Enjin (ENJ) launches Efinity (EFI), a blockchain dedicated to NFTs built on Polkadot

How ENJ & EFI work together. Source: Enjin
How ENJ & EFI work together. Source: Enjin

The Enjin platform (ENJ) just funded $18.9 million to build Efinity, a Polkadot-based blockchain dedicated solely to non-fungible tokens (NFTs). Enjin wants NFTs to be usable and available to everyone using Efinity and its EFI token.

Enjin is getting closer to Polkadot with Efinity

Enjin, a blockchain startup, has acquired $18.9 million in funding to develop a para-chain based on the Polkadot protocol. This network, dubbed Efinity, will be dedicated solely to non-fungible tokens (NFTs).

Enjin has received support for its campaign and its new project from a number of investment funds and stakeholders in the blockchain ecosystem, including Crypto.com Capital, Blockchain.com, BlockTower, and Hashed.

Efinity’s new blockchain will be completely interoperable. This means that any NFT from any chain (including Ethereum) may be sent to Efinity. The Enjin team states in their statement that Efinity charges would run in the background and will be undetectable to users.

We also discover that users will not require a blockchain wallet and that transactions will be completed in 6 seconds, two aspects that will tremendously aid the creation of public-facing apps.

Before witnessing this new blockchain on time, patience will be required. Efinity’s first phase is slated to begin late this year or early in 2022.

Caleb Applegate, Enjin’s Chief Operating Officer, stated Enjin’s aim to export to Polkadot:

“NFTs should be available to everyone. By partnering with Polkadot, we will be able to offer an accessible and scalable solution that will allow everyone to participate in the emerging NFT economy. With the end-user in mind, Efinity will provide a fun, simple, and suitable experience for everyone”.

A new standard for NFTs and staking for ENJ

The paratoken

Enjin is a forerunner in the NFT ecosystem, having already made significant contributions to its growth. The ERC-1155 standard, created by the project team, is an Ethereum token standard that allows an infinite number of fungible (same) and non-fungible (unique) tokens to be created with a single smart contract.

The ERC-721 token standard, by contrast, only creates NFTs and needs developers to deploy a new smart contract for each new token.

Enjin emphasizes the sound EFI token Efinity. The EFI will be the first “paratoken,” a new token standard that will be interoperable with the whole Polkadot and Kusama ecosystem.

The Efinity ecosystem will rely heavily on the EFI token, which will be used to pay transaction fees, vote at governance events, and maintains the liquidity of fungible and non-fungible tokens on the network.

Enjin Coin: The EFI Magnet | Enjin Blog
Illustration of the link between Efinity and Enjin. Source: Enji

Staking arrives for the ENJ

Staking is a new use case for the Enjin Coin (ENJ) that will be introduced with the future launch of Efinity. ENJ holders who contribute to the ecosystem’s growth will be rewarded by Efinity. Enjin Coin owners will be able to invest their ENJs in nodes and earn passive income in the form of EFI tokens as a result.

ENJs infused for forging NFTs on Enjin will be staked automatically and produce EFI passively.

According to the announcement, 15% of EFI’s total supply is set aside for staking operations and will be dispersed gradually over several years until the maximum is achieved.

To summarize, Enjin seeks to maintain its momentum by allowing the general public to learn about NFTs. The team confirms its position and is actively dedicated to the development of this new ecosystem with Efinity and the capabilities provided by Polkadot.

“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,” concluded Witek Radomski, CTO of Enjin.

ENJ and EFI relationship – Summary

  • The Enjin platform just funded $18.9 million to build Efinity, a Polkadot-based blockchain dedicated solely to non-fungible tokens.
  • Enjin wants NFTs to be usable and available to everyone using Efinity and its EFI token.
  • Enjin has received support for its campaign and its new project from a number of investment funds and stakeholders in the blockchain ecosystem, including Crypto.com Capital, Blockchain.com, BlockTower, and Hashed.
  • The Enjin team states in their statement that Efinity charges would run in the background and will be undetectable to users.
  • Staking arrives for the ENJ. Staking is a new use case for the Enjin Coin that will be introduced with the future launch of Efinity.
  • ENJs infused for forging NFTs on Enjin will be staked automatically and produce EFI passively.
    To summarize, Enjin seeks to maintain its momentum by allowing the general public to learn about NFTs. The team confirms its position and is actively dedicated to the development of this new ecosystem with Efinity and the capabilities provided by Polkadot.
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