The company behind the formation of the ERC-1155 NFT (non-fungible token) standard, more commonly known as Enjin, has recently managed to raise $18.9 million for the purpose of launching an all-purpose NFT blockchain on Polkadot.
The purpose-built blockchain for NFTs is called Efinity, and its next-generation features allow for the availability of games, enterprises, apps, and creativity, all constructed on Polkadot.
‘Everyone should have access to NFTs,’ says Enjin COO
The funding for this project had been spearheaded by DFG Group, Hashed, and Crypto.com. Support had also been provided by Blockchain.com Ventures, Iconium, DeFi Alliance, HashKey, BlockTower, Fenbusih, and Arrington XRP Capital, along with a considerable list of other supporters in the form of celebrities, individuals, and various firms.
Furthermore, the Chief Operating Officer of Enjin, Caleb Applegate, strongly believes that NFTs should be accessible for all, and so constructing the aforementioned blockchain with Polkadot shall allow the Enjin team to achieve exactly that. A scalable and accessible solution that can empower individuals to take part in the ever-growing NFT landscape seems to be the primary objective behind this project, and if all goes well, then this is what investors and consumers alike have to look forward to.
Simply put, Enjin desires to create a simplistic, easily accessible, and most importantly, fun experience for everyone.
Efinity’s various features
Efinity will have several features, and this article will list just a few of them so that future consumers know what they can expect.
Firstly, Efinity will be able to process the transactions made on a 6-second basis and will also be utilizing proof of stake in order to scale to nearly 1,000 transactions per second (TPS). Secondly, a cross chain-based token standard known as ‘Paratoken’ shall be introduced, which will allow any NFT or fungible token to be transferred directly onto Efinity’s network. This moving of tokens can occur from any available blockchain, and after the transfer is completed, users can then use the tokens on the Polkadot ecosystem itself with little to no limitations. Paratokens have also been employed by big-time companies such as OpenSea, Microsoft, and Nike in the past.
Lastly, Enjin has also recently released the details for its new token, EFI, which is primarily designed for the purpose of liquidity, transaction fees, as well as yield farming via staking ENJ (Enjin Coin).