Enjin – Creators of Efinity

First, let’s recap on Enjin, the creators of Efinity. Enjin launched in 2018 and has been highly successful in the NFT space, with the current MC sitting at $1.3b MC. It is one of the first NFT creation platforms which allows for the tokenization of assets. Enjin enables game developers to issue fungible and non-fungible assets such as game tokens ETH tokens. Its NFT tool kit allows for the development, distribution, storage of tokenized assets. Enjin is also the author of the next-gen ERC-1155 token standard!

What Is Efinity

Efinity is a purpose NFT HIGHWAY built blockchain specifically for NFT users!
➤  Next-generation blockchain built as a parachain on Polkadot
➤  Estimated 700 – 1000 TPS
➤  Transaction batching
➤  Transactions confirmed in 6 seconds
➤  Polkadot relay chain security

Problems with Current NFT Marketplaces

➤ Slow transaction speeds
➤ Disjointed interoperability
➤ Inflexible smart contracts
➤ All rewards go to the miners

Multi-Chain NFT Ecosystem

➤  A hub for tokenized assets / NFT’s
➤  Mint and create millions of NFT’s for PENNYS!
➤  With Paratoken technology, any NFT from any chain can be moved to Efinity, supercharging it with next-gen features

Token Utility

Every asset on Efinity can be exchanged for any other NFT or other digital tokens that are bridged onto the network.
An imported coin such as ETH can be exchanged for a non-fungible token since both are interoperable Paratokens!

➤ Transfers & Bid/Ask Orders
➤ Liquidity pools
➤ Bridges
➤Smart Contracts
➤ Governance
➤ Marketplace Orders
➤ Network Transaction Fees
➤ Developer Fees
➤ Discrete Accounts
➤ Fuel Tanks
➤ Jump Net

Paratokens

Imagine a custom-built NFT blockchain on Polkadot, running on a Parachain.
Cross-chain interoperability with its own NFT Token Standard that is compatible with the entire Polkadot and Kusama ecosystem.

Multi-Chain Hub – Increased Network Effects

➤ Increased volumes of transactions across all chains
➤ Massive increase of liquidity in the NFT space across multiple chains
➤ Use cases will connect a broad ecosystem of buyer’s users & sellers

NFT.IO – Built by Enjin, powered by Efinity

➤ Built by Enjin and powered by Efinity, NFT.io is the flagship NFT marketplace for Efinity
➤ Another step closer to mass adoption
➤ When it goes live in December 2021, users will have access to the whole NFT.io marketplace experience, including auctions and re-listing/trading capabilities.

Beam

Beam is a first-of-its-kind tool that can deliver NFTs to anyone via a simple QR code scan. Available to partners like Microsoft and SwissBorg in private access, Beam has already been used to distribute over 500,000 blockchain assets

Fee-free transactions on JumpNet have reignited the demand for this technology, with over 350,000 items Beamed since the network’s launch this year. Efinity is looking at a capacity of 100,000 NFTs per Beam campaign, with plans to expand this to millions – this is completely insane

As Efinity develop and scale Beam, they will be opening the self-serve platform in Early Access in Q4 of 2021, allowing anyone to distribute NFTs to a broader audience easily

Enjin Wallet 2.0

Enjin’s native flagship wallet has been continually worked on since 2018. The team have been making improvements, iterations, and adding features, from blockchain gaming support to integrated exchange platforms.

With increasing demands for multi-chain, Defi, and NFT capabilities, Enjin is evolving the wallet to be a more robust, seamless, social experience than ever before. In addition, they have increased their mobile development team to deliver a top-of-the-line app experience, which will also tie into key Efinity features like staking (collator nomination).

Walled Gardens

Fragmented blockchains and marketplaces result in walled gardens that compete for liquidity and hurt the growing digital metaverse. Enjin (with Efinity) aims to eliminate “Walled Gardens”, restricting the flow of in-game items from one game to another. In addition, Enjin aims to solve the challenge of facilitating the pricing and exchange of NFTs. This will create network effects by attracting increasing volumes of transactions.

Enjin Multiverse

Enjin-powered NFTs are now usable in multiple gaming universes, creating a borderless user experience where players can slide through digital dimensions with a persistent identity and inventory.

Built by Enjin on Ethereum as a cross-platform project that integrates MULTIPLE GAMING WORLDS into a UNIFIED MULTI-VERSE experience

Fuel Tanks

➤ These are special Discrete Accounts that are used purely for transaction fees
➤ Creators can choose to subsidize customers cots by depositing EFI tokens to their Fuel Tank
➤ A fuel tank can whitelist specific tokens, tags, transaction types or specific users

Crafting

The CRAFTING feature is so cool. It basically allows existing tokens to be modified, created by using a RECIPE
A recipe may require ownership of specific tokens (e.g. Hammer & anvil)=
It can be coded to perform several actions: minting, burning, melting or transferring

EfinitySwap

EfinitySwap is essentially a feature that helps with the exchange of Paratokens
➤ It happens by allowing automatic conversion of Paratokens into other Paratokens without friction
➤ Existing Bid & Ask orders are used to facilitate these swaps

Efinity’s Price Discovery Pool

Efinity’s Price Discovery Pool was created to facilitate the development of third-party apps using Efinity to transfer NFTs to other blockchains
To incentivize users to place Bid Orders, the top (un-filled) bids for each Paratoken will receive $EFI from the Price Discovery Pool ?

