Enjin, through its cross-chain infrastructure, Efinity, has launched the first NFT parachain on Polkadot. The development comes following Enjin’s Effinity project’s launch on Polkadot parachain. Effitity won the sixth parachain slot on December 31st, 2020, after successfully raising $214 million worth of DOT. Additionally, the participation of more than 8,000 contributors was evidence of strong market interest in Effinity.
Efinity has established a reputation for being highly scalable and highly energy-efficient. This is likely to attract users who are keen on projects that prioritize environmental wellbeing without compromising quality. Efinity has brought a cutting-edge solution to the scalability bottlenecks in the NFT segment. Notably, its infrastructure is capable of minting 2,000 NFTs per transaction, which sets t head and shoulders above many competitors. Also, its transaction fees are comparatively cheaper.
Following the launch of the NFT parachain, Efinity has already disclosed a forthcoming integration with CryptoBlades. Additionally, there’s a strong possibility of other high-potential projects joining the platform. For instance, SwissBorg, Lost Relics, MyMetaverse, and Age of Rust have expressed interest in Efinity. Therefore, the Efinity community should expect good returns in the coming days.
As the NFT frenzy grows, it will become increasingly necessary for NFT platforms to provide highly scalable and efficient solutions. Furthermore, NFTs are likely to go mainstream in the near future. That will mean that NFTs will be not just for crypto enthusiasts but also for everyday entertainment and social interactions. Already, Samsung Electronics, one of the world’s largest electronics manufacturers, has announced that it will begin providing NFT support on its smart TVs in 2022.
Efinity is a next-generation blockchain for non-fungible tokens (NFTs). The Enjin software company designed Efinity after working on the project with the Web 3 foundation. Enjin itself creates products that enable users to create, manage and store virtual assets for various use cases.
Efinity has cross-chain capabilities, which enables it to bridge NFTs to the Polkadot ecosystem. It’s project roadmap attracted strong support from the Polkadot community, who raised $214 million worth of DOT to earn a parachain slot.