Enjin Blockchain Transitions to Promote Web3 Adoption

Enjin, a platform for nonfungible tokens (NFTs), has transitioned to a new mainnet dubbed Enjin Blockchain to promote Web3 adoption.

Its Polkadot parachain, Efinity, has been forked onto the new blockchain following the transition.

The Enjin team emphasized in an announcement that Enjin Blockchain would be distinct from other blockchain solutions that rely on smart contracts.

Enjin claims that functions such as creating and transferring NFTs will be incorporated into the blockchain’s core programming.

In addition, the blockchain introduces new features. These include “Fuel Tanks,” which allow developers to subsidize user transaction fees, and “Discrete Accounts,” which enable users to interact with blockchain-based projects without installing wallet software.

Efinity, the team’s Polkadot sidechain, has also been forked onto the new mainnet, as the team informed its community. It will be known as Efinity Matrixchain and facilitate a transition for its current consumers.

Witek Radomski, co-founder and chief technology officer of Enjin, stated that the launch of the Enjin Blockchain intends to promote creativity by making the creation and distribution of NFTs more straightforward and cost-effective for anyone. Radomski explained:

“Enjin Blockchain makes the creation and mass distribution of NFTs affordable and accessible to everyone. […] Our aim is nothing short of revolutionizing gaming, ownership, and online identity.”

Enjin’s chief financial officer, Oscar Franklin Tan, stated that NFTs and digital ownership would be the foundation for what he calls “the next wave of gaming,” fuelled by advances in artificial intelligence, augmented reality, and virtual reality.

Enjin intends to be there to support this “explosion of content.”

In related news, high-quality collateral has begun to stabilize NFT lending, and in a recent statement, the NFT protocol Paraspace emphasized that despite amassing more than $280 million in NFT loans, it had no problematic debt and only 16 NFT liquidations.

According to the company’s staff, its success is due to the rule that allows only blue-chip NFTs to be used as collateral.