Enjin Launches NFT Blockchain on Polkadot (DOT)
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Enjin Launches NFT Blockchain on Polkadot (DOT)

April 1, 2021      Jafrin Ahmed

Blockchain development firm Enjin has launched a new NFT blockchain on top of the Polkadot (DOT) protocol. Dubbed Efinity, the Polkadot-based blockchain network, will have its own token called the Efinity Token (EFI). Hence, the new platform will foster blockchain interoperability, increasing the liquidity of both protocols.

Enjin Raised $18.9 Million for Building a Polkadot-based Blockchain Network

Enjin has raised $18.9 million to build a Polkadot-based blockchain network for non-fungible tokens or NFTs. The funding was secured in a private sale by selling the network’s native EFT tokens. Moreover, Efinity, the blockchain, is built as a parachain on the Polkadot (DOT) network, enabling high scalable transactions for games, apps, enterprises, and creators.

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Boasting the proof-of-work consensus protocol in favor of a proof-of-stake solution, Efinity, thereby proves to be a sustainable platform.

Efinity will be able to process up to 700-1000 transactions per second versus Ethereum’s 15 transactions per second, proving to be a faster network for transferring assets. Also, End-users don’t even need a blockchain wallet as transactions are confirmed in 6 seconds.

While any NFT from blockchain network chain can be moved to Efinity with next-gen features.

Enjin COO Caleb Applegate, remarked on building an NFT network with Polkadot, saying:

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“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.”

Enjin Leading the Way as a Game-Based Token Platform

Enjin was founded in 2009 while shifting its focus to NFTs in 2017. The firm hopes to compete against Ethereum as the key platform for game-based tokens.

Enjin CEO Maxim Blagov, remarks on the latest Efinity platform, saying:

“With Efinity, we’re bringing the NFT industry a dedicated, purpose-built blockchain that will create the advent of a globe-spanning, advanced digital asset economy- a free, open, and decentralized market where new digital worlds begin.”

Furthermore, a significant advantage over Enjin is its eco-friendly design. Recently, the blockchain firm even released a five-step plan to enable carbon-neutral NFTs by 2030. To date, the company has raised $37.8 million.

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#DOT #Efinity #Enjin #NFT #Polkadot
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.