On March 31, Enjin has introduced an NFT platform ‘Efinity’, built on Polkadot. For the platform, the private funding round was led by crypto exchange platform Crypto.com that raised $18.9 M. The platform is expected to offer greater scalability since built on Polkadot for the users who will participate in the space.
In the case of processing transactions, Efinity blockchain initially plans to process six transactions per second. Later the team has further planned to adopt a PoS consensus system for attaining enhanced scalability of about 1000 transactions/second. It will also look for interchain operability to attain a true NFT ‘metaverse’, as Enjin is working on a token, ‘Paratoken’ that is expected to process interchain transactions in the NFT platform.
To write the next chapter of NFT history, we need a blockchain that not only solves the problems faced today, but opens new possibilities for the #NFTs of tomorrow. 🛣️ Introducing Efinity: a next-generation blockchain built for #NFTs on @Polkadot https://t.co/IIjFPDVEqG pic.twitter.com/kwCGmjJw6u — Enjin (@enjin) March 31, 2021
Market participants will be able to have access to other blockchains and collect digital collectibles to and from the Efinity ecosystem. Paratokens are expected to elevate the ERC-1155 token standard created by the company back in 2018. Commenting on the potential of interchain functionality for NFTs, Enjin co-founder and chief technology officer Witek Radomski said:
Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers. The Efinity blockchain will also have its own native token called Efinity Token (EFI). Enjin Coin (ENJ) holders can stake ENJ to earn EFI which serves as the fuel to processing transactions on the new NFT network. EFI will also serve as the governance token for the Efinity community.
📢 We're live! Tune in now for our AMA with @witekradomski hosted by @cryptocom. After, we'll be heading over to Clubhouse with Witek and our COO @calebapplegate: https://t.co/N6eu5izbDQ Get your Efinity questions ready!https://t.co/aWZbHKOQHG — Enjin (@enjin) March 31, 2021
On NFTs reaching a wider audience, Caleb Applegate, Enjin COO said:
NFTs should be for everyone. Building with Polkadot will enable us to deliver an accessible, scalable solution that empowers everyone to participate in the emerging NFT economy. With the end-user in mind, Efinity will provide a fun, simple, and accessible experience for all.
Amidst growing interest in NFTs, the Enjin coin has attained huge price returns in 2021, as the token rallied eight-fold and has hiked by 1700% YTD.
Witek Radomski further added:
Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers.