Jun 08, 2023

Enjin Launches Blockchain for Easier NFT Creation & Distribution

Nonfungible token (NFT) platform Enjin has announced its transition to a new mainnet called Enjin Blockchain, with the aim of furthering Web3 adoption. As part of this transition, its Polkadot parachain called Efinity has been forked to the new blockchain, now known as the Efinity Matrixchain.

In a statement to Cointelegraph, the Enjin team highlighted the new blockchain’s focus on integration. Functions such as creating and transferring NFTs will be directly integrated into the blockchain’s foundational code. This is a departure from other blockchain solutions which rely on smart contracts.

The Enjin Blockchain also comes with new features. These include “Fuel Tanks,” which enable developers to subsidize user transaction fees, and “Discrete Accounts,” which allow users to interact with projects using the blockchain without needing to download specific wallet software.

Enjin co-founder and chief technology officer Witek Radomski said that the launch of the Enjin Blockchain aims to support creativity by making it easier and more cost-effective for anyone to create and distribute NFTs. Oscar Franklin Tan, Enjin’s chief financial officer, added that NFTs and digital ownership will be the cornerstone of the “next wave of gaming” fueled by developments in artificial intelligence, augmented reality and virtual reality.

In other news, blue-chip collaterals have been helping to stabilize NFT lending. In a recent statement to Cointelegraph, NFT protocol Paraspace revealed that despite having accumulated NFT loans of over $280 million, it had no bad debt and only 16 NFT liquidations. According to its team, this success was due to the rule allowing only blue-chip NFTs to be used as collateral.

The rise of NFTs has also been accompanied by the emergence of a new class of crypto artists. Among them is Trevor Jones, one of the top 10 crypto artists whose work has been featured in several high-profile NFT drops. In an exclusive interview with Cointelegraph, Jones discussed his journey from being rekt to becoming rich again through his NFT sales. Jones also shared his insights on the NFT space, including the importance of promotion and marketing for selling NFTs.

The Enjin Blockchain and Efinity Matrixchain, along with the emergence of blue-chip collaterals and crypto artists like Trevor Jones, are helping to further the adoption of Web3 and the NFT space. With more features and developments on the way, the future looks bright for the NFT space.

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