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Efinity blockchain infrastructure for blockchain gaming and NFT wins 6th Polkadot auction for a slot in the parachain ecosystem
A blockchain infrastructure for games and non-fungible tokens (NFT) called Efinity has won the right to parachain at Polkadot. This was announced on Twitter by representatives of the ecosystem. According to the details, support for Efinity will be added on March 11, 2022.
Polkadot parachains are advanced level 1 blockchains connected to other parachains. Connectivity enables platforms, communities, and economies to improve interactions as well as lower transaction costs.
Efinity is a Polkadot based blockchain with a focus on blockchain gaming and NFT. According to the project description, Efinity will be a hub for both fungible and non-fungible tokens. The project will receive its own token standard called Paratoken with support for other blockchain standards, including ERC-721, ERC-1155 and ERC-20. The first cryptocurrency based on Paratoken will be the native token of the Efinity blockchain itself – efinity token (EFI).
The total emission of the token will be 2 billion coins. Users will be able to use EFI to pay commissions, vote and maintain liquidity.
For the first time, Enjin’s plans to create a product based on Polkadot were announced back in April 2021. Then it was argued that Efinity will be able to process up to 700-1000 transactions per second. In comparison, the Ethereum network can currently only process about 15 transactions per second.
Amid the news, the price of the enjin coin (ENJ) token jumped 6% to $ 2.92. According to Nomics, the market capitalization of the cryptocurrency has grown to $ 2.7 billion. Read about why the Solana Ventures fund and FTX will spend $ 100 million on blockchain games in the material of the BeInCrypto editorial office.
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