Enjin, a prominent nonfungible token (NFT) platform launched in 2017, recently executed a colossal migration of over 200 million NFTs from Ethereum and a sidechain to its proprietary Enjin Blockchain. This move, highlighted by Atlas Development Services executive Oscar Franklin Tan, aimed to circumvent steep gas fees typically associated with such large-scale transfers, employing a novel approach for the migration process.
Migration of NFTs to Enjin Blockchain
The migration involved the transfer of over 118 million NFTs from Ethereum and more than 101 million NFTs from the Ethereum sidechain, JumpNet, to Enjin’s mainnet.
Enjin’s rare triple-chain token migration, driven by Efinity, involved transferring a complete parachain to Enjin Blockchain and converting EFI to ENJ tokens. (Image Source: enjin.io)
Enjin had announced the creation of its blockchain earlier in June, integrating NFT-centric functionalities directly into its foundational code. This facilitated seamless NFT transfers and enabled the enforcement of royalties within the Enjin Blockchain.
Example of NFTs migrated to the Enjin Blockchain. (Image Source: X.com @enjin)
Features and Transition Impacts
Enjin’s migration brought forth significant changes for users, introducing built-in royalties and a novel feature called “Fuel Tanks.” The latter allows developers to subsidise gas fees, providing users with three months of free transactions across the Enjin ecosystem. This transition offers users a revamped experience with enhanced features embedded in the Enjin Blockchain.
Industry Insights on Web3 Gaming
Industry experts from the gaming sector shared insights regarding the future landscape of blockchain gaming, emphasising pivotal catalysts for Web3 adoption in gaming. Bartosz Skwarczek, CEO of G2A Capital Group, highlighted the importance of accessibility improvements and user-friendly interfaces to attract a wider gamer audience to Web3.
Similarly, Rene Stefancic, COO of Atlas Development Services, a key contributor to Enjin Blockchain, underscored the potential of transitioning to a different blockchain. Stefancic expressed optimism, suggesting that this shift could enable Web3 to tap into the vast three billion-strong global gamer market.
A Unique Migration Approach to Tackle Gas Fees
Oscar Franklin Tan, CFO of Atlas, shed light on the unconventional approach adopted to mitigate the substantial gas fees associated with migrating over 200 million NFTs. Tan explained that rather than necessitating users to burn Ethereum-based NFTs before obtaining Enjin Blockchain NFTs, a snapshot was taken. Users can claim Enjin Blockchain NFTs by signing with their Ethereum wallet, avoiding gas fees during the process.
Tan did note a potential drawback, pointing out that while Ethereum-based NFTs won’t be burned, they will persist on their respective networks. To establish Enjin Blockchain versions as the official ones, creators must request holders not to trade the previous versions.
Enjin’s Shift to Polkadot-based Blockchain
Enjin’s transition to its Polkadot-based blockchain presents a significant milestone for the longstanding blockchain gaming platform. The move allows users to migrate their assets, leveraging Enjin’s migration tools to move over 200 million NFTs minted on its Ethereum-based platform.
Advantages of Polkadot Migration
The Polkadot-based Enjin Blockchain opens avenues for enhanced capabilities, boasting features like a throughput of up to 5,000 transactions per second, enforced on-chain royalties, and minimal transaction fees averaging around $0.005. Furthermore, game developers gain the ability to deploy their individual game chains while ensuring interoperability with the main Enjin chain.
An image illustrating Enjin’s rationale behind selecting Polkadot’s interoperable ecosystem. (Image Source: enjin.io)
Rene Stefancic, COO of Atlas, praised Enjin’s migration to Polkadot, emphasising its commitment to progress for mass-market success. He stressed the need for continuous innovation, advanced technology, and an unwavering focus on user experience to enable Web3 to tap into the expansive global gamer market.
Overall Impact and Outlook
Enjin’s shift to its blockchain offers scalability advantages, leveraging Polkadot-based architecture. This migration to Polkadot enables increased throughput and interoperability, enhancing the ecosystem’s capabilities while ensuring more cost-effective transactions and game deployment opportunities.
As the industry continues to evolve, user-friendly interfaces, enhanced accessibility, and innovative technologies will play pivotal roles in expanding Web3 adoption within the gaming community.
Enjin’s Strategic Shift and Web3 Prospects
This segment contemplates the strategic significance of Enjin’s migration and the potential it holds for Web3 adoption in gaming. It emphasises the importance of seamless user experiences, technological innovation, and accessibility enhancements to bridge the gap towards widespread adoption within the global gaming market.
* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.