development and it will enable any fungible or non-fungible token from the blockchain to be moved into the Efinity network and be able to be used throughout the Polkadot ecosystem.
Para token is an advancement of the ERC 1155 NFT standard that Enjin had pioneered in 2017. Since then, companies like Microsoft, Nike, and OpenSea adopted it.
About the community:
Enjin has hundreds of thousands of communities on its platform where there are more than 20 million users on the original platform. The company switched to NFT four years ago and developed an ecosystem to enable developers to the addition of blocks into the games. Around 40 game companies are using it and Enjin has developed bridges with other platforms like Ethereum.
A statement from CTO:
Digital assets should exist in the metaverse of blockchains. Witek Radomski is the chief technology officer in the company. According to him, opening up liquidity across multiple blockchains and use cases will connect a broad ecosystem of creators, buyers, and sellers. The team released a white paper that gives the details for the new Efinity Token (EFI) designed for transaction fees liquidity and farming through staking Enjin Coin (ENI). Community governance will enable EFI holders to submit and vote on proposals to drive the future of the network. Initially, Enjin had allocated 15% of a total supply of EFI which the users can earn by putting ENJ at stake on Efinity while minting tokens with ENJ.