The blockchain company Enjin has recently announced the launch of Efinity. As the first of its kind on the Polkadot network, the parachain is intended for non-fungible tokens (NFTs).
Enjin’s Polkadot Parachain with 100+ Games & Apps
A total of more than 100 blockchain-based games and applications are expected to be developed in Efinity’s ecosystem, with the pioneer CryptoBlades, a play-to-earn NFT game having more than 1 million users. CryptoBlades is currently on five smart-contract blockchains, and Efinity is poised to become the sixth.
In November, Enjin set forth an AUD 138 million investment to accelerate the development of its Efinity metaverse. After raising AUD 26 million in a private token sale managed by DFG Group, Crypto.com Capital and Hashed, the platform received another AUD 28 million in public token sales via CoinList in July. This was among the company’s first significant investment rounds.
During an interview with CoinDesk, Enjin Chief Technology Officer Witek Radomski said that NFTs and their applications went such a long way last year. The infrastructure required to support them at scale must be developed, with “projects like this one really moving the space forward for so many users.”
Polkadot parachain as a solution for NFT-based systems
Using Polkadot parachain, individual projects may quickly and easily construct their specialized blockchains at scale, providing a solution for NFT-based systems that are often clogged by large amounts of transactions.
As competitor ecosystems to Polkadot’s new technology are starting to gain traction of their own, Enjin’s announcement is particularly timely. Earlier this month, Avalanche announced an AUD 401 million fund for the promotion of NFT and decentralized financial (Defi) apps on its “subnets,” with GameFi platform Defi Kingdoms as the first one.
In addition to the introduction of Efinity, Enjin also said that it expected to bring out beta versions of its NFT.io marketplace and wallet by the end of March.
According to a press release, Age of Rust, Lost Relics, SwissBorg, Dvision Network, MyMetaverse, and the PlayNFT Twitch plugin are among the projects set to expand Efinity in the future.