Bitcoin
BTC$65 540.15

-1.49%

Ethereum
ETH$3 522.97

-1.03%

Tether
USDT$0.999119

-0.02%

Binance Coin
BNB$599.02

-1.18%

Solana
SOL$143.22

-1.18%

USD Coin
USDC$0.999928

0%

Enjin secures $18.9M funding for Polkadot-based NFT blockchain


02 Apr 2021

#Enjin Coin

Amid the expanding nonfungible token metaverse, Enjin is set to debut the first-ever NFT blockchain built on Polkadot. Crypto exchange platform Crypto.com has reportedly led an $18.9 million private funding round for Enjin’s new NFT blockchain platform. Enjin announced the news on Wednesday with DFG Group, BlockTower and Arrington XRP Capital among other investors in the private sale.

Dubbed “Efinity,” the platform is an NFT blockchain built on Polkadot that will reportedly offer greater scalability for participants in the expanding NFT space.

Detailing the technical specifications of the new NFT blockchain, the announcement stated that Efinity will have an initial throughput capacity of processing transactions every six seconds. The project team plans to utilize proof-of-stake consensus to achieve scalability to the tune of 1,000 transactions per second.

Apart from scalability, Enjin will also look to engineer cross-chain interoperability in the NFT space as part of efforts to create a true NFT metaverse. Thus, Enjin is working on a new token standard called “Paratoken” touted to deliver cross-chain functionalities for NFTs. With Paratokens, market participants will be able to bridge digital collectibles from other blockchains to the Efinity ecosystem.

According to Enjin, Paratokens push the envelope of the ERC-1155 token standard created by the company back in 2018. Commenting on the importance of cross-blockchain functionality for NFTs, Enjin co-founder and chief technology officer Witek Radomski stated:

“Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers.

The Efinity blockchain will also have its own native token called Efinity Token (EFI). Enjin Coin (ENJ) holders can stake ENJ to earn EFI which serves as the fuel to processing transactions on the new NFT network. EFI will also serve as the governance token for the Efinity community. Enjin Coin has enjoyed massive price returns in 2021 amid the growing interest in NFTs. ENJ token rallied more than eight-fold in March and is up more than 1,700% year-to-date.


Related

Reasons why Enjin (ENJ) price has rallied 800% over the last month
Reasons why Enjin (ENJ) price has rallied 800% over the last month

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 85.6% 15 $65 540.15 -1.49% -5.53% $1 292 025 136 713 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 22 $3 522.97 -1.03% -4.20% $423 299 844 540 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999119 -0.02% -0.04% $112 461 741 822 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 27 $599.02 -1.18% -7.01% $88 405 924 535 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.8% 37 $143.22 -1.18% -9.82% $66 140 487 489 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90% 3 $0.999928 0% 0.01% $32 459 684 152 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 79.2% 31 $0.503719 2.35% 1.39% $27 991 900 086 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68.4% 58 $0.134264 -1.01% -7.13% $19 434 171 047 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 68.8% 62 $7.79 -2.68% 10.00% $18 958 199 045 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 79.6% 35 $0.403817 -2.79% -9.24% $14 428 712 734 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000020 -4.20% -14.18% $11 692 036 361 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 70.8% 57 $28.62 -4.62% -12.09% $11 257 594 727 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 87.6% 12 $0.116643 0.93% 0.05% $10 197 254 270 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 90% 12 $0.116829 1.30% 0.24% $10 196 410 787 TRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.