The Enjin blog states: “NFTs of today are like spaceships in the late Sixties—good enough to take us to the Moon, but not powerful enough to get us to the stars.”
There is an Enjin blog, which talks about: “Introducing Efinity: NFT Blockchain on Polkadot.”
For clarity, Enjin Coin powers more than 2 billion non-fungible tokens (NFTs). The good thing is that every NFT can be melted back in to coin. The NFTs are located on a blockchain which makes it more powerful. Enjin coin has a product ecosystem fueled by the Enjin Coin.
Enjin coin facilitates a market place where it is possible to discover buy and sell rare and unique NFTs. Users can find their treasure by buying and selling rare and unique NFTs.
They strongly believe in that the virtual worlds of tomorrow will evolve in to an interconnected digital reality.
Enjin blog states that NFTs on Efinity are being presented to mainstream audiences and that it will be carried on the wings of everyone from famous artists and musicians, to globe-spanning brands and corporations.
For clarity, Efinity will be the next generation blockchain for NFTs. This blockchain is exclusively purpose built for NFTs.
The name Efinity represents seriousness, thought, intuition, intent and wisdom. With NFTs being special tokens, the name is very apt.
Enjin have raised nearly $19 million to build Polkadot-based blockchain exclusively for NFTs.
Witek Radomski, Enjin CTO stated, the network’s Phase 1 is expected to launch around the end of this year or the beginning of 2022.
The chapters of NFT history are getting written. NFT specific blockchains are becoming a point of interest. There is a need for blockchain, which not only solves the problems faced today, but opens new possibilities for the NFTs of tomorrow. There are incredible group of proponents who are believing in the vision of NFTs.
The interesting thing is that mainstream audience are buying into NFTs. Non-fungible tokens (NFTs) are believed to help create a truly free, global digital economy. The expectation is that billions of dollars in worth of NFTs will get sold every year.
When talking about already existing NFTs, the blog points to how NFT projects are fragmented into incompatible ecosystems, thus making collaboration between projects impossible, and limiting creators and developers to a single blockchain and platform.
Also, points to how there are no blockchains, which are exclusively purpose-built for NFT users and on how legacy networks fall short of expectations.
In most of the blockchain networks, the rewards on proof of work blockchains which support the non-fungible tokens are claimed by miners. The rewards are not claimed by people who actually create, trade, use the tokens, and build the community.
There is a need for NFTs, which not only solves the problems that NFTs face today, but also opens new possibilities for NFTs of tomorrow. Enjin NFTs on Efinity will fulfill all these expectations.
Get the latest Crypto & Blockchain News in your inbox.