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:
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. 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.