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The Non-Fungible Token (NFT) Protocol Enjin has announced its transition to a new mainnet called “Enjin Blockchain” to further implement Web3. After the transition, his Polkadot parachain called Efinity was also forked to a new blockchain.
In an announcement sent to Cointelegraph, the Enjin team emphasized that the Enjin blockchain will be different from other blockchain solutions based on smart contracts. According to Enjin, features such as NFT creation and transfer will be integrated into the underlying blockchain code.
Apart from this, the blockchain has also introduced new features. This includes “fuel tanks” that allow developers to subsidize users’ transaction fees and “discrete accounts” that allow users to interact with projects using its blockchain without downloading special wallet software.
As part of the announcement, the team also informed their community that Efinity, its Polkadot parachain, has also been forked onto the new mainnet. It will be called “Efinity Matrixchain” and will support transition for existing users.
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Enjin co-founder and CTO Vitek Radomski said that the launch of the Enjin blockchain aims to support creativity by making it easier and cheaper to create and distribute NFTs for everyone. Radomsky explained:
“Enjin Blockchain makes the creation and mass distribution of NFTs accessible to everyone.[…] Our goal is nothing short of a revolution in gaming, ownership and online identity.”
Oscar Franklin Tan, chief financial officer of Enjin, also noted that NFTs and digital property will be the cornerstone of what he describes as the “next wave of gaming” fueled by developments in artificial intelligence, augmented reality and virtual reality. Because of this, Enjin is committed to supporting this new “content explosion”.
In other news, blue chip collateral has begun to help stabilize NFT lending. In a recent statement to Cointelegraph, Paraspace’s NFT protocol highlighted that despite accumulating over $280 million in NFT loans, the protocol had no bad debts and only had 16 NFT liquidations. According to his team, he owes his success to a rule that only allows blue-chip NFTs to be used as collateral.
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