Enjin Launches New Blockchain For NFTs And Web3

Jun. 12, 2023
Enjin Launches New Blockchain For NFTs And Web3

Enjin, a platform for creating and managing nonfungible tokens (NFTs), has launched its own mainnet called Enjin Blockchain. The new blockchain aims to facilitate Web3 adoption by offering features that make NFT creation and transfer easier and more affordable.

Unlike other blockchain solutions that rely on smart contracts to handle NFT functions, Enjin System integrates these functions into the core code of the blockchain. Users can create and transfer NFTs without writing code or paying high gas fees.

Enjin Blockchain also introduces new features that enhance the user experience and the developer experience. One of these features is “Fuel Tanks,” which allows developers to subsidize the transaction fees for their users.

Another feature is “Discrete Accounts,” which enables users to interact with projects on Enjin Blockchain without downloading a specific wallet software.

The launch of the Enjin Blockchain has brought exciting news. Notably, Enjin has announced its Polkadot parachain, Efinity, has been forked to the new mainnet. This new version is called Efinity Matrixchain.

Primarily, it will support the transition of existing users. Moreover, it will also accommodate projects transitioning from Efinity to Enjin Blockchain.

Efinity Matrixchain will also enable cross-chain interoperability between Enjin System and other blockchains, such as Ethereum, Binance Smart Chain, and Polygon.

How Enjin Blockchain Aims To Revolutionize Gaming And NFTs

Enjin co-founder and CTO Witek Radomski said that the launch of Enjin Blockchain is driven by the vision of empowering creativity and democratizing NFTs. He said:

Enjin Blockchain makes the creation and mass distribution of NFTs affordable and accessible to everyone. […] Our aim is nothing short of revolutionizing gaming, ownership, and online identity.

Enjin CFO Oscar Franklin Tan highlights NFTs and digital ownership as crucial for next-gen gaming powered by AI, AR, and VR. Enjin aims to pioneer this new content explosion.

NFT lending platforms are turning to new methods for security. Specifically, they’ve started using blue-chip collaterals to ensure stability. One such platform is Paraspace, an NFT protocol.

They’ve recently reported impressive results. It claimed it had no bad debt on record. Additionally, it only had 16 NFT liquidations. These numbers are out of over $280 million worth of NFT loans.

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The protocol’s success is not accidental. Rather, it attributed it to a specific rule. This rule allows only blue-chip NFTs to be used as collateral. Examples of these NFTs include CryptoPunks, Bored Apes, and Art Blocks.

Kashif is a crypto-journalist with over 4 years of experience in the Cryptoverse. He began his career as a software engineer, but his curiosity towards decentralized technology lured him into the labyrinth of crypto, where he discovered a passion for reporting the latest news and developments in the field.