Enjin raises $18.9M to launch NFT blockchain on Polkadot

Enjin has raised $18.9 million in a funding round led by Crypto.com Capital as it looks to build an NFT-blockchain on Polkadot

Blockchain gaming company, Enjin, has announced a $18.9m capital raise as it announces plans to launch a bespoke, NFT-focused blockchain named Efinity on Polkadot.

The funding round was led by Crypto.com Capital, DFG Group, and Hashed, with additional investment from the likes of Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital and DeFi Alliance.

Enjin is known for being the creators of the ERC-1155 non-fungible token (NFT), with the asset class rising to popularity throughout this ongoing bull market.

“NFTs should be for everyone,” said Caleb Applegate, COO of Enjin. “Building with Polkadot will enable us to deliver an accessible, scalable solution that empowers everyone to participate in the emerging NFT economy. With the end-user in mind, Efinity will provide a fun, simple, and accessible experience for all.”

The company has also announced that it is developing a cross-chain token standard called “Paratoken”, which will enable any fungible or non-fungible token from any blockchain to be moved onto the Efinity network.

“Digital assets should exist in a metaverse of blockchains.” said Witek Radomski, CTO of Enjin. “Opening up liquidity across multiple blockchains and use-cases will connect a broad ecosystem of creators, buyers, and sellers.”

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