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Enjin to Launch a new Polkadot-based Blockchain for non-fungible tokens

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A popular blockchain-based gaming platform, Enjin, has raised almost $19million to develop a next-generation blockchain on Polkadot for non-fungible tokens (NFT).

On March 31, Enjin announced that it has raised almost $19 million to develop a next-generation blockchain, known as Efinity, for non-fungible tokens on the Polkadot network. The company raised such an amount to finance the new project in a round led by Hashed, Crypto.com, and DFG Group. Meanwhile, the company, which was founded in 2009, has raised $37.8 million to date.

Other participants that contributed to the funding include Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital, DeFi Alliance, and some celebrities and individuals. The funds were raised by selling Efinity tokens called EFI and will be channeled into the development of the new network.

The new Enjin network is Polkadot-powered

The Efinity blockchain will utilize Substrate, the framework that powers the Polkadot ecosystem, with development support from the firm behind the network – Parity Technologies. All transactions on the network will be confirmed in 6 seconds, and it permits high-speed response times needed for mainstream applications. The announcement also explained why Polkadot was chosen over Ethereum, stating that Efinity is designed to supercharge not only Ethereum NFTs but NFTs from any blockchain.

Besides Efinity, a platform called JumpNet will be launched on April 6 as a high-speed bridge network that will allow free, instant on-chain transactions of Enjin Coin (ENJ) and ERC-1155 tokens. However, the launch date for Efinity has not been specified yet.

The CTO of Enjin, Witek Radomski, stated that cross-chain compatibility is essential for the future of the industry, as many other firms are facilitating interoperability already:

“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.”

Meanwhile, Enjin is not new to the NFT space, as it created the ERC-1155 standard for non-fungible assets in 2017. And this Ethereum standard is more advanced than ERC-751 and is used by top-performing companies, such as Microsoft and Nike. On March 23, the company also partnered with the social gaming platform, GameTalkTalk, Ludena Protocol, to boost NFT exposure in South Korea. With the recent fuss about NFTs, we have seen various individuals and crypto-based firms utilize the growing market. ConsenSys has also entered the NFT space with a new platform called Palm.

Following the announcement, Enjin’s native token (EJN) jumped 9.5% to hit a twelve-day high of $2.62. And over the past 30 days, EJN has made a whopping 260% and hit an all-time high of $3 on March 16.

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