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Thursday, April 22, 2021

Enjin secures $ 18.9 million in funding for Polkadot-based NFT blockchain

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Crypto exchange platform Crypto.com has reportedly led an $ 18.9 million private funding round for Enjin’s new NFT blockchain platform.

Enjin announced the news on Wednesday with DFG Group, BlockTower and Arrington XRP Capital among other investors in the private sale.

Dubbed “Efinity,” the platform is an NFT blockchain built on Polkadot that would provide greater scalability to participants in the expanding NFT space.

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Detailing the technical specifications of the new NFT blockchain, the announcement said that Infinity will have initial throughput capacity to process transactions every six seconds. The project team plans to use proof-of-stake consensus to achieve scalability on the order of 1,000 transactions per second.

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In addition to scalability, Enjin will also seek to design cross-chain interoperability in the NFT space as part of efforts to create a true NFT metaverse.

Thus, Enjin is working on a new token standard called “Paratoken”, which is supposed to provide cross-chain functionality for NFTs. With Paratokens, market players will be able to link digital collectibles from other blockchains to the Efinity ecosystem.

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According to Enjin, Paratokens are pushing the boundaries of the ERC-1155 token standard created by the company in 2018. Commenting on the importance of cross-blockchain functionality for NFTs, Enjin co-founder and CTO Witek Radomski , said:

“Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use cases will connect a large ecosystem of creators, buyers and sellers.

The Efinity blockchain will also have its own native token called the Efinity Token (EFI). Enjin Coin (ENJ) holders can wager ENJ to earn the EFI which serves as the fuel for processing transactions on the new NFT network. EFI will also serve as a governance token for the Efinity community.

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Enjin Coin benefited from massive price returns in 2021 amid growing interest in NFTs. The ENJ token increased more than eightfold in March and is up more than 1,700% since the start of the year.