About

Efinity, now known as Enjin, developed by Enjin, is a blockchain infrastructure protocol tailored for NFTs, operating on the Polkadot network. It aims to address scalability, speed, and interoperability challenges in blockchain and Web3, supporting cross-chain NFTs.

History

Efinity is the brainchild of Enjin Pte Ltd, a gaming company established in 2009 that transitioned into the blockchain space in 2017 with the launch of its Enjin network. Three rounds of private sales were held for the Efinity protocol between February and March 2021. These rounds raised about $18.9 million from an extensive list of crypto funds and industry veterans. A public sale of the EFI token took place on June 24, 2021, where over 40,000 investors effectively raised $20 million in under three hours.

The EFI token was initially distributed on August 4, 2021, and was immediately listed on OKEx, Crypto.com, CoinList and Blockchain.com. EFI is Efinity's utility token which will be used to pay fees on the protocol, enable decentralized governance, incentivize early adoption of the ecosystem and also reward participants who provide liquidity to the platform.

Efinity announced the launch of the Efinity Metaverse Fund in November 2021. The $100 million fund will make seed and Series A equity investments in metaverse, NFT and gaming related projects to foster the growth of the decentralized metaverse space.

The Efinity parachain is specifically built to be an NFT highway that offers cross-chain capabilities and use-cases for creators, buyers and other participants of the NFT industry. Powering this cross-chain functionality is the protocol's new paratoken standard. The paratoken standard can accept tokens from other chains, including ERC-20, ERC-721 and ERC-1155 standards.