Showing posts with label Enjin. Show all posts
Showing posts with label Enjin. Show all posts

Enjin’s NFT Marketplace Efinity Rakes In $20 Million From EFI Token Sale on CoinList

 Enjin’s NFT Marketplace Efinity Rakes In $20 Million From EFI Token Sale on CoinList

 


 Enjin has successfully auctioned all the toks it has produced for the Polkadot ecosystem for sale for the new Efinity NFT marketplace.


Total marketplace funding at $38.9 million for the latest sale


Due to worries about the high prices and slower transaction volumes of Ethereum, competition amongst NFT markets is rapidly escalating. More platforms are being launched every day to meet the need and new NFT usage cases.

As more blockchains fight for the fungible tokens torrent, Enjin has been the last to start a new market. The $20 million public auction of EFI tokens on CoinList for the future EFI blockchain, was completed in Enjin, the company responsible for the standards ERC-1155. The excess sale was only 2.5 hours and was added to the prior transaction, which was already worth $18.9 million.

Efinity's goal is to handle the numerous pain issues Ethereum has, mainly higher gas charges and poor output by building a blockchain market with 1,000 transactions per second and six-second confirmation transactions. Built on Substrate, Efinity intends to use the interoperability of Polkadot to deal with transactions on polkadot, kusama, ethereum, jumpnet, and almost any other chain in fungible and non-fongible currencies.

The multipurpose EFI token is used to perform a number of tasks, including management, staking, incentives and transaction fees, throughout the ecosystem. It may also be used to boost the transaction limitations of Enjin's JumpNet, a gas-free blockchain. It reflects previous advancements pioneered by Enjin, such as the ERC-1155 standard.

Unlike the standard NFT (Nonfungible Token) ERC-721, which is used as the original version of an artistic, music or video work, the ERC-1155 standard is simultaneously a fungible and non-fungible token, and is used for more commoditized products, such as collecting, winning, or trading popular in-game items.
 

A Market Contest

Efinity is far from the only blockchain marketplace to make its first appearance as other competing platforms enter the battle to be the winner-all destination of NFTs. Binance just launched an NFT store, Binance Stellar blockchain, and Solana includes StellarNFT in late June. Tezos is now home to Hit Et Nunc, and after obtaining additional funding, even Rarible is growing into the Flow Blockchain.

These are not just the dozens of current niches inside the NFT and the ones that emerge as new use cases for NFTs develop over time. Given the widespread market-based incentives, nevertheless, the struggle to achieve market share may unfold when new, scalable, cheaper frameworks enter the ecosystem.

 

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