NFT Battle Increases as Enjin Attracts 50 Projects
Enjin, the maker of games and the NFT platform JumpNet, announced that 50 projects had entered its NFT platform.
When it comes to NFTs, the company is best known for assisting Microsoft with its Microsoft Azure Heroes programme, which began well before the current NFT craze. JumpNet is a Proof of Authority private blockchain that runs on top of Ethereum as a sidechain. This removes Ethereum’s high gas costs as well as the environmental stigma associated with wasted electricity.
Apart from Microsoft, two major cryptocurrency exchanges, Binance and OKEx, have also used JumpNet to build NFTs. “Through near collaboration with Enjin, we were able to complete the fastest carbon-neutral NFT life cycle test on JumpNet,” said Joshua Kim, CEO of Ludena Protocol. “Thanks to JumpNet, our NFT roadmap can now be applied quickly and without gas payments, like Ludena World’s Metaverse and avatar Luna.”
Enjin, on the other hand, recently revealed that it is developing the Efinity protocol on the Polkadot blockchain network and has raised $18.9 million in a private token sale. Though Ethereum is the most common public blockchain by far, it faces some stiff competition from Flow and WAX when it comes to NFTs.
Ethereum ran into scaling problems and high gas costs during the previous cryptocurrency boom in 2017/18, making transactions prohibitively costly. Both Flow and WAX were born as a result of this. Dapper Labs, which introduced CryptoKitties during the 2017 boom, created the Flow blockchain.
The game came dangerously close to bringing Ethereum to a halt. Dapper is the developer of NBA Top Shot, which has produced over $500 million in Flow blockchain transactions. The company has recently raised more than $300 million in funding and is rumoured to be growing more.
WAX, which stands for World Asset eXchange, is another critical blockchain protocol (WAX). Topps, which holds physical and digital collectible rights for various sports, including Major League Baseball, is one of the organisations that use its website (MLB). The WAX team was once affiliated with Valve, the organisation behind Steam, Half Life 2, and the Counter-Strike MMOG, but WAX broke away. As a result, its initial mission revolved around in-game objects and NFTs.
Meanwhile, ConsenSys announced Palm, an Ethereum sidechain solution for NFTs that, like JumpNet, aims to avoid high gas costs and energy use. Damien Hirst is selling NFTs connected to physical art by Palm.