Home>Business>Enjin migrates over 200M NFTs from Ethereum to its blockchain

Enjin migrates over 200M NFTs from Ethereum to its blockchain


Nonfungible token (NFT) platform Enjin not too long ago migrated over 200 million NFTs from Ethereum and a sidechain to its personal Enjin Blockchain. 

In an announcement obtained by Cointelegraph, Enjin famous that over 118 million NFTs hosted on Ethereum, together with over 101 million NFTs hosted in an Ethereum sidechain known as JumpNet, have been transferred to its mainnet known as the Enjin Blockchain.

Instance of NFTs migrated to the Enjin Blockchain. Supply: Enjin 

In June, the NFT platform announced the creation of its own blockchain. Enjin stated the brand new community embedded NFT-focused options akin to NFT transfers and royalty enforcement into the blockchain’s foundational code. 

With the transition, customers will expertise a number of modifications, such because the built-in royalties and a brand new characteristic known as “Gasoline Tanks,” which lets builders subsidize fuel charges for customers. In accordance with the announcement, the platform will use this characteristic to provide customers free transactions throughout its ecosystem for 3 months. 

On Dec. 6, executives working within the gaming trade weighed in on the way forward for blockchain gaming and highlighted a number of catalysts to Web3 adoption in gaming. Bartosz Skwarczek, the founder and CEO of G2A Capital Group, informed Cointelegraph that enhancements in accessibility and person interfaces would attract a broader gamer audience to Web3. 

Equally, Rene Stefancic, the chief working officer of Atlas Improvement Companies, a core contributor to the Enjin Blockchain, stated that the push to a special blockchain might probably permit Web3 to “faucet into the three billion-strong world gamer market.”

Associated: NFT trading volume nears $1B as markets turn bullish: Report

Oscar Franklin Tan, the chief monetary officer of Atlas, informed Cointelegraph that to keep away from an “unimaginable quantity of fuel charges” for transferring over 200 million NFTs, the platform has taken a special strategy with their migration. Tan stated: 

“To keep away from the unimaginable quantity of fuel charges for 200 million NFTs, as a substitute of requiring customers to burn the Ethereum NFTs earlier than issuing Enjin Blockchain NFTs, which is how the traditional migration would work, a snapshot was taken and customers are allowed to signal with their Ethereum pockets to say the Enjin Blockchain NFTs.”

Tan defined that this course of lets customers declare with out paying for fuel. Nonetheless, one potential downside is that as a substitute of the NFTs being burned in Ethereum, they’ll nonetheless exist on the earlier networks. “Creators must ask holders to not commerce them and think about the Enjin Blockchain variations the official variations,” Tan added. 

Journal: Web3 Gamer: Games need bots? Illuvium CEO admits ‘it’s tough,’ 42X upside