Enjin, a well-known player in the blockchain industry, has recently completed the migration of 200 million Non-Fungible Tokens (NFTs) from Ethereum to its newly established Enjin Blockchain. This significant transfer, which took place today, is the largest NFT migration in history. It’s worth noting that this migration involved assets from various creators, including tech giant Microsoft, which highlights the increasing focus of the technology sector on the efficiency and scalability of blockchain technology.
The importance of this migration is huge as with the ever-growing ETH fees, many of the legacy Enjin NFTs have been “stuck” In the Ethereum blockchain, creating a problem for both gamers and developers, especially for low-value NFTs.
Find out how to claim your NFTs by following this link.
Seamless Asset Transfer and Enhanced Features
NFT owners can easily claim their assets on the Enjin Blockchain via the Enjin Wallet. The migration offers benefits such as network-wide fuel tanks, free transactions, on-chain royalties, and a development platform for token integration in gaming apps.
Enjin’s leap to establish a blockchain dedicated to NFTs, after six years on the Ethereum platform, represents a significant stride in addressing scalability and affordability in the Web3 gaming sector. Enjin’s new infrastructure aims to enable games and applications to launch their own Layer 1 chains, ensuring full interoperability within the Enjin Blockchain ecosystem.
“Enjin’s migration from its legacy solutions exemplifies the community’s dedication to progress in its pursuit of mass-market success,” said Rene Stefancic, Chief Operating Officer of Atlas, Enjin Developer. “Only through continuous innovation, superior technology, and, most importantly, an unwavering commitment to user experience, can Web3 tap into the three billion-strong global gamer market.”
Technological Superiority of Enjin Blockchain
The Enjin Blockchain, a specialized fork of the Polkadot Network, tackles scalability challenges by offering remarkably low transaction fees of only $0.005. This platform boasts a high throughput capability, handling up to 5,000 transactions per second, and allowing for the minting of up to 2,000 NFTs in a single transaction. Such features set a new benchmark in NFT usability, indicating Enjin’s pioneering role in this sector.
Lastly, Oscar Franklin Tan, Chief Financial Officer and Chief Legal Officer of Atlas, an Enjin Developer, stated, “This was one of the most complex, unprecedented blockchain migrations in history, involving both fungible and non-fungible tokens from Ethereum, Polkadot, and Enjin Blockchain. Strong support from migrating holders secures the new Enjin Blockchain and expands governance.”