EJN, the native token of Enjin, received a price boost on Thursday as its valuation jumped 9.5% to $2.63. At the time of writing, it trading at $2.53.
The upswing surfaced after the blockchain gaming platform announced that it has launched a Polkadot-based blockchain “Efinity,” for non-fungible tokens (NFT), on March 31. In its blogpost, the Enjin team noted that Efinity “cross-chain token highway” supercharges NFTs from any chain with “Next-Gen” features.
What is Enjin?
Efinity will run on a next-generation, heterogenous, multichain network – Substrate, a framework to create purpose-built blockchains. Parity Technologies will provide the development support. Polkadot itself functions atop Substrate. Amongst many additional features, backers prefer Polkadot over Ethereum for its “better interoperability, developability, scalability, speed, and security.”
The press release added that transaction confirmation takes just 6 seconds. It would help appeal to mainstream applications from other networks to its blockchain. The goal is to make NFTs viable across industries, Enjin noted.
“NFTs should be for everyone. Building with Polkadot will enable us to deliver an accessible, scalable solution that empowers everyone to participate in the emerging NFT economy. With the end-user in mind, Efinity will provide a fun, simple, and accessible experience for all,”Caleb Applegate, Enjin COO, said in the press release.
Along with Efinity, Enjin also announced the launch of JumpNet. It is a “high-speed bridge network that will allow free, instant on-chain transactions of Enjin Coin and ERC-1155 tokens.” The launch date for JumpNet is April 6. Meanwhile, Efinity does not have a specific release date.
The company is also developing a new token standard called “Paratoken,” an advancement to the ERC-1155 standard. As per them, Paratokens will be compatible with the entire Polkadot and Kusama ecosystem.
The new developments seem to line up with Enjin’s “quest to create better NFTs.”
The firm has raised $18.9 million in a private sale led by Crypto.com Capital, DFG Group, and Hashed for its development.
Additional support for the funding came from Blockchain.com Ventures, Hypersphere, HashKey Capital, Arrington XRP Capital, DeFi Alliance, Digital Renaissance Foundation, CMT Digital, Andromeda, BlockArk, GBV Capital Master Ventures, and “an extensive list of other firms and individuals.”