Enjin (ENJ) Raises $18.9M to Build Out Efinity Parachain, Bringing NFT’s to Polkadot (DOT)

Popular NFT-focused blockchain firm, Enjin announced an $18.9 million funding raise led by Crypto.com capital, DFG Group, and Hashed to develop a Polkadot-based NFT blockchain dubbed Efinity. The platform aims to increase scalability and reduce the high gas costs currently being experienced on Ethereum, ensuring NFTs are “usable and accessible to everyone, everywhere.”

The firm raised funds via a sold-out private sale of its native Efinity tokens (EFI) with other investors participating in the sale, including BlockTower, Blockchain.com Ventures, Hypersphere, LD Capital, HashKey Capital, Arrington XRP Capital, and DeFi Alliance, among others.

Despite being the largest NFT network, Ethereum ETH -0.26% Ethereum / USD ETHUSD $ 2,146.05
-$5.58-0.26% Volume 19.25 b Change -$5.58 Open $2,146.05 Circulating 115.43 m Market Cap 247.72 b 12 h CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions Requirements 1 d Total Value Locked (TVL) in DeFi Surpasses $100 Billion; Revenue is Ready to Hit $1 Bln 1 d Bitcoin Aims for $62k and Ether Breaks Out into a New ATH as the Market Readies for Coinbase Listing is facing high gas costs and congestion – in line with the growth of DeFi – forcing participants to look for cheaper options elsewhere. Supported by Parity Technologies, Efinity is a cross-chain NFT token highway designed to allow NFTs to be moved from one chain to the next.

Explaining the new NFT blockchain's technical specifications, Efinity will complete transactions in less than six seconds while providing a throughput of over 1000 transactions per second – improving on Ethereum’s 15 TPS.

According to a post, Enjin chose to build on Polkadot DOT -0.18% Polkadot / USD DOTUSD $ 40.99
-$0.07-0.18% Volume 1.47 b Change -$0.07 Open $40.99 Circulating 928.73 m Market Cap 38.06 b 4 d Tether (USDT) to Become First Stablecoin on Polkadot (DOT) And Kusama (KSM) Network 4 d Bitcoin Takes A Dive & Altcoins’ Drop Hard, But People Are Still 'HODLing and Not Selling' 4 d Balancer Labs Has 'Zero' Involvement in Algorand; V2 Launch is the Sole Focus , Ethereum’s decentralized competitor, to provide users with enhanced interoperability, speed, and low-cost transactions. On the launch of Efiity, “paratokens” will also be available to deliver cross-chain transfers and interoperability of NFTs. These “paratokens” allow users to bridge any NFT on any blockchain to Efinity directly.

Notwithstanding, Efinity also introduces staking through its native EFI token. Users can stake Enjin Coin (ENJ), which has surged over 1,700% year-to-date, on nodes (or “collators”) to receive EFI tokens which are used as fuel to process transactions. The token also powers governance and voting on the platform.