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Phil Hall
Phil Hall
Jan 26, 2021
News

Enjin Unveiling NFT Marketplace on Efinity

Enjin has unveiled a self-dubbed next-generation marketplace that's powered by their in-house developed layer-2 solution Efinity.
Enjin Unveiling NFT Marketplace on Efinity

The game-oriented blockchain solution Enjin has unveiled a self-dubbed next-generation marketplace powered by their in-house developed layer-2 solution Efinity. They named the marketplace NFT.io and it comes with features like free minting, instant transactions and a scalable infrastructure.

Enjin has been working on Efinity for quite some time, and they've been very silent about the development. There were even doubt whether Efinity was coming at all. At the same time other layer-2 solutions have launched products or are preparing to launch, like for example Matic, Ronin and Immutable X.

Together with NFT.io and Efinity, the team at Enjin is preparing a next generation marketplace. According to the teaser website NFT.io will be smart, scalable and adaptable. Enjin is promising new, sophisticated tokenomics, free and instant transactions and 'cutting-edge smart contracts'.

What will this mean for NFT.io?

Without proper documentation it's difficult to interpret marketing slang. However, it's clear that Efinity as a layer-2 solution will compete with Matic Network and other solutions. In addition Efinity will probably introduce a new or build upon existing ERC-token standards.

In the past Enjin has been responsible for the introduction of the ERC-1155 smart contract. This type of contract is also being used by The Sandbox. Free minting of new assets will enable projects like Lost Relics, a dungeon crawler game within the Enjin ecosystem, to delve even more in loot-oriented gameplay.

Why Enjin works on Efinity

Enjin is a platform that uses the Ethereum blockchain. Many games within the Enjin ecosystem, like for example The Six Dragons and Lost Relics, offer a sense of multiverse. Players can use certain items in multiple games, like for example the most recent Binance-sponsored Halloween token.

However, the gas problems within the Ethereum ecosystem also hurt Enjin. Therefore the company is now working on Efinity as a scaling solution. This should allow developers and gamers within the ecosystem to send items and trade assets without the need for gas fees. In addition Efinity will speed up transactions and allow more transactions at the same time.

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