Enjin, a leading blockchain platform for NFTs, has achieved a major feat by transferring over 200 million non-fungible tokens (NFTs) from Ethereum and its sidechain JumpNet to its proprietary Enjin Blockchain. This migration includes a staggering volume of more than 118 million Ethereum-hosted NFTs and over 101 million JumpNet-hosted NFTs. The move comes after Enjin’s launch of its own blockchain tailored explicitly for NFT-related functionalities, such as NFT transfers and royalty allocation.
Enjin’s transition to its own blockchain brings forth several novel features that enhance the NFT ecosystem. One of these features is the introduction of built-in royalties, allowing creators to earn ongoing income from their NFTs whenever they are sold or traded. In addition, Enjin has introduced a concept called “Fuel Tanks,” which enables developers to offset gas fees for users, potentially decreasing the overall cost of transacting within the Enjin ecosystem.
To facilitate this massive migration of NFTs, Atlas Development Services, a prominent contributor to the Enjin Blockchain, devised a unique strategy to avoid exorbitant gas fees. Instead of removing the NFTs from Ethereum and minting new ones on Enjin Blockchain, a snapshot was taken. This approach allows users to claim their existing NFTs on the new blockchain by signing with their Ethereum wallets, eliminating the need for gas fees. While the original NFTs still reside on the Ethereum network, Enjin Blockchain is regarded as the official platform for viewing and interacting with these digital assets.
Enjin’s successful migration of over 200 million NFTs marks a significant milestone in the ever-evolving landscape of digital assets. It demonstrates the growing importance of dedicated blockchain solutions for NFTs and highlights Enjin’s commitment to providing an optimal environment for creators, collectors, and developers. By enabling free transactions within its ecosystem for three months, Enjin aims to further incentivize users to explore and engage with its blockchain platform.
With its own blockchain now fully operational, Enjin aims to position itself as a one-stop-shop for all things NFT-related. The introduction of built-in royalties, gas fee offsetting, and the seamless migration process demonstrates Enjin’s dedication to creating a streamlined and user-friendly NFT ecosystem. Furthermore, Enjin’s interoperability with other blockchains opens up exciting possibilities for cross-chain interactions and collaborations, expanding the reach and utility of NFTs.
Enjin’s successful transfer of over 200 million NFTs from Ethereum and JumpNet to its proprietary blockchain underscores the platform’s influence in the NFT space. By introducing innovative features and executing a seamless migration process, Enjin is solidifying its position as an industry leader. The Enjin Blockchain promises to provide a robust and accessible platform for creators, collectors, and developers alike, as the adoption and utility of NFTs continue to expand.