The latest reports show that Enjin has managed to transfer more than 200 million NFTs from Ethereum and its JumpNet sidechain to the Enjin Blockchain. The transferred volume includes over 118 million Ethereum-hosted and 101 million JumpNet-hosted NFTs.
New Features Added With Migration
In a move announced in June 2023, Enjin unveiled its blockchain, designed explicitly for features and functions related to non-fungible tokens (NFTs), such as transfers and royalty allocation.
Interestingly, the transition to Enjin Blockchain introduces multiple new features like the built-in royalties and “Fuel Tanks.” With “Fuel Tanks,” developers have the option to offset the gas fees for the users, possibly reducing the cost of transacting in the ecosystem. Enjin also plans to facilitate free transactions within its ecosystem within three months.
Strategy For Effective Migration
For the large-scale migration, Atlas Development Services, a renowned contributor to the Enjin blockchain, used a distinct strategy to avoid paying hefty gas fees. Instead of getting rid of Ethereum NFTs and minting new ones on the Enjin blockchain, a snapshot was used. This strategy offers users a way to claim their NFTs on the new blockchain.
The users can lay claim to their NFTs on the Enjin Blockchain by signing with their Ethereum wallets, eliminating all associated gas fees. This ecosystem suggests that the original NFTs stay on the Ethereum networks. Nevertheless, holders are advised to view these NFTs on the Enjin Blockchain as the official ones, which marks a notable step within the NFT space.
Enjin’s Strategic Leap
Enjin’s successful migration of more than 200 million NFTs from Ethereum to its blockchain represents a major milestone in the dynamic landscape of digital assets. By unveiling innovative solutions like the built-in royalties and “Fuel Tanks,” Enjin is enhancing the user experience and setting new standards for NFT transactions and management.
The strategic approach to migration, led by Atlas Development Services, showcases a forward-thinking strategy to overcome the challenges of high fees, a common barrier within the blockchain world.
This move, boosted by the potential for widespread adoption of blockchain in the gaming sector as highlighted by industry experts, positions Enjin at the forefront of NFT innovation.
