Enjin has secured an $18.9m private funding round for its new NFT blockchain platform.
The financial round was led by Crypto.com, Enjin revealed on Wednesday. Numerous private investors joined, including BlockTower, Arrington XRP Capital.
Enjin's new platform is called Efinity and will focus exclusively on the non-fungible token (NFT) economy and seek to grow out of the current trend.
This is a second significant project in the ecosystem this week, after Tron founder and CEO Justin Sun announced his own NFT-oriented initiative.
Based on the news, Efinity will be processing transactions every six seconds but the plan intends to use a proof-of-stake consensus, which means around 1,000 transactions per second scalability.
Enjin is also developing a new token known as Paratoken, which is touted for its cross-chain functionalities for NFTs and will be a good match for the upcoming Efinity project.
The way Paratoken works is simple. They serve as a bridge between the Efinity ecosystem and other networks used to create and host NFTs.
Enjin co-founder and CTO Witek Radomski said: “Digital assets should exist in a metaverse of blockchains. Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers and sellers.”
Efinity will develop a dedicated native token as well known as Efinity Token (EFI). Consumers who already hold the Enjin Coin can stake it to earn EFI. Enjin is one of the most successful ecosystems out there. This week we reported an 800% increase in the token's price.
Enjin's popularity is bound to continue increasing, which is good news for NFT enthusiasts. In the meantime, if you want to experience traditional gaming options, we recommend that you check out Bitcasino, 1xBit and FortuneJack.com.