#Enjin is a platform known for its commitment to the #NFT market and is the creator of the ERC-115 NFT standard. The project raised $ 18.9 million to build this new blockchain project. The project, called Efinity, will be built on #Polkadot's #decentralized #application network. It aims to be a place where users can host games, applications and businesses.
↘️Calep Applegate, CoO of Enjin, said, “NFTs should be for everyone. Building with Polkadot will enable us to provide an accessible, scalable solution that enables everyone to participate in the popularized economy of NFTs, ”he said.
The funding round included large blockchain figures. These include Crypto.com Capital, DFG Group and Hashed. Additional support came from Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital and DeFi Alliance.
Additionally, the $Efinity blockchain expects to process transactions every six seconds and will use proof-of-stake (PoS) to scale to 1,000 transactions per second. Maxim Blagov, Enjin's CEO, said:
“WITH EFINITY, THE NFT INDUSTRY IS A FREE, OPEN AND DECENTRALIZED MARKET WHERE NEW DIGITAL WORLDS BEGIN; WE ARE BRINGING IN A PROPRIETARY, PURPOSE-BUILT BLOCKCHAIN THAT WILL CREATE THE EMERGENCE OF AN ADVANCED DIGITAL ASSET ECONOMY THAT SPANS THE WORLD. ”
Enjin develops cross-chain token based on NFT standard
Enjin is also developing a cross-chain token called "Paratoken". These tokens are based on Enjin's ERC-1155 NFT standard. Paratoken allows users to move any type of tokens from another blockchain to the Efinity network.
The team has published a whitepaper detailing the new Efinity Token ( #EFI). Bidders in NFT markets will receive an EFI as a reward. As a result, this will create permanent liquidity for all assets. It will also allow collectors to view the current status of their NFT portfolio.