Microsoft NFT Games Creator, Enjin, Raises $18.9m for new Blockchain
Enjin announced that they have raised $18.9 million in a private token sale so that they can build a blockchain. The new blockchain is Efinity and is used for nonfungible tokens (NFT) and games.
⚠️Creator of Microsoft NFT games, @enjin, RAISES $18.9m for new #blockchain⚠️— European Blockchain Convention (@EBlockchainCon) April 1, 2021
🌀The most successful #NFTapp, NBA Top Shot, is built on the #Flowblockchain, an independent blockchain dedicated to games.
More info ➡️ https://t.co/2eNasHk2bU#ethereum #tokensale #videoplayer pic.twitter.com/3EBXEPiGPi
It is the company’s highest-profile project for Microsoft Azure Heroes, a cartoon badger is represented as a nonfungible token on the Ethereum blockchain. With high fees, Ethereum has scalability issues that are challenging for games. Hence, it has been decided that a new blockchain will be built on Polkadot, which supports parachains.
It is an independent blockchain that can cross-function with another para chain. The Efinity is expected to reach 1,000 transactions per second and will use proof of stake. The most successful NFT app, NBA Top Shot, is built on the Flow blockchain which is an independent blockchain dedicated solely to games.
By doing the needful, the developers at Dapper Labs avoided the Ethereum congestion issues. They had the vision to create a different blockchain since they ran into similar issues on Ethereum. Ethereum Development House also announced a new NFT platform as a two-layer solution on Ethereum. In other words, it takes the heavy lifting and heavy transaction fees of the main network.
The COO of Enjin told that Building with Polkadot will allow delivering an approachable, scalable solution that authorizes everyone to participate in the emerging NFT economy. With the end-user in mind, Efinity will give a fun, simple, and accessible experience to all.
Also, read – NFT Battle Increases as Enjin Attracts 50 Projects
The funding was led by DFG Group, Crypto.com Capital, and Hashed with assistance from various institutions such as Hypersphere, BlockTower, Blockchain.com, Ventures, Fenbushi, and many more. Besides game development, Enjin has also been developing several standards. Most NFTs observe the ERC-721 standard that needs a new smart contract for each token class.
They have also developed the ERC-1155 standard, which allows a smart contract to govern a lot of tokens. They also depict it as a vending machine that has several sodas and snacks. If you consider gameplay, there can be many in-game assets. It is an extension of the paratokens concept that will allow fungible or NFT from any blockchain technology through the Polkadot ecosystem.
Apart from the new token, Enjin also has an existing token ENJ. Some parts of new tokens are kept aside for existing token holders, but not for the straight switch