Non-fungible token (NFT) platform Enjin has announced its transition to a new mainnet called the Enjin Blockchain, aimed at furthering Web3 adoption. Following the transition, its Polkadot parachain called Efinity forked to the new blockchain.
In an announcement sent to Cointelegraph, the Enjin team emphasized that the Enjin blockchain will be different from other blockchain solutions that rely on smart contracts. According to Enjin, functions such as creating and transferring NFTs will be integrated into the underlying ing code of the blockchain. In addition, the blockchain also presents new features. These include "Fuel Tanks," which allow developers to subsidize user transaction fees, and "Discrete Accounts," which allow users to interact with projects using their blockchain without downloading specific wallet software.
The team also notified its community that its Polkadot parachain, Efinity, has also forked to the new mainnet. It will be called Efinity Matrixchain and support the transition of its existing users. Enjin co-founder and chief technology officer Witek Radomski sa id the launch of the Enjin blockchain aims to support creativity by making it easier and more affordable for anyone to create and distribute NFTs. Radomsky explained: “The Enjin Blockchain makes the creation and mass distribution of NFTs affordable and accessible for everyone. Our goal is to revolu promote gaming, ownership, and online identity.”
Oscar Franklin Tan, Enjin's chief financial officer, commented that NFTs and digital ownership will be the cornerstone of what he calls the “next wave of gaming” driven by developments in artificial intelligence, augmented reality, and virtual reality. Because of this, Enj in aims to support this new "content explosion". In other news, blue-chip collateral has begun to help stabilize NFT lending.
NFT protocol Paraspace highlighted that it has no bad debts and only 16 NFT liquidations despite cumulative NFT loans exceeding $280 million. According to its team, its success is due to rules that only allow blue-chip NFTs to be used as collateral.
