Enjin Completes Migration of Over 200 Million NFTs from Ethereum to Enjin Blockchain
Enjin has completed the largest NFT migration in history, transferring 200 million NFTs to its Enjin Blockchain.
In a press release published on Monday, Enjin highlighted the migration of more than 118 million NFTs from Ethereum and an additional 101 million NFTs from the Ethereum sidechain JumpNet to its newly-launched Enjin Blockchain.
“Enjin’s migration from its legacy solutions exemplifies the community’s dedication to progress in its pursuit of mass-market success,” said Rene Stefancic, Chief Operating Officer of Atlas, Enjin Contributor. “Only through continuous innovation, superior technology, and, most importantly, an unwavering commitment to user experience, can Web3 tap into the three billion-strong global gamer market.”
Enjin, an NFT platform, previously announced the creation of its own blockchain back in June. The new network will include many NFT-focused features, such as NFT transfers and royalty enforcement in the blockchain’s code.
The transition will also bring about the implementation of built-in royalties and the introduction of “Fuel Tanks,” which will enable developers to offset gas fees for users. As per the announcement, the platform intends to utilize this feature to provide users with complimentary transactions throughout its ecosystem for the first three months.
Going forward, the company aims to enable games and applications to initiate their own Layer 1 chains, ensuring seamless interoperability within the larger Enjin Blockchain ecosystem.
The company noted that its infrastructure is intricately designed to facilitate efficient scaling for games, addressing the demands of the mass market while overcoming the constraints associated with traditional blockchain infrastructure.
Enjin Blockchain, a dedicated NFT-focused fork of the Polkadot Network, tackles scalability challenges by providing low transaction fees, set at just $0.005. The blockchain can handle 5,000 transactions per second and also has the capacity to mint up to 2,000 NFTs in a single transaction.
The Enjin ecosystem is powered by Enjin Coin (ENJ), the native token of the Enjin Blockchain.
“Enjin’s NFT migration follows and completes its token migration,” said Oscar Franklin Tan, Chief Financial Officer and Chief Legal Officer of Atlas, Enjin Contributor. “This was one of the most complex, unprecedented blockchain migrations in history, involving both fungible and non-fungible tokens from Ethereum, Polkadot and Enjin Blockchain. Strong support from migrating holders secures the new Enjin Blockchain and expands governance.”