Not wanting to miss out on the era of non-fungible tokens (NFT) technology, Enjin is about to launch a new decentralized network, specifically for markets that focus on digital art.
The announcement was made through a tweet that was uploaded on the social media site, Twitter last night Malaysian time.
Reportedly for the purpose of developing the network, Engine has spent $ 18.9 million as a result of fundraising efforts with Crypto.com Capital, DFG Group and Hashed Ventures.
Known as Efinity, the blockchain was developed as a parachain on the Polkadot network (DOT), focusing on efforts to solve some of the key problems that plague existing projects.
With Polkadot technology, it should allow Efinity to function at the highest level in terms of interoperability, scalability, speed, security, privacy and governance.
The network will also have its own token known as the Efinity Token (EFI). Its funding has been secured by the sale of EFT tokens.
This is not something new for Engine as they had previously created the ERC-1155 standard for NFT in 2017 and has been used by large firms such as Microsoft and Nike.
Efinity - Phase 1 is expected to launch around the end of this year or early 2022.
