Enjin (ENJ) are releasing an Efinity governance token for their recently created Efinity (EFI) NFT platform. Holders of the EFI token will have the option to vote on governance proposals and treasury grants
A number of exchanges, both centralised and decentralised, have already indicated they will list the EFI token.
In addition, EFI functions to process transactions, and to create and trade NFTs on the platform. Over time, Enjin token holders can nominate efficient node operators to receive EFI token rewards.
Born in 2017 as an ERC-20 token on the Ethereum blockchain, Enjin subsequently engineered the ERC-1155 token standard.
Already highly regarded in the NFT marketplace arena, Enjin are broadening their horizons with this new development.
Enjin launched their dedicated Efinity NFT platform on Polkadot in March, however, it is designed to be a cross-chain blockchain and is specifically for non-fungible tokens.
The Rise of the Efinity NFT Platform
A number of venture capital firms backed Enjin’s vision for Efinity. Crypto.com Capital, DFG Group, and Hashed were among the companies who took part in the $18.9 million funding round.
Although starting out as a Polkadot parachain, Efinity will encompass assets on a number of blockchains.
The capacity of the blockchain is another promising element. Updates from the project team indicate that the platform goal is to enable up to 40 million NFTs to be minted or transferred in one transaction/block.
Above all, it is the Efinity bridges allowing NFT holders to port tokens onto neighbouring blockchains that holds real potential.
Witek Radomski, Enjin CTO, outlined the blockchain’s aim by stating that above all, “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.” Radomski concluded.
Extending from independent decentralised app developers through to large enterprises, that ecosystem seems primed to grow.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
