Enjin is best known for merging the worlds of NFT and Gaming. It currently hosts the biggest decentralized marketplace for web3 based video games and other virtual assets. In its effort to advance blockchain based Defi applications, Enjin has announced the launch of Efinity, the first parachain on the Polkadot network dedicated to non-fungible tokens (NFTs). Over 100 blockchain-based games and applications are slated for Efinity’s ecosystem, including CryptoBlades, a play-to-earn NFT game with over a million users.
Enjin raises $100M from public token sales & investors like DFG & Hashed
Back in November, Enjin boosted plans to build out its Efinity metaverse with $100 million. Earlier this year, Crypto.com Capital, DFG Group and Hashed led a private token sale that raised $19 million, followed by a $20 million public token sale through CoinList.
“NFTs and their applications have come such a long way in the past year,” Enjin Chief Technology Officer Witek Radomski told CoinDesk in an interview. “The infrastructure to support them at scale needs to be built, with projects like this one really moving the space forward for so many users.” Polkadot parachains allow for individual projects to create their own dedicated blockchains at scale, a workaround to NFT-based platforms that often congest their network with high volumes of transactions.
Avalanche & Polkadot Rivalry Results in Decentralized Finance Application Boom
Enjin’s announcement comes as competing ecosystems to Polkadot’s new technology gain traction. Avalanche recently announced the establishment of a $290 million fund to foster NFTs and decentralized finance applications (DeFis) on its “subnets,” the first being the GameFi platform DeFi Kingdoms. Enjin also announced plans to roll out beta versions of its NFT.io marketplace and wallet by the end of March. Other projects expanded to Efinity include Lost Relics, Dvision Network, SwissBorg, MyMetaverse, Age of Rust, and the PlayNFT Twitch plugin.