Enjin raises $18.9 million to build a new NFT platform

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The blockchain company Enjin has raised $18.9 million to develop a Polkadot-based platform for non-fungible tokens (NFTs).

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The company raised funds through a private sale of Efinity (EFI) tokens. Investors included Crypto.com, DFG Group, Hashed, BlockTower, Blockchain.com Ventures, Hypersphere, LD Capital, HashKey Capital, Arrington XRP Capital, DeFi Alliance and others.

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According to the statement, the Efinity platform aims to boost scalability and reduce gas costs, ensuring that NFTs are \”convenient and accessible to everyone, everywhere\”.

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It is expected that Efinity will provide a throughput of more than 1,000 TPS. Enjin explained that they chose to use Polkadot to offer users improved interoperability, speed and inexpensive transactions.

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At launch, there will also be \”paratokens\” that will allow NFTs on any blockchain to be linked directly to Efinity.

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\”Digital assets must exist in the multiverse of blockchains. Opening liquidity across multiple networks and use cases will bind a broad ecosystem of creators, buyers and sellers\”, said Enjin CTO Vitek Radomski.

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Back in February 2020, Enjin launched a platform for issuing ERC-1155 tokens on the Ethereum network.

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