JumpNet

➤ As a free, carbon-negative solution, JumpNet has made it possible for users to mint and distribute non-fungible tokens (NFTs) without fees—or concerns about the environmental impact
➤ Enables forever-free Ethereum transactions. A fee-free blockchain!
➤ Holding EFI on JumpNet (JEFI) increases your transaction limits so that you can enjoy instant, free NFT and ENJ token transfers on-chain

Planed for 2021 Q4
➤ Smart contracts will enable projects like Forest Knight, Space Misfits, Ether Legends, and Spirit Clash to launch their own ERC-20 tokens, create robust marketplaces, and implement unique minting mechanics.
➤ Building bridges to improve JumpNet’s capabilities enable projects to move their existing ERC-1155 assets from Ethereum to an affordable network.

Decentralized Governance

Efinity parachain uses Decentralized Governance where they are two types of proposals users can vote on
➤ Privileged functions – state functions, transaction fees, marketplace fees
➤ Code updates of pallets or the entire code
➤ Get rewarded in $EFI for participation!

Incentives

Incentives – Efinity makes the platform very attractive for users so they can benefit from earning come juicy RFI token rewards
These range from:
➤ Fees Reduction
➤ Network Rewards
➤ Liquidity Rewards
➤ Governance Rewards

Transaction fees

➤ Staking $EFI in the Fuel Tank will allow for subsidized gas fees
➤ NFT creators can charge additional fees to profit from trading activity, transactions conducted by third-party apps & smart contracts using Efinity

Network Rewards

Efinity rewards Network Rewards in multiple ways

➤ Taking part in the Collator node nomination process
➤ Running Collator nodes
➤ ENJ staking users will also earn $EFI collected as network fees, market fees, cross-chain bridge fees, and smart contract fees!
➤ Efinity hosts native Defi features, allowing stakers to earn yield from network fees and marketplace commissions
➤ Users who govern the direction of the network
➤ New project development grants
➤ Early adopters and creators increase their token value with bonding curves and liquidity
➤ Incentives for the development of new bridge modules

Tokenomics

Total Supply – 2 billion
Private Sale has vesting for 21 months, released gradually every 3 months, starting Aug 3rd 2021
Public Sale has vesting for 9 months, vesting begins Aug 4th 2021
Team has 3 years vesting, 1 year cliff
Ecosystem – 3% to the decentralized Treasury Pool on genesis. The remainder is unlocked monthly to the Ecosystem fund over 3 years.
Staking and Pools – 15% of the total EFI supply will be reserved for distribution to EFI pools as a Block Reward.

Community Sale on Coinlist
The public sale was held on Coinlist in June 2021
In under 3hrs $21m of $EFI sold on @$0.20 /token
Other funding: @Crypto.com
Going by the interest in this coin, I can only North upon release

Team

Enjin, the creators of Efinity have a large team of 95 employees, 19 of whom are experienced developers. It was founded in 2009 so it has over 13 years of experience in gaming, branching into NFT’s in recent years. Enjin has a large team of developers and advisors with ample experience and funding, They are experts in their field and their success to date is a true reflection of this.

Maxim Blagov (CEO, Co-Founder) – Visionary and creative director with 18 years of expertise in creative direction, software project management, marketing, and software design. Expert in concept & strategy development for large interactive applications, specializing in the Video Gaming and Blockchain industry.

Partners and Investors

Efinity has been funded by Enjin. Other high-end investors include Crypto.com and Coinlist

Roadmap

Efinitys Roadmap is divided into 3 phases, and it essentially incorporates all of the above thread

Coming up in 2021 Q4
➤ JumpNet smart contracts and ERC-1155 bridge
➤ Enjin Beam scaling and public access
➤ NFT.io marketplace
➤ Wallet 2.0

Conclusion

Efinity is bringing a lot to the world of gaming and NFT’s. Their entire ecosystem from their strong community to their unstoppable innovative team doesn’t seem to be slowing down anytime soon. Their new Paratoken standard and cross-chain interoperability will be of huge advantage to the gaming and NFT community. It will significantly increase liquidity and in my opinion, their feature-rich ecosystem will attract a lot of people to the space.

Please note that currently there is no working product is not available yet and the project code is not open-sourced. Once more information and updates are available, a new rating will be provided.

Resources

https://nft.io/
https://enjin.io/help/efi-to-jnet-guide
https://efinity.io/whitepaper/introduction
https://enjin.io/blog