NFT platform Enjin announced the transition to a new mainnet called Enjin Blockchain, aiming to further promote the adoption of Web3. After the transition was completed, its Polkadot parachain called Efinity has been forked to the new blockchain.
In the announcement, the Enjin team emphasized that the Enjin Blockchain will be different from other blockchain solutions that rely on smart contracts. According to Enjin, functions such as creating and transferring NFTs will be integrated into the blockchain’s base code.
The blockchain also offers new features, including “Fuel Tanks,” which allow developers to subsidize users’ transaction fees, and “Discrete Accounts,” which allow users to interact with projects without downloading specific wallet software.
The team also informed its community that its Polkadot parachain Efinity has also been forked to a new mainnet. It will be called Efinity Matrixchain and will support the transition of existing users.
Witek Radomski, co-founder and CTO of Enjin, said the launch of Enjin Blockchain is designed to support innovation and creativity by making it easier and more affordable for anyone to create and distribute NFTs. Radomski explained:
"The Enjin Blockchain makes it affordable for everyone to create and mass distribute NFTs. Our goal is to do more than just revolutionize gaming ownership and online identity." Enjin's CFO Oscar Franklin Tan said NFTs and digital ownership will be the cornerstone of what he described as the "next wave of gaming" driven by artificial intelligence, augmented reality, and virtual reality. As such, Enjin aims to support this new "content explosion."
In other news, blue-chip collateral is starting to help stabilize the NFT lending market. In a recent statement, NFT protocol Paraspace stressed that despite cumulative NFT loans exceeding $280 million, it has no bad debt and only 16 NFTs have been liquidated. According to its team, this success is due to the rule that only blue-chip NFTs are allowed to be used as collateral.