Enjin announced that they want to "write the next chapter in the history of NFTs" with a new blockchain that solves today's problems and opens up new possibilities for tomorrow's NFTs.
To write the next chapter of NFT history, we need a blockchain that not only solves the problems faced today, but opens new possibilities for the #NFTs of tomorrow.
– Enjin (@enjin) March 31, 2021
The new project is called Efinity and consists of the design and implementation of a next generation blockchain based on Polkadot, and created specifically for NFTs. It will also have its own native token, called the Efinity Token (EFI).
To do this, they have been collected $ 18.9 million, via the EFT token sale, and development is already underway, so Phase 1 is expected to launch later this year or early 2022.
The funding round was led by Crypto.com Capital, DFG Group, and Hashed Ventures, with participation from BlockTower, Blockchain.com Ventures, Fenbushi Capital, Arrington XRP Capital, and many others.
Enjin NFTs on the Polkadot parachain
The new blockchain will develop as a Polkadot parachain and it will be different from, for example, Ethereum's Flow blockchain and Dapper Labs.
In fact, using Ethereum would mean having to endure high transaction fees, having to use ETH, being able to produce only disjointed applications, and having problematic security in multisig, according to Witek Radomski, CTO of Enjin.
“In Efinity and Polkadot, developers can use Rust, which is a well-established language, and each parachain will benefit from the combined security of the entire Polkadot network.
Finally, each parachute can easily interact with other parachutes using XCMP (Inter-String Message Transfer), which creates a powerful network effect ”.
The Enjin project has already dealt with NFT in the past, creating the ERC-1155 standard Ethereum, used by companies like Microsoft and Nike.
Microsoft, for example, use ERC-1155 to reward the Azure developer community with unique and proven NFT badges based on their contributions and achievements, while Nike has patented a system to tokenize shoes on Ethereum using the ERC-1155 standard.
Enjin, in particular, operates in the games market in line, so their interest in NFTs is high. Their past experience suggests that they could build something new, useful, and functional.