Enjin to Launch Polkadot-Based NFT Blockchain

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Enjin to Launch Polkadot-Based NFT Blockchain

Game-focused blockchain platform Enjin has raised nearly $ 19 million to develop a next generation blockchain for non-fungible tokens that will be powered by Polkadot.

In its March 31st statement, Enjin unveiled the next generation blockchain Efinity built for NFT in the Polkadot ecosystem. To this end, the firm raised $ 18.9 million
million in a funding round led by Crypto.com Capital, DFG Group and Hashed. The project, founded in 2009, has raised $ 37.8 million to date.

Other contributors included Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital, DeFi Alliance, a number of celebrities have also made investments. Funding from the sale of Efinity tokens called EFI will go towards the development of a new network.
To write the next chapter in the history of NFT, we need a blockchain that not only solves current problems, but also opens up new opportunities for tomorrow's NFT days.
The Efinity blockchain will run on the Substrate framework, which supports the Polkadot ecosystem, including through development by Parity Technologies.

It is also reported that transactions are confirmed for 6 seconds, providing the fast response times required for essential applications. In terms of using Polkadot, the team clarifies that Efinity is designed to recharge not only NFTs from Ethereum, but any blockchain.
In addition to Efinity as a high-speed bridge network, a platform called JumpNet will be launched on April 6, which will provide free instant transactions on the network with Enjin Coin (ENJ) and ERC-1155 tokens. Efinity's launch date has yet to be announced.

Enjin CTO Witek Radomski explained why cross-chain compatibility is important for the future of the industry:
Digital assets must exist in the blockchain metaverse. Opening liquidity to multiple blockchains and use cases will unite a wide ecosystem of creators, buyers and sellers.

It is noteworthy that Enjin created the ERC-1155 standard for non-fungible assets back in 2017, but active development in this direction started over the past six months, especially gaining traction this year.
On March 23, Singapore-based company Enjin entered into an alliance with GameTalkTalk social gaming platform publisher Ludena Protocol in an effort to boost the popularity of NFT in South Korea.

Over the past 30 days, EJN has gained a whopping 260% and hit a record high of $ 3 on March 16. Now the token is trading at $ 2.63, showing 10% growth over the last 24 hours.
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