Nonfungible token (NFT) platform Enjin recently migrated over 200 million NFTs from Ethereum and a sidechain to its own Enjin Blockchain.

In an announcement received by Cointelegraph, Enjin noted that over 118 million NFTs hosted on Ethereum, along with over 101 million NFTs hosted in an Ethereum sidechain called JumpNet, have been transferred to its mainnet called the Enjin Blockchain.

Example of NFTs migrated to the Enjin Blockchain. Source: Enjin

In June, the NFT platform announced the creation of its own blockchain. Enjin said the new network embedded NFT-focused features such as NFT transfers and royalty enforcement into the blockchain’s foundational code.

With the transition, users will experience several changes, such as the built-in royalties and a new feature called “Fuel Tanks,” which lets developers subsidize gas fees for users. According to the announcement, the platform will use this feature to give users free transactions across its ecosystem for three months.

On Dec. 6, executives working in the gaming industry weighed in on the future of blockchain gaming and highlighted several catalysts to Web3 adoption in gaming. Bartosz Skwarczek, the founder and CEO of G2A Capital Group, told Cointelegraph that improvements in accessibility and user interfaces would attract a broader gamer audience to Web3.

Similarly, Rene Stefancic, the chief operating officer of Atlas Development Services, a core contributor to the Enjin Blockchain, said that the push to a different blockchain could potentially allow Web3 to “tap into the three billion-strong global gamer market.”

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Oscar Franklin Tan, the chief financial officer of Atlas, told Cointelegraph that to avoid an “incredible amount of gas fees” for transferring over 200 million NFTs, the platform has taken a different approach with their migration. Tan said:

“To avoid the incredible amount of gas fees for 200 million NFTs, instead of requiring users to burn the Ethereum NFTs before issuing Enjin Blockchain NFTs, which is how the normal migration would work, a snapshot was taken and users are allowed to sign with their Ethereum wallet to claim the Enjin Blockchain NFTs.”

Tan explained that this process lets users claim without paying for gas. However, one potential drawback is that instead of the NFTs being burned in Ethereum, they will still exist on the previous networks. “Creators have to ask holders not to trade them and consider the Enjin Blockchain versions the official versions,” Tan added.

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The post Enjin migrates over 200M NFTs from Ethereum to its blockchain appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ December 11, 2023 5:23 pm