Launch of Efinity, the first NFT parachain on the Polkadot network
Blockchain company Enjin has announced the launch of Efinity, the first NFT parachain on the Polkadot network. The Efinity parachain, which has been under development since last summer, is designed for games on existing blockchains.
What is parachain?
This is a blockchain independent from the main Polkadot network with its own tokens and the ability to implement any necessary functionality. At the same time, the parachain has all the advantages of the Polkadot main network and can interact with other blockchains.
More than 100 blockchain-based games and applications will be built on the Efinity ecosystem. The developers have already implemented the ecosystem into the first NFT game called CryptoBlades. This game has previously worked on five other blockchains.
Last November, Enjin decided to expand the capabilities of Efinity by adding a metaverse and investing an additional $100 million in development.
“NFTs and their application have come such a long way over the past year. The infrastructure needs to be put in place to support them at scale, and projects like this are really moving this space forward for many users,” the company said.
This decision of the company was announced immediately after competing companies began to develop parachains for the development of NFT. Avalanche recently announced a $290 million fund to promote NFTs and decentralized financial applications (DeFi) across its “sub-grids”, the first being GameFi’s popular DeFi Kingdoms platform.
Enjin also stated that it plans to release a beta version of its NFT.io marketplace and wallet by the end of March.