Enjin bolstered plans to build out its Efinity metaverse to the tune of $100 million back in November. The platform’s first major funding came last July, when it raised $19 million in a private token sale led by Crypto.com Capital, DFG Group and Hashed, followed by a $20 million public token sale through CoinList in July.
“NFTs and their applications have come such a long way in the past year,” Enjin Chief Technology Officer Witek Radomski told CoinDesk in an interview. “The infrastructure to support them at scale needs to be built, with projects like this one really moving the space forward for so many users.”
Polkadot parachains allow for individual projects to create their own dedicated blockchains at scale, a workaround to NFT-based platforms that often congest their network with high volumes of transactions.
Enjin’s announcement comes at a time when rival ecosystems to Polkadot’s new tech are beginning to find footing of their own. Avalanche recently announced a $290 million fund to promote NFT and decentralized finance (DeFi) applications on its “subnets,” the first of which being the popular GameFi platform DeFi Kingdoms.
Other projects confirmed to be expanding to Efinity include Lost Relics, Dvision Network, SwissBorg, MyMetaverse, Age of Rust and the PlayNFT Twitch plugin, according to a press release.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.