In December 2020, the total NFT buying-and-selling volume was approximately $12 million. This quantity is now well over $500M.
This level is safe to assume that there will be billions of dollars in NFTs offered this year.
At some point in human history, NFTs have been dropped at mainstream audiences. They are carried by everyone from famous musicians and artists to global manufacturers and companies.
It is impossible.
Give it a second thought: We’re currently experiencing the first major step towards a truly free and open digital financial system. One that blurs the lines between digital and actual, rewards creativity and accelerates innovation.
Enjin knew this was coming. Despite everything, it’s a future that we have worked hard to create. Our goal has always been to accelerate the development of a global, superior digital financial system.
This new decentralized financial system will help humanity overcome a few of its biggest financial, cultural and societal problems of the 21st Century. These include job loss due to automation and rising global financial inequality. It may even aid our efforts to colonize the interior Photo voltaic Systems.
There are many challenges that must be overcome before we can begin to look for SpaceX NFTs or tokenize possession over large areas of rocks.
Some are out of date and primarily technical. This is due to poor apps and excessive fees. NFT adoption is restricted to crypto enthusiasts who can’t bear the thought of losing their wallets.
Over time, different issues have emerged: NFT tasks are now fragmented into incompatible eco-systems making collaboration impossible. This has also limited creators and builders to one blockchain and platform.
The most important drawback is likely to be the least obvious: there are no blockchains specifically designed for NFT customers and legacy networks do not meet customer expectations.
Reward tokens for proof of labor that help non-fungible tokens can only be claimed by miners and not individuals who create, commerce, use, or construct the group.
NFTs at this time look like spaceships from the late Sixties. They can take us to and from the Moon, but not enough to get us to the celebs.
Humanity wants a blockchain that solves all the problems NFTs are facing today and opens up new possibilities for NFTs in the future.
Our vision and ability to predict such a series over the years has grown as the NFT industry matures and blockchain technology has advanced.
We are able to share details about the futuristic and imaginative, cross-chain NFT freeway, known as Efinity. It was constructed as a parachain in the Polkadot community.
“Mining NFTs on legacy network is costly both financially and environmentally. Polkadot was created to address these structural weaknesses and offer a platform for creating the kind of infrastructure Efinity represents for NFTs. It is cheaper for creators, but also more suitable for local weather.
— Peter Mauric Head of Public Affairs, Parity Applied Sciences
Introducing Efinity: A Subsequent Era Blockchain for NFTs
Efinity, a blockchain designed for NFTs and developed for Polkadot using Substrate Growth help from Parity Technologies is an example of a purpose-built Blockchain.
It’s a cross-chain token openway that allows for a specific type of future. One where NFTs are as common and easy to use as smartphones.
Any NFT from any network (e.g. Ethereum) will be transferred to Efinity. This supercharging will allow it to have next-gen options.
“Digital property should exist in a metaverse blockchain. A wide ecosystem of creators, sellers, and consumers will be able to access liquidity across a variety of blockchains.
— Witek Radomski, Enjin CTO
Efinity charges are meant to be hidden from the public. Financiers do not need a blockchain wallet. Transactions can be confirmed in just 6 seconds. This allows for fast response times to mainstream functions.
Efinity allows NFTs to easily be used by almost any trade. This will unlock trillions of dollars in currently illiquid and unique real-world and digital properties.
Efinity is built on Polkadot. This next-generation, completely decentralized community addresses the most pressing issues in blockchains today: privacy, security, speed, interoperability and scalability.
“NFTs should be accessible to everyone. Polkadot’s construction will enable us to deliver an accessible and scalable solution that allows everyone to participate in the growing NFT financial system. Efinity is designed with the end-user in mind and will provide an enjoyable, simple, and accessible experience for everyone.”
— Caleb Applegate, Enjin COO
An easy picture will illustrate the reason we decided to build Efinity on Polkadot instead of Ethereum.
Ethereum 2.0 will enable faster transactions as soon as it is launched. Each shard can do what Ethereum can at the moment, and each one is equal.
Polkadot has a completely unique approach. Polkadot is completely different. Each shard, or in Polkadot terminology “parachain”, can be customized to create scalable, customized blockchains.
Polkadot should not be built to switch Ethereum but to enhance and compliment it. In the same way, Efinity is intended to supercharge NFTs from all blockchains.
Efinity could be a core component of our multi-chain NFT ecosystem. It also includes JumpNet which is an answer that allows for forever-free Ethereum transactions. This will launch next week.
Based on current benchmarks, Efinity could process 700-1000 transactions per second (TPS). This is compared to the Ethereum community which currently runs at around 15 TPS. Future transactions could be faster due to optimizations of the Efinity or Polkadot code.
A large list of stakeholders including crypto, enterprise capital and cultural establishments supports Efinity’s growth. The launch of a new token EFI is another important step in Efinity’s development.
EFI & ENJ: A purposeful synergy
Enjin Coin (ENJ), an ERC-20 token, was created by us in 2017.
It powers the Enjin ecosystem at present: Each NFT minted using our platform is backed by ENJ and each token minted will be simply melted to ENJ.
This gives NFTs instant liquidity and house owners peace of mind that their NFTs will always have real-world value that can be extracted by the simple tap of a button.
Enjin Coin supports the value of billions next-gen blockchain property at this moment.
Enjin Coin 2.0: Staking
Staking is a new utility that Enjin Coin tokens have been given by Efinity.
