Enjin Launches Polkadot-Powered Blockchain for NFTs

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Enjin Polkadot NFTs

Video game community and creation protocol Enjin has gathered $18.9 M to bring out an innovative blockchain on Polkadot, created for Non-Fungible Tokens.

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In a blog post, issued on March 31, the team presented the blockchain Efinity. Enjin boosted nearly $19 M to support the project in the financial backing headed by Crypto.com Capital, Hashed and others.

Enjin was established in 2009. The company partnered with Microsoft, Nike, OpenSea, and other major entities. By now, it has collected $37.8 M overall.

The goal of the undertaking is to provide higher scalability for the NFT sector. Efinity suggests implementing transactions every 6 seconds

by exploiting the Proof of Stake consensus mechanism and processing 1.000 operations in a second. E njin is in the process of a new token standard building named “Paratoken”. Through it, users will be able to link collectibles from other systems to the Efinity environment. As stated by Enjin, Paratokens evolve the ERC-1155 token model established by the firm in 2018.

Besides, the Efinity blockchain will introduce its in-built token Efinity (EFI), via which users can make transfers or take part in the governing. The unit can be acquired by staking Enjin Coins (ENJ).