Enjin Migrates Over 200 Million NFTs To Its Native Blockchain, Introduces In-Built Royalties
Summary:
Enjin, an NFT platform, has moved over 200 million NFTs from Ethereum and its sidechain, JumpNet, to its proprietary network, the Enjin Blockchain. The shift promises new features, such as in-built royalties and "Fuel Tanks", which allow developers to cover transaction fees for users. Despite this transition, NFTs will still exist on their previous networks, leading to an appeal from creators for holders not to trade them on the old platforms.
Enjin, a platform for nonfungible tokens (NFTs), recently conducted a massive shift involving over 200 million NFTs from Ethereum and its sidechain to Enjin's native Blockchain. Enjin reported that more than 118 million NFTs initially hosted on Ethereum and over 101 million NFTs on Ethereum's sidechain, known as JumpNet, have been successfully moved to its main blockchain network.
Back in June, Enjin declared the establishment of its personalized blockchain which incorporates NFT-specific functionalities such as swift NFT transactions and enforcement of royalties into the core code of its blockchain. Post-transition, users would see several alterations including in-built royalties and a unique feature termed "Fuel Tanks". This allows developers to cover gas fees for users, promising free transactions throughout the ecosystem over a three-month period.
Industry leaders from the gaming sector expressed their perspectives about the future of blockchain gaming on December 6 and identified multiple drivers for the integration of Web3 in gaming. Bartosz Skwarczek, G2A Capital Group's founder and CEO believes that enhanced accessibility and user-friendly interfaces could attract a larger gaming demographic towards Web3. Atlas Development Services' COO, Rene Stefancic, another key contributor to the Enjin Blockchain, opined that this shift to a new blockchain could significantly help Web3 engaging the wider international gaming community consisting of three billion individuals.
Oscar Franklin Tan, the CFO of Atlas, revealed a different strategy adopted by the platform for their migration. To bypass the enormous gas fees associated with transferring over 200 million NFTs, instead of burning the Ethereum NFTs before reissuing them on Enjin's Blockchain, a snapshot was taken and then users were given the opportunity to claim the Enjin Blockchain NFTs using their Ethereum wallets. Tan clarified that this mechanism allowed users to claim without incurring gas expenses. A potential downside, however, is the continued existence of the NFTs on their original networks instead of being burnt. He implied that the creators would need to request holders to refrain from trading them and treat the versions on the Enjin Blockchain as the authentic ones.
Published At
12/11/2023 8:00:00 PM
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