Enjin (ENJ) is going big and will build its own blockchain on the Polkadot (DOT) network. The new blockchain, dubbed Efinity, will target the emerging market of non-fungible tokens (NFTs).
Enjin recently raised $ 18.9 million in a round of funding for the project. Some well-known crypto companies joined the funding round, such as Crypto.com, Blockchain.com, BlockTower, Arrington XRP Capital, DFG Group, DeFi Alliance, and Hypersphere.
Efinity has its own native cryptocurrency; the Efinity Token (EFI). Financing was through the sale of EFI tokens in a so-called private sale.
Efinity is being built as a so-called parachain, which are separate blockchains that run parallel to each other on the Polkadot network. The first phase of the new blockchain will reportedly launch at the end of this year or early next year.
Enjin, a major player in the NFT market and developer of the ERC-1155 standard on Ethereum (ETH), is switching to Polkadot due to the high transaction costs on Ethereum. The company wants to build a genuine “NFT metaverse”, and plans to develop cross-chain functionalities between Ethereum and Polkadot for this purpose.
Enjin will develop a new token standard for this called Paratokens. The Efinity Token will be the very first Paratoken. EFI tokens can be earned by staking or locking ENJ tokens.
The ENJ price hit an all-time high (ATH) of $ 3 on March 15 after a massive surge that started in February. Then the price corrected down to $ 2, but since then it has been slowly climbing again.
The DOT price started to rise sharply at the end of last year, but remained around the $ 31- $ 38 range in March. In recent days, this rate has also been climbing again and is even 12.5% in the plus in the past 24 hours.