The gaming-focused Enjin blockchain platform raised nearly 19 million dollars to develop Polkadot’s next-generation blockchain for fungible tokens.
Enjin introduced Efinity, a next-generation blockchain built on the Polkadot ecosystem for NFTs in a March 31 announcement. In a round led by Crypto.com Capital, the DFG Group and Hashed, the firm raised $18.9 million to finance the new company. To date, $37.8 million has been raised by the 2009 founded company.
Hypersphere, BlockTower, Blocchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital, DeFi Alliance as well as numerous celebrities and people attending the event were among the other participants. The funds raised through the sale of EFI tokens will be directed towards the development of the new network.
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
The Efinity blockchain will run on Substrate, which provides the development support for the Polkadot ecosystem by the networked company, Parity Technologies.
According to the announcement, transactions will be confirmed in 6 seconds to allow a fast-response time to mainstream applications. It was continued to explain why Polkadot was chosen by Ethereum and stated that Efinity is designed not only to overload ethereal NFTs, but blockchain NFTs. In order to enable free, instantly on-chain tokens of Enjin Coin (ENJ) and ERC-1155, a platform called JumpNet will be launched as a high-speed bridge network on April 6, in addition to Efinity. No Efinity start date has been specified.
Enjin CTO, Witek Radomski, said cross-chain compatibility is crucial to the industry’s future:
“Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers.
In 2017, ERC-1155 was set for non-fungible assets. Enjin is no stranger to the NFT space. This standard is more advanced than ERC-721, and is used by companies such as Microsoft and Nike in the fact that an infinite number of tokens can be regulated by a single smart contract. It can also conduct batch transactions that save considerable time and energy.
On 23 March, Singapore-based Enjin formed an alliance, in order to increase NFT exposure in South Korea, with the publishers of GameTalkTalk, the social gaming platform Ludena Protocol. ConsenSys also entered NFT space with a new platform known as Palm, as reported by CryptoPotato.
ENJ Token Price Update
Enjin’s EJN, an indigenous token, hit a 12-day high of $2.62 by 9.5 percent. At the time of writing, CoinGecko said it had withdrawn a little to change its hands at $2,48.
In the past 30 days, EJN achieved an all-time high of $3 on March 16, making up a whopping 260 percent.