Enjin launches its NFT platform Efinity live on the Polkadot blockchain, after winning a space in the second round of parachain auctions of this blockchain.
Efinity is a next-generation blockchain created to bring the NFT and Metaverse ecosystem to the blockchain. Polkadot. This platform, developed by Enjin, is the first of its kind to go live in the decentralized Polkadot ecosystem, currently one of the most promising projects in the crypto industry.
Enjin developers launched their new Efinity platform after winning one of the parachain spaces auctioned on the network, which ended its second round of auctions last week.
The launch of Efinity marks a historic moment for both the Polkadot community and the Enjin ecosystem, which has been working to drive adoption of the NFT space since 2017. Enjin Developers explain that Efinity took years of research and development. The goal behind this new NFT platform is to allow developers and users to build games, projects NFTs y metaverses where millions of people can interact in a secure, scalable and reliable way. The blockchain from Polkadot, focused on offering a high level of scalability and performance, is the perfect solution for Efinity, the project developers indicated.
Enjin won the sixth Polkadot parachain auction in its second round with a total of 7,7 million DOT (approximately $134,7 million) contributed by the community in a collective loan or crowdloan.
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Efinity: More than 100 associated projects
Currently, there are more than 100 blockchain projects committed to building on the new Efinity platform. By the end of 2021, Enjin developers announced the launch of a $100 million fund, called Efinity Metaverse Fund, focused on the development and decentralization of the virtual world, to make it more open and accessible to everyone. By that time, this NFT platform already had at least 70 of Enjin's projects and partners committed to building within its ecosystem.
“Efinity parachain is live on Polkadot”
Through Efinity, Enjin developers want to provide a secure, interoperable, scalable, innovative and energy-efficient home, like the one offered by the Polkadot ecosystem, for the 3.100 billion players worldwide.
A cross-chain ecosystem
Efinity's platform offers a scalable and interoperable, cross-chain ecosystem that allows its developers and users to host any cryptocurrency, token or NFT immediately, without the need to deploy smart contracts. As the developers explained, this means that users will be able to move their digital assets, from blockchains like Ethereum, to the Efinity ecosystem without asking the creator for permission.
Since earlier this month, Efinity has been live on Polkadot's testnet, Rococo. In its first phase, this blockchain platform will be focused on the core functionality and stability of the chain. Creators can mint up to 2.200 NFT tokens per transaction, with an average value of 0,016 EFI. Enjin explained that transaction fees have been defined conservatively to allow for testing and evaluation without compromising network security.
The next step for the Enjin developers will be to integrate Efinity into its NFT ecosystem, which has more than 160.000 active token creators.
What are Polkadot parachains?
Parachains are secondary blockchains, similar to the existing sidechains in Bitcoin or Ethereum. These sub-blockchains have their own blockchain history, nodes, and more. Together, the parachains form the Polkadot Relay Chain.
It is this design that allows Polkadot to enjoy a high level of scalability without sacrificing decentralization or security. In addition, it allows the chain to interconnect different blockchain projects and ecosystems within its same network. Due to its potential, Polkadot has become one of the strongest competitors to Ethereum.
Other winners of the parachain auctions on Polkadot
Since Polkadot opened parachain auctions in 2021, 11 spaces have been bid on the scalability network. Among the winning projects in the first auction of these construction spaces are Acala Network, Moonbeam, Parallel Finance, Astar and Clover, focused on loans, investments, DeFi and stablecoins.
In the second round of auctions, held this year, projects such as Nodle, Composable Finance, HydraDX, Centrifuge and Interlay and, of course, Efinity, won a parachain space.
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