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Enjin has completed the largest NFT migration in history, transferring 200 million NFTs to its Enjin Blockchain.
In a press release issued on Monday, Enjin highlighted the migration of more than 118 million NFTs from Ethereum and another 101 million NFTs from the Ethereum sidechain JumpNet to the newly launched Enjin Blockchain.
“Enjin’s migration from its existing solutions is an example of the community’s commitment to progress as it strives for mass market success,” said Rene Stefancic, Chief Operating Officer of Atlas, Enjin Contributor. “Only through continued innovation, superior technology and, most importantly, an unwavering commitment to the user experience, can Web3 capitalize on the three billion strong global gamer market.”
Enjin, an NFT platform, announced the creation of its own blockchain earlier 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 see the implementation of built-in royalties and the introduction of ‘fuel tanks’, allowing developers to offset gas costs for users. According to the announcement, the platform plans to use this feature to provide users with free transactions across the ecosystem for the first three months.
In the future, the company wants 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 enable efficient scaling for games, meeting mass market demands while overcoming the limitations associated with traditional blockchain infrastructure.
Enjin Blockchain, a dedicated NFT-focused fork of the Polkadot network, addresses scalability issues by offering low transaction fees, set at just $0.005. The blockchain can process 5,000 transactions per second and also has the capacity to generate 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 the 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 Migrant Holders Secures the New Enjin Blockchain and Expands Governance.”