NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

Nonfungible token (NFT) protocol Enjin has announced the transition to a new mainnet called “Enjin Blockchain” with the aim of promoting Web3 adoption. Following the transition, its Polkadot parachain called Efinity has also been forked into the new blockchain.

In an announcement sent to Cointelegraph, the Enjin team highlighted that the Enjin Blockchain will differentiate itself from other blockchain solutions that rely on smart contracts. According to Enjin, functions such as creating and transferring NFTs will be integrated into the blockchain’s basic code.

Apart from these, the blockchain also presented new features. This includes “Fuel Tanks” that allow developers to subsidize user transaction fees and “Discrete Accounts” that allow users to interact with projects using the blockchain without downloading specific wallet software.

In the announcement, the team also informed the community that Efinity, its Polkadot parachain, has also been distributed on the new mainnet. It will be called “Efinity Matrixchain” and will support a transition for its existing users.

Related: Here’s how developers aim to store crypto in NFTs

Enjin co-founder and CTO Witek Radomski said the launch of the Enjin Blockchain aims to support creativity by making it easier and economical for everyone to create and distribute NFTs. Radomski explained:

“Enjin Blockchain makes the creation and mass distribution of NFTs affordable and accessible to everyone. […] Our goal is nothing less than to revolutionize gaming, ownership and online identity.”

Oscar Franklin Tan, CFO of Enjin, also commented that NFTs and digital ownership will be the cornerstone of what he describes as “the next wave of gaming” driven by developments in artificial intelligence, augmented reality and virtual reality. Because of this, Enjin aims to be there to support this new “explosion of content.”

See also  Remilia Corporation debuts Milady Rave Tokyo and announces significant new NFT: Bonkler

In other news, blue-chip collateral has begun to help stabilize NFT lending. In a recent statement to Cointelegraph, NFT protocol Paraspace highlighted that despite accumulating over $280 million in NFT loans, the protocol had no bad debt and had only 16 NFT liquidations. According to the team, it owes its success to the rule that allows only blue-chip NFTs to be used as collateral.

NFT creator: Top 10 Crypto Artist Trevor Jones on Being Rich, Right, and Rich Again

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *