Enjin has successfully completed the largest NFT migration in history, moving 200 million NFTs to its Enjin Blockchain.
In a press release on Monday, Enjin highlighted the transfer of over 118 million NFTs from Ethereum and an additional 101 million NFTs from the Ethereum sidechain JumpNet to its newly-launched Enjin Blockchain.
Rene Stefancic, Chief Operating Officer of Atlas and Enjin Contributor, commented, “Enjin’s migration from its legacy solutions exemplifies the community’s dedication to progress in its pursuit of mass-market success. Only through continuous innovation, superior technology, and, most importantly, an unwavering commitment to user experience, can Web3 tap into the three billion-strong global gamer market.”
Enjin, known as an NFT platform, had previously announced the development of its own blockchain in June. The new network includes various NFT-focused features, such as NFT transfers and built-in royalty enforcement in the blockchain’s code.
The migration to the Enjin Blockchain comes with the implementation of built-in royalties and the introduction of “Fuel Tanks,” which will allow developers to offset gas fees for users. The platform plans to leverage this feature to offer users complimentary transactions throughout its ecosystem for the initial three months.
Enjin’s future plans include enabling games and applications to launch their own Layer 1 chains, ensuring smooth interoperability within the broader Enjin Blockchain ecosystem. The company emphasized that its infrastructure is intricately designed to efficiently scale for games, meeting the needs of the mass market and overcoming constraints associated with traditional blockchain infrastructure.
Enjin Blockchain, a specialized NFT-focused fork of the Polkadot Network, addresses scalability challenges by offering low transaction fees set at just $0.005. The blockchain is capable of handling 5,000 transactions per second and can mint up to 2,000 NFTs in a single transaction.
The Enjin ecosystem is driven by Enjin Coin (ENJ), the native token of the Enjin Blockchain.
Oscar Franklin Tan, Chief Financial Officer and Chief Legal Officer of Atlas and Enjin Contributor, stated, “Enjin’s NFT migration follows and completes its token migration. This was one of the most complex, unprecedented blockchain migrations in history, involving both fungible and non-fungible tokens from Ethereum, Polkadot, and Enjin Blockchain. Strong support from migrating holders secures the new Enjin Blockchain and expands governance.”
