Creator of Microsoft NFT games, Enjin, raises $18.9m for new blockchain – Ledger Insights

Creator of Microsoft NFT games, Enjin, raises $18.9m for new blockchain – Ledger Insights

Today NFT games company Enjin announced it had raised $18.9 million in a private token sale to build a new blockchain, Efinity, specifically for nonfungible tokens (NFT) and games. Launched a year ago, one of the company’s highest profile projects is for Microsoft Azure Heroes, a cartoon badger that is represented as a nonfungible token on the public Ethereum blockchain.

Ethereum, with its scalability issues and high fees, presents challenges for games. Hence the new blockchain will be built on Polkadot, which supports parachains, independent blockchains that can interoperate with other parachains. Enjin’s new NFT blockchain, Efinity will scale to 1,000 transactions per second and use proof of stake instead of the energy-hungry proof of work. Some NFT platforms are getting pushback over environmental concerns.

The most successful NFT app, NBA Top Shot, is built on the Flow blockchain, an independent blockchain dedicated to games. By doing so, the developers Dapper Labs sidestepped the Ethereum congestion issues and high transaction fees. They had the foresight to create a separate blockchain because they ran into similar issues on Ethereum in 2017 with CryptoKitties.

Yesterday Ethereum development house ConsenSys also announced a new NFT platform as a layer two solution on Ethereum. In other words, it takes the heavy lifting and transaction fees off the main network.

Back to Enjin. “Building with Polkadot will enable us to deliver an accessible, scalable solution