NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

Enjin, a non-fungible token (NFT) platform, has declared its shift to a mainnet called Enjin Blockchain, with the intention of furthering Web3 acceptance. Following this transition, its Polkadot parachain, known as Efinity, has been branched onto the fresh blockchain.

In a communication sent to Cointelegraph, the Enjin team highlighted that Enjin Blockchain would contrast with other blockchain solutions that depend on smart contracts. As per Enjin, capacities like making and exchanging NFTs will be incorporated into the blockchain’s essential code.

Apart from this, the blockchain also offers new capabilities. These comprise “Fuel Tanks,” which permits developers to support user transaction fees, as well as “Discrete Accounts,” which allows users to interact with projects on the blockchain without having to download any particular wallet software.

The team also announced to its supporters that Efinity, its Polkadot parachain, has been branched to the new mainnet. It shall be referred to as the Efinity Matrixchain and facilitate a transition for its current users.

Developers are attempting to store crypto within NFTs.

Enjin co-founder and CTO Witek Radomski has declared that the introduction of the Enjin Blockchain is meant to encourage creativity by making it simpler and more cost-effective for people to create and disperse NFTs. Radomski elucidated:

Oscar Franklin Tan, Enjin’s CFO, declared that NFTs and digital ownership will be the basis for what he calls “the upcoming wave of gaming” powered by advances in artificial intelligence, augmented reality, and virtual reality. Consequently, Enjin is determined to be present to back up this new “eruption of content.”

In other recent developments, blue-chip collaterals have begun to support the stabilization of NFT lending. A representative from the NFT protocol Paraspace informed Cointelegraph that, despite having amassed NFT loans of more than $280 million, there has been no bad debt and only 16 NFT liquidations. The team credited the policy of only permitting blue-chip NFTs as collateral for the achievement.

Trevor Jones, one of the top 10 crypto artists, speaks about his experiences of being wealthy, going through a financial loss, and then becoming wealthy again.

Categorized in: