- Enjin has transitioned to a new mainnet called Enjin Blockchain to promote Web3 adoption.
- The blockchain integrates NFT creation and transfer functions into its foundational code, distinguishing it from other smart contract-based solutions.
- Enjin Blockchain introduces features like “Fuel Tanks” to subsidize user transaction fees and “Discrete Accounts” for seamless interaction with blockchain projects without specific wallet software.
Nonfungible Token (NFT) Platform Enjin, a nonfungible token platform, has launched a new mainnet called Enjin Blockchain to increase Web3 adoption. Following the transition, Efinity, a Polkadot parachain, forked to the new blockchain.
The Enjin team stated in an announcement sent to Cointelegraph that Enjin Blockchain would be distinct from other blockchain solutions that rely on smart contracts. Enjin claims that functions such as creating and transferring NFTs will be incorporated into the blockchain’s foundational code.
Aside from that, the blockchain introduces new features. These include “Fuel Tanks,” which allow developers to subsidize user transaction fees, and “Discrete Accounts,” which would enable users to interact with projects that use its blockchain without downloading specific wallet software.
According to the team, efinity, the Polkadot parachain, has also been forked to the new mainnet. It will be known as the Efinity Matrixchain and will help existing users transition.
Witek Radomski, co-founder and chief technology officer at Enjin, stated that the Enjin Blockchain aims to support creativity by making it easier and more affordable for anyone to create and distribute NFTs. Radomski elaborated:
“Enjin Blockchain makes the creation and widespread distribution of NFTs affordable and accessible to all.” […] Our goal is to revolutionize gaming, ownership, and online identity.”
Oscar Franklin Tan, Enjin’s chief financial officer, also stated that NFTs and digital ownership would be the foundation for what he refers to as “the next wave of gaming,” fueled by advances in artificial intelligence, augmented reality, and virtual reality. As a result, Enjin intends to be present to support this new “explosion of content.”
In other news, blue-chip collaterals have begun to aid in the stabilization of NFT lending. In a recent statement to Cointelegraph, NFT protocol Paraspace stated that despite having over $280 million in NFT loans, the protocol had no lousy debt and only 16 NFT liquidations. Its team attributes its success to a rule that allows only blue-chip NFTs to be used as collateral.
