Enjin Efinity Chain - Changing the Game for NFTs

Man, the different chains are getting out of hand, but at least they are becoming more and more interoperable. Enjin has been around for a long time as one of the first in the NFT space for Ethereum. Enjin is a major player in Ethereum NFTs with ERC-1115 and assets that can exist across multiple games. I've been using Enjin for quite some times playing games like Lost Relices or formerly called "Forgotten Artifacts". I've even posted quite a few times about free NFTs to claim with your Enjin wallet.

Efinity

Efinity EFI is the second part to Enjin's economy. There is now a dual token model with each serving a specific purpose. Every Enjin NFT is backed by ENJ which adds real world value to assets. Done with your asset and don't want to deal with selling it? Cool. You can burn or "melt" it and get the ENJ that backs the asset. EFI is used to pay transaction fees, vote on governance proposals, and to earn rewards. Efinity lives on Polkadot in the form of a parachain..

No longer do NFTs need to live on the Ethereum Mainnet - they can now live directly on Efinity chain. As if it weren't already possible with solutions like Polygon and Arbitrum. But what do I know? I'm just a degen. EFI is kinda like the DeFi token of the Enjin network. There's even the Enjin Jumpnet which allows users to stake EFI to earn higher transaction allocations and shit.

Enjin is also building out a new token standard called Paratokens for Polkadot blockchain. The standard will be compatible with parachains, parathreads and smart contracts, so it’s interoperable with the entire Polkadot and Kusama ecosystem. True interoperability within the Polkadot ecosystem. These can exist as both fungible and non-fungible tokens and can even be Grouped NFTs. Grouped NFTs are part of an index. Kinda like Liquid NFTs.

Every NFT on Efinity can be exchanged for EFI or any other fungible token on the parachain. ETH that exists on the parachain can be exchanged for NFTs because it is now a Paratoken ( what lol). Check the full docs here if you want the full technical version instead of my version.

I believe they are changing the NFT game. Introducing new liquidity and more to the NFT space. One major problem with a lot of NFT collections is liquidity. Users should have freedom to move in and out of a collection at any point. Enjin and Efinity are making this more and more of a reality across different chains.

What do you think?

lemme know.

Posted Using LeoFinance ^Beta