CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,229.00
  • ethereum
    ETH$1,597.19
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Enjin to Launch Polkadot-Based Blockchain for NFTs

    Enjin to Launch Polkadot-Based Blockchain for NFTs

    Author: Martin Young

    Last Updated Apr 1, 2021 @ 07:37

    The gaming-focused blockchain platform Enjin has raised almost $19 million to develop a next-generation blockchain on Polkadot for non-fungible tokens.

    The gaming-focused blockchain platform Enjin has raised almost $19 million to develop a next-generation blockchain on Polkadot for non-fungible tokens.

    In a March 31 announcement, Enjin introduced Efinity, a next-generation blockchain built for NFTs on the Polkadot ecosystem. The firm raised $18.9 million to finance the new venture in a round led by Crypto.com Capital, DFG Group, and Hashed. To date, the 2009 founded company has raised $37.8 million.

    Other participants included Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital, DeFi Alliance, and a number of celebrities and individuals. The funding, which was raised by selling Efinity tokens called EFI, will be channeled into 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

    Polkadot Powered

    The Efinity blockchain will run on Substrate, the framework that powers the Polkadot ecosystem with development support from the firm behind the network, Parity Technologies.

    Transactions are confirmed in 6 seconds, permitting high-speed response times needed for mainstream applications, the announcement added. It continued to explain why Polkadot was chosen over Ethereum stating that Efinity is designed to supercharge not only Ethereum NFTs, but NFTs from any blockchain.

    ADVERTISEMENT

    In addition to Efinity, a platform called JumpNet will be launched on April 6 as a high-speed bridge network that will allow free, instant on-chain transactions of Enjin Coin (ENJ) and ERC-1155 tokens. No launch date was specified for Efinity.

    Enjin CTO, Witek Radomski, stated that cross-chain compatibility is essential for the future of the industry:

    “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.”

    Enjin is no stranger to the NFT space, having created the ERC-1155 standard for non-fungible assets in 2017. The Ethereum standard, which is used by companies such as Microsoft and Nike, is more advanced than ERC-721 in that a single smart contract can govern an infinite number of tokens. It can also carry out batch transactions which provide significant savings on gas and block times.

    On March 23, Singapore-based Enjin formed an alliance with the publisher of the social gaming platform GameTalkTalk, Ludena Protocol, in a move to boost NFT exposure in South Korea. As reported by CryptoPotato, ConsenSys has also entered the NFT space with a new platform called Palm.

    ENJ Token Price Update

    Enjin’s native token, EJN, jumped 9.5% on the announcement to hit a twelve-day high of $2.62. At the time of writing it had retreated a little to change hands at $2.48 according to CoinGecko.

    Over the past 30 days, EJN has made a whopping 260% and hit an all-time high of $3 on March 16.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • IndiaPolkadotCardano
      $250M Fund to Invest in Polkadot and Cardano Launched in India
    • loganpaul_cover
      American Youtuber Logan Paul Teams Up With Bondly Finance to Release NFT
    • bosslogic_cover
      OpenSea Crashes Following BossLogic NFT Drop via Ethernity
    Tags: Non-Fungible Token (NFT) Polkadot
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Martin J. Young
    More posts by this author

    Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

  • bitcoin
    BTC$23,229.00
  • ethereum
    ETH$1,597.19
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!