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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.
Boasting the proof-of-work consensus protocol in favor of a proof-of-stake solution, Efinity, thereby proves to be a sustainable platform.
To write the next chapter of NFT history, we need a blockchain that not only solves the problems faced today, but opens new possibilities for the #NFTs of tomorrow.
🛣️ Introducing Efinity: a next-generation blockchain built for #NFTs on @Polkadot https://t.co/IIjFPDVEqG pic.twitter.com/kwCGmjJw6u
— Enjin (@enjin) March 31, 2021
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:
“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.