NFTs or non-fungible tokens are slow on the uptake of getting the attention of the crypto community as a digital asset derivative. There are many artists like Jay-Z, Grime, Shawn Mendes, Beeple, Lindsay Lohan, and more that are connected with NFTs in one way or the other. On the other hand, technical analysts are busy exploring wider applications for the virtual space ownership protocol.
Recently, Enjin has announced a joint venture with PolkaDot to introduce a new NFT based blockchain. Enjin is a digital ecosystem that provides existence space for integrated blockchains. PolkaDot is a platform that is used for intra-blockchain communication and exchange of value. Enjin has already collected $18.9 million to establish this integrated blockchain unit that is NFTs centric.
Could ENJ and DOT Get out of the Market Value Depression?
In the aftermath of this new development, the native tokens of Enjin (ENJ) and PolkaDot (DOT) might be able to get out of their on-going stagnant. Enjin CTO, Witek Radomski, told crypto tabloids that the new network would be called Efinity and has a new token tied to it known as Efinity token or EFI.
According to Radomski, the funding for this project has been received by selling tokens. The financial tabloids are betting on the notion that ENJ and DOT price readings may tilt against the favorable direction. Despite the new announcement, both tokens have been showing a narrow margin with a meandering pattern. The next 24-hours is crucial to clear the doubts of shadows from the cryptocurrencies in question.
What is New about NFT Based Blockchain Efinity?
The COO of Enjin, Caleb Applegate, remarked that Efinity could provide the place with higher accessibility and scalability for the NFT economy. Enjin CEO, Maxim Blagov, believes that Efinity aims to be a free, open, decentralized exchange market for NFT trading. Efinity is a purpose-built blockchain for an advance digital asset economy.
The channel has a PoF (Proof of Stake) consensus algorithm that could scale 1000 digital transactions per second. Enjin is also planning to work on an updated version of NFT standard ERC-155. This standard was purchased by Microsoft and used as an incentive to reward Azure developers with unique badges. Nike also used this standard for a patent that was tokenized on Ethereum.