Enjin, the blockchain gaming platform, has announced its plans to launch new solutions designed to remove gas prices and support cross-platform Non-Fungible Tokens (NFTs).
Named JumpNet and Efinitiy, these solutions will be launched later this year to allow users to easily mint and transfer tokens between multiple networks without having to pay for gas in Ethereum.
Ethereum transactions have become increasingly troublesome in the blockchain gaming industry due to their reliance on a high volume of low-value transactions.
Enjin and JumpNet Could Drop Costs
JumpNet, scheduled to be launched on April 6, will operate as a highspeed bridge network that will remove gas prices on on-chain transactions of Enjin Coin (ENJ) and ERC-1155 tokens while providing instant transactions.
The launch date of Efinity has not been determined yet but is scheduled to launch sometime in 2021. Efinity will be a decentralized blockchain network specifically designed for NFTs, offering support for digital assets of any network and “next-generation” token features.
Multi-chain interoperability has been a growing concern in the blockchain gaming industry and other niches due to the increasing congestion and gas prices in Ethereum resulting from the DeFi boom of 2020.
While Ethereum 2.0 is expected to solve some of these issues, it is still uncertain whether the update will be able to do so or not.
By working on its own blockchain network, Enjin is sending a clear message that the increasing market fragmentation marks an opportunity for the NFT industry to lower the entry barriers and provide a better experience that facilitates adoption by different industries.
JumpNet: What is it?
JumpNet will be a private version of the Ethereum blockchain focused on enabling instant, secure, and gasless transactions on the network. It aims to provide these features by using a Proof of Authority (PoA) consensus algorithm which operates based on a node’s reputation.
The first version to be deployed in April will have limited functionality as the team expects to improve it in the future based on user feedback.
However, it will provide multiple features that will allow users to move their Enjin Coin from Ethereum to JumpNet, transfer ENJ and ERC-1155 tokens, mint ERC-1155 tokens, distribute ERC-1155 tokens via QR, and automate the distribution of tokens from apps or games, all with no fees.
It is expected that the removal of fees on the minting and distribution of tokens will further boost the adoption of the Enjin ecosystem by developers as it will greatly reduce expenses for the development teams.
Players will also benefit from these implementations as the elimination of gas fees which have made blockchain gaming unacceptable in terms of costs for a long time, as gas prices are higher than any value they can get from game transactions more often than not.
A Thriving Project
Enjin has been around since 2009, 12 years before the launch of its Initial Coin Offering (ICO), and has since become a staple of the blockchain gaming niche by attracting over 8.7k creators and minting over 2.15 billion ERC-1155 assets, the token standard introduced by Enjin.
The project has partnered with companies like Microsoft, Atari, and Bancor, to expand its reach to different industries looking to take advantage of NFT technology, which is not only limited to the gaming industry.
According to the Entertainment Software Association, 75% of American households have at least one gamer living in it while 65% of all American adults play videogames, a trend that is also becoming more popular around the globe.
This increasing interest in gaming has made projects like Enjin so interesting for investors as gaming is seen as one of the major paths toward blockchain technology mass adoption. This is reflected by ENJ’s performance over the last year, experiencing gains of over 900% in value.
The news about the incoming products being developed by Enjin saw the value of its token reach an all-time high of $1.32 on March 3rd, experiencing a steep increase from $0.9 to $1.19 in a matter of 15 minutes after the announcement.