Enjin, the creators of the ERC-1155 NFT standard, is developing Efinity, a next-generation blockchain to serve as the infrastructure of the decentralized metaverse.
Businesses and developers seriously need a platform that can deliver a modern, mainstream, and developer-friendly NFT experience. Since the release of Ethereum, there have been attempts to build infrastructure and tokenization around this general-purpose computing blockchain, but there’s an ever-growing thirst for a better solution.
Creators are forced to work with crippling fees, inflexible smart contracts, and disjointed interoperability. Adoption of today’s NFTs is still limited to die-hard crypto enthusiasts.
The blockchains that NFTs live on give actual users no incentives (other than the prices rising), because miners are given the full share of generated tokens. Prices rise, infrastructure companies create silos and paywalls, and it becomes difficult to make real progress in this industry - unless we can unify the community and think a bit differently.
Efinity is built to solve these problems. Addressing gas fees and congestion head-on, Efinity provides world-class scalability, currently testing at 20 million NFT mints/transfers per second.
We're developing a new token standard called the Paratoken Standard, which will support NFTs from any network and will be compatible with the entire Polkadot and Kusama ecosystem.
Efinity Token (EFI) will be the first-ever paratoken.