The Enjin team, which is behind the development of the ERC-1155 protocol and standard that provides the ability to generate exchangeable digital tokens and non-fungible tokens (NFT), has announced the completion of a $18.9 million private sale to Efinity, the next generation From the NFT Blockchain designed for games, applications, organizations and creators, built on the “Polkadot” blockchain.

The funding round was led by Crypto.com Capital, DFG Group and Hasshed, with support from Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey and Arrington XRP Capital, the DeFi Alliance, and an extensive list of other leading individuals and companies in the crypto space.

stated Mr. Caleb Applegate, COO of Enjin:

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NFT should be for everyone.

Building with Polkadot will enable us to provide an accessible and scalable solution to enable everyone to participate in the emerging NFT economy.

With the end user in mind, Efinity will provide an enjoyable and simple experience accessible to all.

“Efinity” features:

The “Efinity” project is set up to process transactions every 6 seconds.

The project uses a Proof of Stake mechanism that allows the project to process more than 1,000 transactions per second.

Enjin is also developing a new standard across the Polkadot blockchain called “Paratoken” which will enable any redeemable or non-replaceable digital token from any blockchain to move towards the “Efinity” network and then use it throughout the Polkadot system.

Paratokens is an evolution and improvement of the ERC-1155 standard that the Enjin team created in 2017, which has since been adopted by companies such as Microsoft, Nike and OpenSea.

Wittak Radomsky, Director of Developers at Enjin commented:

Digital assets must exist in the “metaverse” of different blockchains.

Unlocking liquidity across multiple blockchains and use cases will connect a vast ecosystem of creators, buyers and sellers.

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The team released a white paper detailing the new “Efinity” blockchain and its cryptocurrency called “EFI”, designed for transaction fees, liquidity and the “yield farming” mechanism.

The project will enable EFI holders to submit and vote on proposals to guide the future of the network.

Initially, Enjin allocated 15% of the total supply of EFI that users could earn by putting “ENJ” on “Efinity” and minting digital tokens with “ENJ.”

ENJ partners will also earn EFI collected from network fees, market commissions, blockchain bridging fees, and smart contract fees.

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Enjin will invest in further development of open source Snowfork bridges to enable NFT to flow between Polkadot, Ethereum and other blockchain networks.

Maxim Blagov, CEO of Enjin, said:

We established the first NFT platform in 2017, along with the advanced “ERC-1155” standard

With “Efinity,” we will bring to the industry a customized, purpose-built NFT blockchain that will create the emergence of an advanced digital asset economy that spans the globe and offers a free, open, decentralized marketplace where new digital worlds begin.

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