Enjin, the founder of the ERC-1155 Non-Fungible Token (NFT) network has released an NFT-only blockchain in Polkadot called Efinity.
The launch of the NFT was supported by funding for Efinity which was directly led by Crypto.com Capital, DFG Group and Hashed, with direct support from Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital, DeFi Alliance, and several companies, other celebrities, including individuals, and celebrities who have raised $18.9 Million.
The Official Release of Efinity by Enjin
Caleb Applegate, COO of Enjin, has his own views, he believes that NFTs should be available to everyone around the world, his opinion about this NFT,
"Building in Polkadot makes it easier for us to provide solutions that are easily accessible and have high scalability potential so that all parties can participate in the world of NFT. Efinity will provide a fun and easy experience for all users."
It is reported that currently Efinity can process transactions every six seconds, but this blockchain will use a Proof-of-Stake (PoS) system to increase the speed of up to 1,000 transactions per second.
Currently, Enjin is creating a container for inter-blockchain or cross-chain transactions called Paratoken, later this Paratoken will facilitate the transfer of all types of tokens, including NFT from other blockchain networks to the Efiniy network, which will also be used in the Polkadot ecosystem.
The reason why Efinity was built on Polkadot rather than Ethereum can be illustrated with a simple picture:
Paratoken itself is an enhancement of the ERC-1155 NFT protocol that Enjin made in 2017, this protocol has reportedly been used by several large companies such as Microsoft, Nike, and OpenSea.
Witek Radomski, CTO of Enjin, also stated that digital assets should be in the world of adequate blockchain, in his statement he said,
"Opening up liquidity across multiple blockchains will pave the way for a larger ecosystem for creators, buyers and sellers alike."
Efinity has published its whitepaper detailing the explanation of the Efinity Token (EFI), Enjin 's new token.
Explanation By The Publisher
These tokens will later be used to finance transactions, liquidity, and yield farming through Enjin Coin (ENJ) token staking, the Enjin community system will also make it easier for EFI Token holders to lock and vote on innovations in their network.
Enjin has allocated 15% of its total EFI to be rewarded for staking and mining with ENJ, these ENJ stakers will also get rewards in the form of EFI from online fees, exchange commissions, smart contract fees, and fees between blockchain transactions.
Enjin is also continuing to invest in the development of the Snowfork open network to facilitate the flow of NFTs between Ethereum, Polkadot, and several other blockchains.
Starting from NFT.io, the Efinity exchange will provide rewards through EFI for auction participants, which will create liquidity for all assets, this system will also make it easier for NFT owners to get the latest valuations on their personal NFT portfolios, said CEO Enjin,
“We created the first NFT platform in 2017, together with the ERC-1155. With Efinity, we will give the NFT industry a blockchain that will produce the perfect platform for free, open and decentralized digital assets. The future is a digital decentralized world."
Therefore, it seems that Enjin will continue to focus on this new blockchain, along with the increasing phenomenon around NFT.
