Enjin Forks Efinity to New Mainnet
The popular Non-fungible token (NFT) platform Enjin has announced its migration to a new mainnet named Enjin Blockchain, aiming to promote wider Web3 adoption. As a part of this transition, Efinity, its Polkadot parachain, has been forked to the new blockchain.
Enjin Blockchain: Differentiating from Other Blockchain Solutions
The Enjin team outlined the unique approach of Enjin Blockchain compared to other blockchains that heavily rely on smart contracts. Enjin has integrated functions such as creating and transferring NFTs directly into the foundational code of the blockchain.
Introducing New Features: Fuel Tanks and Discrete Accounts
The Enjin Blockchain also introduces new features, such as “Fuel Tanks” that allow developers to subsidize user transaction fees, and “Discrete Accounts”, a mechanism that enables users to interact with projects on its blockchain without the need for downloading specific wallet software.
Efinity Forked to the New Mainnet: The Birth of Efinity Matrixchain
The team also announced that Efinity, its Polkadot parachain, has been forked to the new mainnet, rebranded as the Efinity Matrixchain, to facilitate a seamless transition for its existing users.
Promoting Creativity: Enjin CTO’s Statement
Enjin co-founder and chief technology officer Witek Radomski expressed that the new Enjin Blockchain is designed to stimulate creativity by making the creation and distribution of NFTs accessible and affordable for all. Enjin has ambitions of revolutionizing gaming, ownership, and online identity.
Future of Gaming: Enjin’s Vision
Enjin’s chief financial officer, Oscar Franklin Tan, envisages NFTs and digital ownership as integral elements for the upcoming era of gaming, stimulated by advancements in artificial intelligence, augmented reality, and virtual reality. Enjin is poised to support this impending “explosion of content”.
Stability in NFT Lending: A Look at Paraspace
In related news, blue-chip collaterals have begun to provide stability to NFT lending. NFT protocol Paraspace recently disclosed its success in managing NFT loans amounting to over $280 million, with no bad debt and only 16 NFT liquidations. The secret, according to the team, lies in accepting only blue-chip NFTs as collateral.