Enjin Raises $18.9 Million for its Polkadot-based NFT Network

Friday 02 April 2021, 4:00 PM AEST - 2 months ago

Enjin, the largest social gaming website, plans to venture into the non-fungible token (NFT) market. Recently, the platform was able to raise nearly US$19 million from prominent crypto venture companies to further the development of its dedicated NFT blockchain on Polkadot.

Per the announcement, the company precisely raised US$18.9 million through the private sale of EFI, the native cryptocurrency of the planned NFT blockchain dubbed Efinity. The fundraising round was led by the venture arm of Crypto.com, DFG Group, and Hashed.

Other prominent crypto companies like HashKey Capital, Blockchain.com Venture, BlockArk, Arrington XRP Capital, etc., participated in the token’s private sale.

The capital raised will be used to develop Efinity and also support the blockchain’s parachain.

We are strong believers in the potential of NFTs and are confident the Enjin team will play a pivotal role in developing the infrastructure required to meet that potential.

Bobby Bao, Head of Corporate Development & Capital of Crypto.com

Enjin is Building a Cross-chain NFT Highway

Through the Polkadot-based Efinity, the team at Enjin intends to establish a blockchain network that can support multiple NFTs from several blockchains, including Ethereum. 

Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers.

Witek Radomski, CTO at Enjin

Enjin chose Polkadot over Ethereum for Efinity due to the scalability and other properties of the blockchain. Efinity is expected to process between 700-1,000 transactions per second (TPS).

The development of Efinity comes amid the growing interest in the NFT market. Over the past months, many artists, musicians, and celebrities have issued and sold digital content as NFTs, some of which sold millions of dollars. In March 2021 alone, over US$200 million digital contents were traded as NFTs.

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