Efinity: The Next-level Network for NFTs

https://enjin.io/blog/efinity

Efinity is a cross-chain NFT network developed by the Enjin team, which is based on Ethereum and is deployed on Polkadot as well. It will be a hub for all fungible and non-fungible tokens, acting like the NFT infrastructure for bridging the various parachains.

Efinity is now working on the development of Paratokens, the new non-fungible token standard, which is compatible with the Polkadot ecosystem, Kusama ecosystem, and Parathreds, as well as the ERC-721, ERC-1155, and ERC-20. Besides, Efinity will also focus on designing the concept of Grouped NFTs. To illustrate it, various individual NFTs will be categorized under the same NFT group, such as grouped NFTs of Kitties with different ages, genders, and breeds.

Efinity has tremendous scalability which is friendly to development. The vision of Efinity is to make NFTs able to be used easily and widely as smartphones in the future.

Compared to other NFT blockchains, Efinity aims to provide developers with powerful NFT trading tools to match the orders in a blink in addition to an innovative incentive mechanism on the network.

As for the incentive mechanism, Efinity Network has various pools for node validation, communities, value detection, and gas compensation to reward validated nodes, users’ NFT trades, bridges, developers of smart contracts, and liquidity providers.

Developers are authorized to set transaction fees on their own NFT marketplaces. With the trading of NFTs, the creators will constantly gain profit from the dividends of transaction fees.

Unlike the Ethereum or Bitcoin blockchains, Efinity rewards the participants instead of the miners. From the NFT creators and those involved in the marketplace to the early-stage developers, everyone will get $EFI as an incentive to push the growth of the Efinity ecosystem to the next level.

Moreover, Efinity allows users to participate in NFT trades without the need to use decentralized blockchain wallets, giving way to new users to enter the NFT markets in a quick and secure way. Transactions can be confirmed on average within 6 seconds which improves the quick responding time for mainstream Dapps.