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0 CommentsBlockchain firm Enjin announced the launch of Efinity, the first parachain on the Polkadot network dedicated to non-fungible tokens (NFTs) and gaming. In the works since last summer, the Efinity parachain is courting games on existing smart-contract blockchains.
Efinity’s ecosystem is set to be home to over 100 blockchain-based games and applications, the first of which is CryptoBlades, a play-to-earn NFT game with over 1 million users (it’s currently on five smart-contract blockchains with Efinity set to become its sixth).
Enjin bolstered plans to build out its Efinity metaverse to the tune of $100 million back in November. The platform’s first major funding came last July, when it raised $19 million in a private token sale led by Crypto.com Capital, DFG Group, and Hashed, followed by a $20 million public token sale through CoinList in July.
“NFTs and their applications have come such a long way in the past year,” Enjin Chief Technology Officer Witek Radomski told CoinDesk in an interview. “The infrastructure to support them at scale needs to be built, with projects like this one really moving the space forward for so many users.”
Polkadot parachains allow for individual projects to create their own dedicated blockchains at scale, a workaround to NFT-based platforms that often congest their network with high volumes of transactions.
Enjin’s NFT project, Efinity, won Polkadot’s previous parachain auction of the year at the end of 2021, raising almost $214 million in DOT. Efinity will become online in March 2022, according to the blockchain system.
Enjin’s cross-chain NFT architecture has already created the very first non-fungible token parachain on the Polkadot network, as per a whitepaper reviewed by a news website. The Polkadot community has reacted positively to the project, according to Peter Mauric, Head of Public Affairs at Parity Technologies, since Efinity provides a “comprehensive solution for NFTs that is economical and ecologically friendly.”
The non-fungible token initiative by Enjin represents a significant advancement in NFT scale and performance. It can presently mint over 2,000 digital items every transaction, with fees that are far cheaper than those charged by traditional businesses.
Enjin’s announcement comes at a time when rival ecosystems to Polkadot’s new tech are beginning to find footing of their own. Avalanche recently announced a $290 million fund to promote NFT and decentralized finance (DeFi) applications on its “subnets,” the first of which is the popular GameFi platform DeFi Kingdoms.
Along with the announcement of Efinity, Enjin says it has plans to roll out beta versions of its NFT.io marketplace and wallet by the end of March.
Image source: https://enjin.io/blog/efi-launch
