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Enjin Launches New NFT Blockchain on Polkadot

The Polkadot ecosystem welcomes a new NFT network launched by Enjin. The new platform will foster blockchain interoperability, increasing the liquidity of both protocols. 
Enjin Launches NFT Blockchain on Polkadot
Enjin is ready to launch a next-generation NFT blockchain on the Polkadot network after an $18.9 million private sale. Dubbed Efinity, it will enable highly scalable transactions for games, apps, enterprises, and creators. 
Caleb Applegate, COO at Enjin, affirmed that building Efinity on Polkadot was a no-brainer. The blockchain’s speed made it possible to “deliver an accessible and scalable solution” for the NFT economy. 
Indeed, the game-channel network is set to process transactions every six seconds under a proof-of-stake consensus algorithm that can scale to 1,000 transactions per second.
“With Efinity, we’re bringing the NFT industry a dedicated, purpose-built blockchain that will create the advent of a globe-spanning, advanced digital asset economy—a free, open, and decentralized market where new digital worlds begin,” said Enjin CEO Maxim Blagov.
Enjin is also developing a new advancement of its ERC-1155 NFT standard, called Paratoken. The cross-chain token will be the bridge for any fungible or non-fungible token used in the Polkadot ecosystem. 
Efinity is expected to expand the Enjin Coin and Polkadot network’s utility since it will open up liquidity and connect a broad ecosystem of creators, buyers, and sellers. 
Market Participants Have Yet to React
Despite the significance of the announcement, ENJ and DOT have yet to react. These cryptocurrencies have been consolidating within a narrow range without providing a …
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