Friday, July 30, 2021
Home Crypto News Market Enjin Raises About 18.9 Million Dollars To Develop First Dedicated NFT Chain...

Enjin Raises About 18.9 Million Dollars To Develop First Dedicated NFT Chain Efinity On Polkadot

- Advertisement -

Enjin (ENJ), known for developing NFT (non-fungible token) specialized platforms, held a private sale for the development of the next-generation NFT blockchain “Efinity” using Polkadot.

Raised 18.9 million dollars, “Efinity” is scheduled to launch within 21 days.


The funding led by Crypto.com Capital, a venture division of crypto.com, a cryptocurrency settlement service provider, DFG Group, and Hashed, a Korean blockchain investment company. Other Participants were Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital, DeFi Alliance and other major companies, celebrities and retail investors.

Caleb Applegate, COO of Enjin, said:

NFT should be open to everyone. With Polkadot, we can easily build scalable solutions and allow anyone to join the new NFT economy. Always with the end user in mind, Efinity provides everyone with a fun, simple and easy-to-use experience.

Efinity is a PoS (Proof of Stake) chain developed by Enjin that focuses on enhancing interoperability and features low-cost, high-speed transactions. Transactions are processed every 6 seconds and are designed to handle up to 1,000 transactions per second.

Development of new token standard

Enjin also announced the development of a (cross-chain) token standard “Paratoken” that can be moved between multiple chains. It is said to be a further evolution of the Ethereum blockchain token standard “ERC-1155” developed by Enjin in 2017. The ERC-1155 token is a hybrid token standard that combines ERC-20 and the NFT standard ERC-721.

The Paratoken standard will allow fungible or non-substitutable tokens from any blockchain to be moved to the Infinity network for use throughout the Polkadot ecosystem.

Witek Radomski, CTO of Enjin, commented on the cross-chain token:

DIGITAL ASSETS should be on the blockchain metaverse. By creating liquidity across multiple BLOCKCHAINS, we will connect more creators, buyers and sellers to expand the ecosystem.

Efinity Token (EFI)

According to a press release, Efinity will use Efinity Token (EFI), as a  first Paratoken.

EFI holders can propose and vote in community governance on what the future network should be. EFI holders will be able to stake EFI to earn rewards. ENJ staking users will also be able to earn EFI collected as network fees, market fees, cross-chain bridge fees, and smart contract fees.

student coin ico

Efinity plans to create an NFT marketplace called NFT.io. By providing EFI to bidders on NFT.io, it is believed that the liquidity of assets will be improved and the valuation of collector-owned NFTs will be visualized.

In a press release, Enjin CEO Maxim Blagov said:

In 2017, we developed the first NFT platform with the advanced ERC-1155 token standard. Efinity brings a dedicated blockchain to the NFT industry, enabling an advanced DIGITAL ASSET economy that is spreading around the world: a free, open and decentralized economy.

- Advertisement -
Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly