200 Million NFTs Shift from Ethereum to Enjin Blockchain

Share This Post

Enjin has managed to transfer over 200 million NFTs from Ethereum and its sidechain JumpNet to the Enjin Blockchain. The transferred volume includes more than 118 million Ethereum-hosted and over 101 million JumpNet-hosted NFTs.

New Features Added With Migration

In a move announced this June, Enjin launched its own blockchain, designed explicitly for functions related to NFTs, such as transfers and royalty allocation. 

The transition to Enjin Blockchain introduces several new features like built-in royalties and “Fuel Tanks.” With “Fuel Tanks,” developers have the option to offset gas fees for their users, potentially reducing the cost of transacting in the ecosystem. Enjin is also planning on facilitating free transactions within its ecosystem over a span of three months.

Strategy for Efficient Migration

For this large-scale migration, Atlas Development Services, a significant contributor to the Enjin Blockchain, employed a unique strategy to avoid hefty gas fees. Instead of removing Ethereum NFTs and minting new ones on the Enjin Blockchain, a snapshot was utilized. This method provides users an avenue to claim their NFTs on the new blockchain.

Users can lay claim to their NFTs on the Enjin Blockchain by signing with their Ethereum wallets, eliminating associated gas fees. This system implies that the original NFTs stay on the Ethereum networks. However, holders are advised to view the NFTs on the Enjin Blockchain as the official ones, marking a noteworthy step in the NFT space.

Enjin’s Strategic Leap

Enjin’s successful migration of over 200 million NFTs from Ethereum to its own blockchain represents a significant milestone in the evolving landscape of digital assets. By introducing innovative solutions like built-in royalties and “Fuel Tanks,” Enjin is not only enhancing the user experience but also setting a new standard for NFT transactions and management. 

The strategic approach to migration, spearheaded by Atlas Development Services, showcases a forward-thinking method to overcome the challenges of high gas fees, a common barrier in the blockchain world. 

This move, coupled with the potential for broader adoption of blockchain in the gaming industry as highlighted by industry experts, positions Enjin at the forefront of NFT innovation. 

Source
200 Million NFTs Shift from Ethereum to Enjin Blockchain is written by Gabrielle Rodriguez for nftnewstoday.com

Related Posts

US energy officials agree to ‘destroy’ all data from crypto mining survey

United States energy officials have reached an agreement with...

Binance’s woes in Nigeria continue to mount

Binance’s woes in Nigeria continue to mount.  There was confusion...

Cryptocurrency Mining: A Beginner’s Guide to Generating Digital Assets

Cryptocurrency mining is a process that allows individuals to...

Inside Web3War v3.0: Ranked Matches, Real Rewards, and Skill2Earn Dynamics

Roll1ng Thund3rz has unveiled the latest version of its...

Diversifying Your Cryptocurrency Portfolio: Strategies for Beginner Investors

Diversification is a fundamental principle of investment management that...

Understanding Blockchain Technology: The Foundation of Cryptocurrency

Blockchain technology has emerged as the backbone of cryptocurrencies,...
ethereum
Ethereum (ETH) $ 3,422.62
bitcoin
Bitcoin (BTC) $ 61,966.60
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 0.632657
binance-usd
BUSD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.729986
dogecoin
Dogecoin (DOGE) $ 0.137828
litecoin
Litecoin (LTC) $ 91.29
solana
Solana (SOL) $ 128.17