The exchange platform has reportedly had a private financing round of 18.9 million dollars for Enjin’s new NFT blockchain platform.

Enjin announced this Wednesday along with DFG Group, BlockTower and Arrington XRP Capital among other private investors.

The platform, called “Efinity”, is an NFT blockchain built on Polkadot that will provide greater scalability for members of the expanded NFT space.

Detaileding the technical specifications of the new NFT blockchain, the announcement states that Efinity will have an initial throughput to process transactions every six seconds. The project team plans to use proof of rate consensus to achieve scalability up to 1000 transactions per second.

In addition to scalability, Enjin will also consider constructing inter-rad interactions in the NFT space as part of its work to create true NFT metavers.

Therefore, Enjin is working on a new symbolic standard called “Paratoken”, which has been claimed to offer functionality for NFTs along the chain. With the help of Paratokens, market participants will be able to connect digital holdings from other blockchains with the Efinity ecosystem.

Paratokens pushed the envelope of the ERC-1155 token standard forward, which the company created in 2018, according to Engin. Commenting on the importance of blockchain jobs for NFT, Enjin co-founder and CTO Witek Radomski stated:

“Digital assets must be in the blockchain meta-verse. Unlocking liquidity across multiple blockchains and use cases will bring together a huge ecosystem of creators, buyers and sellers.
Efinity blockchain will also have its own token called Efinity Token (EFI). Enjin Coin (ENJ) holders can join ENJ to serve EFI, which acts as a fuel to process transactions on the new NFT network. EFI will also serve as a governing symbol for the Efinity community.

In 2021, Enjin Coin earned huge profits amid growing interest in NFTs. The ENJ symbol increased more than eight times in March and is above 1700% YTD.

Source: CoinTelegraph