Enjin’s NFT marketplace, Efinity, robs $ 20 million from EFI token sales on CoinList – News Bitcoin News

Enjin successfully auctioned all tokens for sale for the new Efinity NFT marketplace it has developed for the Polkadot ecosystem.

Last sale brings total marketplace funding to $ 38.9 million

Given concerns about Ethereum’s high cost and sluggish transaction throughput, competition between NFT marketplaces is rapidly increasing. More platforms are being rolled out every day to keep up with demand and new use cases for NFTs.

As more and more blockchains compete for the demand for non-fungible tokens, Enjin is the newest company to open another marketplace. Enjin, the team behind the ERC-1155 standard, has completed a $ 20 million public sale of EFI tokens on CoinList for its next-generation Efinity blockchain. The oversubscribed sale ran for just 2.5 hours and added on the $ 18.9 million already raised from a previous sale.

Efinity aims to address Ethereum’s many weaknesses, namely high gas fees and low throughput, by building a blockchain marketplace that can process 1,000 transactions per second with a transaction confirmation of six seconds. Building on substrates, Efinity plans to leverage Polkadot’s interoperability to process transactions with fungible and non-fungible tokens from Polkadot, Kusama, Ethereum, JumpNet, and almost every other chain.

The multifunctional EFI token will play multiple roles within the ecosystem, including governance, staking, rewards, and payment of transaction fees. It can also be applied to Enjin’s JumpNet, a gas-free blockchain, to increase transaction limits. It reflects other developments that Enjin pioneered, such as the ERC-1155 standard.

In contrast to the ERC-721 Non-fungible Token (NFT) standard, which is used to represent the original version of a work of art, music or video, the ERC-1155 standard can be both a fungible and a non-fungible token at the same time is applied to more common products, such as popular in-game items that are collected, won, or traded.

A race to the market square

Efinity is far from the only new blockchain marketplace making its debut as other competing platforms enter the race for the winning take-all destination of NFTs. Binance recently unveiled its own Binance NFT Marketplace at the end of June, Stellar Blockchain hosts StellarNFT and Solana offers Sollectify. Tezos is now home to Hit Et Nunc and even Rarible has expanded to the Flow blockchain after raising fresh capital.

These are in addition to the dozen of existing marketplaces serving various niches in the NFT space and the others that will emerge as new use cases for NFTs emerge over time. However, given the huge incentives within the marketplace model, a battle for market share could develop as new, more scalable, and less expensive frameworks enter the ecosystem.

What do you think of the new Efinity NFT marketplace? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons, VentureBeat

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source https://bidsfor.me/enjins-nft-marketplace-efinity-robs-20-million-from-efi-token-sales-on-coinlist-news-bitcoin-news/

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