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 9.72% Ethereum / USD ETHUSD $ 2,691.92
$261.659.72% Volume 22.84 b Change $261.65 Open $2,691.92 Circulating 116.93 m Market Cap 314.77 b 1 d MSTR Stocks Are A “Leverage Long” Bet on Bitcoin, says MicroStrategy CEO Michael Saylor 1 d Bitcoin and Ether Print Green Candles for 10 Consecutive Days, OI on FTX & CME Rises Sharply & Faster than Binance 2 d Avalanche Launches New Cross-Chain Bridge To Connect Users With Ethereum 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 18.46% Polkadot / USD DOTUSD $ 19.48
$3.6018.46% Volume 2.71 b Change $3.60 Open $19.48 Circulating 980.25 m Market Cap 19.09 b 1 w Bitcoin Retesting the Lower-End of Range, OI Still Continues to Soar While GBTC Unlocks Now Behind Us 2 w Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White 2 w Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain , 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.