The world of Non-Fungible Tokens (NFTs) has been revolutionizing the digital asset landscape, and Enjin has taken a significant step forward by successfully transferring over 200 million NFTs from Ethereum to its very own blockchain. This migration marks a monumental milestone in the NFT space and showcases the growing capabilities of Enjin Blockchain.
Achieving the Migration
Enjin’s migration involved transferring a staggering volume of NFTs, which included more than 118 million Ethereum-hosted NFTs and over 101 million JumpNet-hosted NFTs. This accomplishment demonstrates Enjin’s commitment to providing a robust platform specifically designed for NFT-related functions, such as transfers and royalty allocation.
With the transition to Enjin Blockchain, users can now enjoy several new features that enhance their NFT experience. One noteworthy addition is the introduction of built-in royalties, allowing creators to automatically receive a percentage of secondary sales. This feature empowers artists and developers to monetize their creations more effectively.
Another exciting feature is the implementation of “Fuel Tanks.” Through Fuel Tanks, developers have the option to offset gas fees for their users, potentially reducing transaction costs within the Enjin ecosystem. This move is aimed at making NFT transactions more accessible and economically viable for both creators and collectors.
Furthermore, Enjin plans to facilitate free transactions within its ecosystem for three months. This initiative aims to attract more users and encourage widespread adoption of the Enjin Blockchain.
A Unique Migration Strategy
To avoid the heavy gas fees associated with transferring NFTs, Atlas Development Services, a significant contributor to the Enjin Blockchain, employed a unique migration strategy. Instead of removing Ethereum NFTs and minting new ones on the Enjin Blockchain, a snapshot was created.
The snapshot method allows users to claim their NFTs on the new blockchain by signing with their Ethereum wallets, eliminating the need for costly gas fees. While the original NFTs remain on the Ethereum network, Enjin Blockchain is regarded as the official platform for viewing and interacting with these digital assets.
Enjin’s successful migration of over 200 million NFTs from Ethereum to its own blockchain not only signifies a major milestone in the evolving landscape of digital assets but also highlights the scalability and efficiency of the Enjin ecosystem. By providing a dedicated blockchain for NFTs, Enjin is revolutionizing the way creators and collectors interact with digital assets.
This accomplishment paves the way for a more accessible and user-friendly NFT ecosystem, where transaction costs can be reduced, and artists can receive royalties effortlessly. Enjin’s dedication to improving the NFT space is evident through the introduction of innovative features and the strategic implementation of the migration process.
Enjin’s successful transfer of over 200 million NFTs from Ethereum to its own blockchain showcases the company’s commitment to advancing the world of NFTs. With the introduction of new features and the facilitation of free transactions, Enjin is driving the adoption of NFTs and enabling both creators and collectors to thrive in this rapidly growing digital asset market.