At this time NFT video games firm Enjin introduced it had raised $18.9 million in a non-public token sale to construct a brand new blockchain, Efinity, particularly for nonfungible tokens (NFT) and video games. Launched a 12 months in the past, one of many firm’s highest profile tasks is for Microsoft Azure Heroes, a cartoon badger that’s represented as a nonfungible token on the general public Ethereum blockchain.
Ethereum, with its scalability points and excessive charges, presents challenges for video games. Therefore the brand new blockchain shall be constructed on Polkadot, which helps parachains, impartial blockchains that may interoperate with different parachains. Enjin’s new NFT blockchain, Efinity will scale to 1,000 transactions per second and use proof of stake as a substitute of the energy-hungry proof of labor. Some NFT platforms are getting pushback over environmental issues.
Probably the most profitable NFT app, NBA Top Shot, is constructed on the Flow blockchain, an impartial blockchain devoted to video games. By doing so, the builders Dapper Labs sidestepped the Ethereum congestion points and excessive transaction charges. They’d the foresight to create a separate blockchain as a result of they bumped into comparable points on Ethereum in 2017 with CryptoKitties.
Yesterday Ethereum growth home ConsenSys additionally introduced a brand new NFT platform as a layer two resolution on Ethereum. In different phrases, it takes the heavy lifting and transaction charges off the principle community.
Again to Enjin. “Constructing with Polkadot will allow us to ship an accessible, scalable resolution that empowers everybody to take part within the rising NFT financial system,” mentioned Caleb Applegate, COO of Enjin. “With the end-user in thoughts, Efinity will present a enjoyable, easy, and accessible expertise for all.”
The funding spherical was led by Crypto.com Capital, DFG Group, and Hashed, with help from Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital, DeFi Alliance. Varied unnamed celebrities and people additionally participated.
Other than recreation growth, Enjin has additionally been growing requirements. Most NFTs adjust to the ERC-721 normal, which wants a brand new good contract for every class of tokens. Enjin developed the ERC-1155 normal, which allows a wise contract to control an infinite variety of tokens. Enjin describes it as like a merchandising machine that holds quite a lot of sodas and snacks. If you consider gameplay, there might be many sorts of in-game property.
It’s extending that idea to paratokens which is able to allow any fungible or nonfungible token from any blockchain to be moved onto the Efinity community and be used all through the Polkadot ecosystem.
Other than the brand new token that the buyers purchased on this funding spherical, Enjin additionally has an current token ENJ. A proportion of the brand new tokens are put aside for current token holders, however not as a straight swap. The present token is at the moment price six instances the worth it was on Feb 23 and has a market capitalization of $2.3 billion.