Blockchain companies are increasingly adopting the use of non-fungible tokens (NFT) euphoria to raise money for NFTs development. Enjin, a software solutions provider based in Singapore, has not been left behind. On March 31, 2021, this company raised $19 million that it plans to use to develop its Polkadot-based blockchain network called Efinity. This network will be the first in this field to use NFTs to support creators, games, apps, and enterprises.
Enjin fundraising was spearheaded by leading groups including Hashed and Crypto.com as well as Arrington XRP Capital and BlockTower, among others.
NFTs are not a new concept to Enjin. This company has been experimenting with the tokens since 2017 where it developed the ERC-1155 for these tokens. Other companies that have made use of the same standards, albeit for different purposes, are Nike as well as Microsoft.
Efinity Looks to Solve Common Problems in the Field —Enjin’s CTO
Enjin’s use is a bit different since it aims at focussing on NFTs developments only. Enjin’s Chief Technical Officer (CTO) Witek Radomski says that Efinity would have its Token (EFI). He further reiterated that Efinity is looking forward to solving some challenges that developers and users have been having using Flow-blockchain networks for Ethereum as well as Dapper Labs. Some of the challenges cited with ERC-720 include account security, applications that are disjointed, transaction fees, problematic multi-sig security, and the need for Ether (ETH).
According to Radomski, Flow blockchain could resolve a number of these challenges. Enjin has built Efinity using a completely new scripting language from scratch. He notes that using an independent scripting programming language may pose various challenges going forward, including convincing developers to learn the new language. Users, however, can use Rust language that is common with most developers and benefit from the high-level security on the Polkadot network.
Radomski finally announced that they would launch Efinity’s first phase around the end of 2021 or the beginning of 2022. Going forward, the company plans to continue with the development of this blockchain using new additions and decentralized governance to add more functions to the blockchain.