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Enjin Introduces Scaling Solutions to Support NFT Growth

NFT

beincrypto.com 03 March 2021 15:28, UTC
  
Reading time: ~2 m

Enjin has announced plans to release scaling solutions that will allow users to mint and port tokens onto multiple chains without gas fees.

Enjin hopes its new services will bolster NFT adoption and help to alleviate network congestion.

Its first scaling solution, Jumpnet is scheduled to be released on April 6. Jumpnet will address existing drawbacks, most notably the soaring gas fees on existing blockchains. The “forever-free Ethereum scaling” solution will introduce gasless transactions to ERC-1155 tokens. This implies that transactions will be carried out without incurring any costs.  

According to Enjin, Jumpnet will encompass “all of the core mechanics necessary for a great blockchain experience.” It also claims that Jumpnet will be integrated with its existing products.

Efinity, the second scaling solution will enable multi-chain support. Fungible and non-fungible tokens from other blockchains will be compatible. Both scaling solutions will permit users to mint and port tokens to multiple chains without gas fees.

Enjin CTO, Witek Radomski further elaborated saying:

“JumpNet is our high-speed bridge network that will allow creators to mass-distribute thousands of NFTs at no cost. Tokens on JumpNet can jump between the Ethereum network or Efinity (our upcoming NFT highway) when it launches later this year. These technologies will enable developers to reach mainstream users and provide modern experiences without worrying about unpredictable business overhead caused by gas fees”

ENJ Reaches All-Time High

Enjin’s native ENJ token reached a new all-time high of $0.96 on March 3, 2021. It has gained more than 600% since the beginning of 2021 and trading volume has skyrocketed.

The recent growth and surge in token prices are not surprising considering the platform’s growing userbase and adoption by tech giants. An estimated 8,700 creators have adopted Enjin to mint multi-chain tokens.

Microsoft’s Azure Heroes is built on the Enjin platform. The partnership even launched a new NFT to commemorate the International Day of Women and Girls in Science.

Gas Fees Becoming a Major Concern

As major cryptocurrencies rally to new highs, gas fees have similarly skyrocketed.

BitInfoCharts statistics show that gas fees on Ethereum averaged around $38 per transaction near the end of February 2021. Although average transaction fees have dipped back to $12 presently, it’s still discouraging for microtransactions.

Ethereum Average Transaction Fee Chart by BitInfoCharts

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