Blockchain firm Enjin declared the launch of Efinity, the first parachain on the Polkadot network assigned to non-fungible tokens (NFTs).
Efinity’s ecosystem is established to be home to over 100 blockchain-based games and applications, the first of which is cryptoBlades, a play-to-earn NFT game with over 1 million users (it’s currently five with Efinity the smart contract is set on the blockchain it became the sixth).
Enjin plans to build its Efinity metaverse up to $100 million in November. The platform’s first important funding came last July when it put up $19 million in a private token sale governed by Crypto.com capital, DFG group, and Hashed, pursued by a $20 million public token sale through coinlist in July.
“NFTs and their applications have appeared in such an extended way in the past year,” Enjin chief technology officer Witek Radomski confessed about CoinDesk in an interview. “The infrastructure needs to be designed to help them on a wide scale, with projects like this moving the domain for so many users.”
Polkadot Parachains permits individual projects to build their dedicated blockchains on a huge scale, a solution for NFT-based platforms that often obstruct their networks with high volumes of transactions.
Enjin’s announcement comes at a time when the ecosystem rivaling Polkadot’s new technology is beginning to find a foothold of its own. Avalanche recently declared a $290 million fund to promote NFT and decentralized finance (DeFi) applications on its “subnet”, the first of which is the prominent GameFi platform the DeFi Kingdom.
Along with the Efinity announcement, Enjin announced plans to roll out beta versions of its NFT.io marketplace and wallet by the end of March.
According to a press release, other projects that have been upheld to expand to Affinity include LostRelix, Swissborg, MyMetaverse, Age of Rust, Division Network, and the PlayNFT Twitch plugin.