Enjin says goodbye to Ethereum and moves over 200 million NFTs to the blockchain.
Enjin, a leading non-fungible token (NFT) platform launched in 2017, recently conducted a large-scale migration of over 200 million NFTs from Ethereum and sidechains to its proprietary Enjin blockchain. The move, highlighted by Atlas Development Services executive Oscar Franklin Tan, aimed to avoid the high gas fees typically associated with large-scale relocations by using a new approach to the migration process.
The migration involved transferring over 118 million NFTs from Ethereum and over 110 million NFTs from JumpNet, an Ethereum sidechain, to Enjin’s mainnet.
Enjin’s rare triple-chain token migration, led by Efinity, involved transferring a complete parachain to the Enjin blockchain and converting EFI to ENJ tokens. (Image source: enjin.io)
Enjin announced the creation of a blockchain in early June that integrates NFT-focused functionality directly into the underlying code. This facilitates seamless NFT transfers and enables royalty enforcement within the Enjin blockchain.
An example of an NFT migrated to the Enjin blockchain. (Image source: X.com@enjin)
Enjin’s migration brought significant changes to users, including the introduction of built-in royalties and a new feature called “fuel tanks.” The latter allows developers to subsidize gas fees, giving users three months of free transactions across the Enjin ecosystem. This transition provides users with an improved experience with enhanced features built into the Enjin blockchain.
Industry experts from the gaming sector shared insights on the future landscape of blockchain gaming and highlighted pivotal catalysts for Web3 adoption in gaming. Bartosz Skwarczek, CEO of G2A Capital Group, emphasized the importance of improved accessibility and user-friendly interfaces to attract more gamers to Web3.
Likewise, Rene Stefancic, COO of Atlas Development Services, a key contributor to the Enjin blockchain, highlighted the potential for transition to other blockchains. Stefancic expressed optimism, suggesting that the changes would allow Web3 to tap into the massive global gamer market of 3 billion people.
Oscar Franklin Tan, CFO of Atlas, explained the unconventional approach adopted to mitigate the significant gas costs associated with migrating over 200 million NFTs. Tan explained that rather than requiring users to burn their Ethereum-based NFTs before obtaining their Enjin blockchain NFTs, they took a snapshot. Users can claim Enjin blockchain NFTs by signing with their Ethereum wallet and avoid gas fees during the process.
Tan pointed out a potential downside, noting that Ethereum-based NFTs will not be burned but will persist on the network. To establish a version of the Enjin blockchain as the official version, creators must request holders not to trade older versions.
Enjin’s transition to a Polkadot-based blockchain marks a significant milestone for the long-standing blockchain gaming platform. The move will allow users to migrate their assets by leveraging Enjin’s migration tool to move over 200 million NFTs minted on the Ethereum-based platform.
The Polkadot-based Enjin blockchain boasts features such as throughput of up to 5,000 transactions per second, on-chain royalty enforcement, and minimum transaction fees averaging around $0.005, paving the way for enhanced functionality. Additionally, game developers gain the ability to deploy individual game chains while ensuring interoperability with the main engine chain.
Image showing Enjin’s rationale for choosing Polkadot’s interoperable ecosystem. (Image source: enjin.io)
Rene Stefancic, COO of Atlas, praised Enjin’s move to Polkadot and emphasized its commitment to evolving for mass-market success. He emphasized that continuous innovation, cutting-edge technology and an unwavering focus on user experience are necessary for Web3 to reach the broad global gamer market.
Enjin’s move to blockchain leverages Polkadot-based architecture to provide scalability benefits. The migration to Polkadot will increase throughput and interoperability, improving the functionality of the ecosystem while ensuring more cost-effective transactions and game distribution opportunities.
As the industry continues to evolve, user-friendly interfaces, improved accessibility, and innovative technologies will play a pivotal role in expanding Web3 adoption within the gaming community.
This part considers the strategic importance of the Enjin migration and its potential for Web3 adoption in games. This highlights the importance of seamless user experience, technological innovation, and increased accessibility to bridge the gap towards widespread adoption within the global gaming market.