Enjin, a leading player in the NFT space, has accomplished a remarkable feat by seamlessly migrating over 200 million NFTs from Ethereum and its sidechain JumpNet to the Enjin Blockchain. This transition marks a significant milestone in the ever-evolving landscape of digital assets.
Enjin launched its own blockchain earlier this year, specifically designed to cater to the needs of NFT-related functions such as transfers and royalty allocation. This move was aimed at enhancing the efficiency and capabilities of the Enjin ecosystem. The transition to Enjin Blockchain brings forth a range of new features, including built-in royalties and the introduction of “Fuel Tanks.”
Unlocking New Features: Built-in Royalties and Fuel Tanks
With the implementation of Enjin Blockchain, developers now have access to built-in royalty features that enable them to receive a percentage of the transaction value every time an NFT is sold or exchanged. This revolutionary feature empowers creators to monetize their artistic work in an unprecedented manner.
In addition, Enjin has introduced “Fuel Tanks,” a feature that allows developers to offset gas fees for their users. By utilizing Fuel Tanks, the cost of transacting within the Enjin ecosystem can be significantly reduced, thus promoting accessibility and user adoption.
Migrating NFTs: A Unique Strategy
To enable a seamless migration of NFTs from Ethereum and JumpNet to the Enjin Blockchain, Atlas Development Services, a significant contributor to the Enjin ecosystem, devised a unique strategy to avoid hefty gas fees. Rather than removing Ethereum NFTs and minting new ones on the Enjin Blockchain, a snapshot of the NFTs was taken.
This innovative approach allows users to claim their NFTs on the Enjin Blockchain by simply signing with their Ethereum wallets, eliminating the need for gas fees. While the original NFTs remain on the Ethereum networks, the NFTs on the Enjin Blockchain are now recognized as the official ones, signifying a significant step forward in the NFT space.
Enjin’s successful migration of over 200 million NFTs to its own blockchain sets a new benchmark in the digital asset industry. With its advanced features and user-friendly ecosystem, Enjin is well-positioned to lead the future of NFTs and blockchain technology.
Enjin’s commitment to reducing transaction costs and providing innovative solutions for artists, developers, and users highlights the company’s dedication to creating a sustainable and inclusive NFT ecosystem.
Enjin’s accomplishment of transferring over 200 million NFTs from Ethereum and JumpNet to its own blockchain illustrates the rapid growth and innovation taking place in the NFT space. As the adoption of NFTs continues to rise, Enjin remains at the forefront, revolutionizing the way we perceive and interact with digital assets.
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