Efinity was designed for NFTs and is intended to encourage stakeholders who help the ecosystem grow.
Holders of Enjin Coin will be able to stake their ENJ into nodes, or in Efinity terminology “collators”, and generate passive income within the Efinity Token (EFI) type of native forex.
Infused ENJ found in minted NFTs may be staked regularly and can passively produce EFI.
However, Staked Enjin coin might still be eligible for use on the market and other functions as the ENJ will still exist on the owner’s account. Staked ENJ may be lost if it is transferred or melted.
15% of all EFI supply is reserved for staking operations. This reserve might be gradually distributed over many years until the token offer is reached.
Efinity also hosts native DeFi options that allow stakers to make a profit from market commissions and community charges.
EFI: The First Paratoken of Polkadot
We are creating a new token customary called Paratokens. This could be compatible with the entire Polkadot or Kusama ecosystem.
Efinity Token (EFI), would be the first paratoken.
The total provide is two billion. It will be used to pay transaction fees, vote in governance occasions and maintain the liquidity of non-fungible and fungible tokens.
Charges
Efinity transaction charges will vary based on the type of transaction, such as switch or bridge fees. Market charges of 2.5% might be charged to EFI pools. NFT creators can charge additional revenue for buying or selling exercise.
NFT creators – from recreation builders to world producers – will be able to subsidize transaction prices by depositing EFI tokens into a Tank (a next generation characteristic specific to Efinity).
Governance
The Efinity parachain uses decentralized governance. Anyone can submit a proposal. EFI holders also have the opportunity to vote on proposed and approved referendums.
There are many types of governance proposals:
- Private features allow adjustments to features such as market or transaction charges.
- Code Updates include updates to components and all of the Efinity code.
Liquidity
Efinity may have unlimited liquidity because of an automated market-maker called Efinity Swap. This allows customers to swap tokens or cash like ENJ or ETH with EFI at will.
Efinity could even become the first world trustless token marketplace that rewards anyone who offers liquidity for NFTs.
Customers to will be able to earn passive income by placing bids on NFTs. This is regardless of whether they are listed on the market or if they exist in the community.
NFTs for Everyone
We didn’t set out to create a better blockchain and we aren’t just trying to improve NFT software program incrementally.
It is time to redefine NFTs, their purpose, and how corporations and individuals can use them.
Efinity is full of visionary, new options. From discrete account that allow for a multitude of new functionalities to on chain crafting recipes that open up new creative possibilities, to on-chain accounts .
You can read our whitepaper to learn more about Efinity.
“We are creating a revolutionary blockchain for NFTs. It was purpose-built to accelerate the appearance of a global, superior digital asset financial network.
Efinity is the culmination of a technological, ideological and political evolution. It was created in 2017, when we first introduced NFTs. Although it is a next-generation blockchain, it is also a concept, a movement, and a prescient of a future where digital worlds will be free, open, decentralized, accessible to everyone, everywhere.
— Maxim Blagov, Enjin CEO
Enjin excelled in gaming and was able to take over a growing number of digital worlds created by forward-thinking recreation builders. These range from post-apocalyptic sci fi universes like Age of Rust to numerous RPG realms such as Lost Remilics or The Six Dragons.
Over the years, we have expanded our focus to assist crypto companies like Binance and CoinMarketCap as well as enterprises like Microsoft and Samsung.
Efinity is our primary focus. We are also busy constructing new, re-forged versions of our flagship products like the Enjin Pockets and NFT.io. We are expanding our reach to new markets and industries as we build and improve every pillar of the ecosystem. This includes leisure and sports, influencers, and global-spanning companies.
Enjin’s popularity is rapidly rising. There are many open positions in our product growth, growth, marketing and advertising groups.
We are a global team of futurists, tinkerers, building the strongest NFT ecosystem in the blockchain area. We’re looking for passionate people to join us on our quest to create a better, decentralized future.
Are you interested in joining us? View our open positions
The announcement at present was a huge effort that affected every crew member and division of Enjin. This is the result of thousands of hours of discussions, brainstorming classes and many conferences with corporations that helped us to create the next-generation blockchain for NFTs.
We had to question our long-held beliefs about NFTs and pinpoint specific issues with non-fungible tokens at this time. Then we had to plan Efinity.
It’s just the beginning.
We need your help in building Efinity and the Enjin ecosystem. Join us on Telegram or Discord to be part of the journey.
Together, we’re on this adventure and can’t wait for you to see what’s next.
FAQ
What is Efinity?
Tokenomics Download PDF Enjin is developing Efinity, a next-generation blockchain for digital assets, built on Polkadot.
What are your goals for Efinity?
Businesses and developers seriously need a platform that can deliver a modern, mainstream and developer-friendly NFT experience.
What are the incentives for Efinity blockchain?
Efinity compensates network participants with the EFI token: Collator Nodes who run the network.
Who are the key stakeholders?
Efinity compensates network participants with the EFI token: Collator Nodes who run the network. Users who govern the direction of the network.
What are the benefits of Efinity?
Efinity will be a hub for all fungible and non-fungible tokens.
What is the mechanism for generating revenue?
In fact, users can be compensated for initiating Bid Orders or Ask Orders (as described in the Marketplace section below) and stimulating network usage by initiating transactions which may be completed by other users.
What are the fees?
Transaction fees on Efinity are designed to stay in the background, and allow users to experience their favorite collectibles without worrying about how the network operates.
