NFT platform Enjin connects Polkadot parachain Efinity to new mainnet

Non-fungible token (NFT) platform Enjin has announced its transition to a new mainnet called Enjin Blockchain, with the goal of Web3 adoption. Following the transition, its Polkadot parachain called Efinity has been forked into the new blockchain.

In an announcement sent to Cointelegraph, the Enjin team highlighted how the Enjin blockchain will be different from other blockchain solutions that rely on smart contracts. According to Enjin, functions such as creating and transferring NFTs will be integrated into the underlying code of the blockchain.

In addition, blockchain also introduces new features. These include “Fuel Tanks”, which subsidize user transaction fees to developers, and “Discrete Accounts”, which allow users to interact with projects using their blockchain without having to download specific wallet software.

The team also informed its community that Efinity, its Polkadot parachain, has also been forked into the new mainnet. It will be called Efinity Matrixchain and will support a transition for its existing users.

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Enjin co-founder and CTO Witek Radomski said that the launch of Enjin Blockchain aims to support creativity by making it easy and affordable for anyone to create and distribute NFTs. Radomsky explained:

“The Enjin blockchain makes the creation and mass distribution of NFTs affordable and accessible to all. (…) We aim for nothing less than to revolutionize gaming, ownership and online identity.

Enjin’s chief financial officer Oscar Franklin Tan also commented that NFTs and digital ownership will be a cornerstone for what he describes as “the next wave of gaming” fueled by developments in artificial intelligence, augmented reality and virtual reality. Because of this, Enjin aims to be there to support this new “explosion of content”.

In other news, blue-chip collateral is starting to help stabilize NFT lending. In a recent statement to Cointelegraph, NFT protocol ParaSpace highlighted that the protocol had no bad loans and only 16 NFT liquidations, despite accumulating over $280 million in NFT loans. According to its team, it owes its success to a regulation that only allows blue-chip NFTs to be used as collateral.

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