Enjin Announced to Launch Efinity, a Polkadot-Based Blockchain for NFTs

Enjin, a blockchain-centric game development platform, has raised funds of $19 million for the development of a non-fungible-token-specific, next-generation blockchain on Polkadot.

Launch of Efinity:

In an announcement made by Enjin on 31st March, project Efinity is introduced. Built on Polkadot, Efinity is the next-generation blockchain for NFTs. The venture led by DFG Group, Crypto.com Capital, and Hashed is able to generate funds of $18.9 million which will be further utilized in the development of Efinity.

The project involves numerous participants including Blockchain.com Ventures, Fenbushi, BlockTower, Hypersphere, Iconium, Hashkey, DeFi Alliance, Arrington XRP, and many other individuals varying from investors to celebrities.

The single most relevant channel through which the firm raised its funds is the selling of Efinity tokens called EFI. Since its launch in 2009, the company has raised an aggregated amount of $ $37.8 million through a number of different means.

Announcing Efinity, Enjin tweeted:

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.

🛣️ Introducing Efinity: a next-generation blockchain built for #NFTs on @Polkadot https://t.co/IIjFPDVEqG pic.twitter.com/kwCGmjJw6u

— Enjin (@enjin) March 31, 2021

Launch of JumpNet:

Moreover, Enjin also announced the launch of a high-speed bridge network: JumpNet that will enable users to transact Enjin Coin (ENJ) and ERC-1155 tokens free of cost and instantly.

Witek Radomski, Chief technology officer at Enjin pronounced:

“Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers.”

Lastly, though Enjin is launching JumpNet on April 6th, the launch date of Efinity is yet to be announced.

Price analysis of Enjin Coin (ENJ):

The year 2021 is currently proving to be a dream year of Enjin’s native token ENJ. Since the dawn of 2021 the coin has grown by approximately 2500% as in early Jan it traded around the price level of $0.10 and is currently trading at $2.60.

In the meanwhile, on the 15th of March, ENJ outdid the $3 price mark but failed to hang on to it for a long and at the time of press, it is down by 15% from its all-time high of $3.05 as it trades at $2.57.