December 13, 2023
By Sharan Kaur Phillora
Enjin’s monumental migration of 200 million NFTs from Ethereum and its sidechain JumpNet to the Enjin Blockchain marks a historic advancement in blockchain technology. This movement of 118 million NFTs from Ethereum and 101 million from JumpNet represents the largest NFT migration in history, underlining the growing demand for blockchain efficiency in the tech industry, with notable participation from major creators like Microsoft.
Here’s what we know:
The Enjin Blockchain, purpose-built for NFTs, introduces revolutionary features such as NFT transfers and royalty enforcement integrated into its foundational code. This transition brings several significant benefits to users.
For example, “Fuel Tanks” allows developers to subsidize gas fees, providing free transactions within the Enjin ecosystem for three months. These advancements are geared towards enhancing the user experience and scaling the platform to meet mass-market demands.
Rene Stefancic, Chief Operating Officer of Atlas Development Services, a key contributor to the Enjin Blockchain, highlighted the potential of this shift. He emphasized that moving to a different blockchain could enable Web3 to engage with the vast global gaming market, which comprises over three billion gamers. This move signifies a strategic push towards making Web3 gaming more accessible and widespread.
The migration strategy adopted by Enjin was unique. To avoid the substantial gas fees typically associated with such a large-scale transfer, Enjin took an alternative approach.
Rather than requiring users to burn their Ethereum NFTs before issuing new ones on the Enjin Blockchain, a snapshot was taken.
Users could then claim their NFTs on the Enjin Blockchain by signing in with their Ethereum wallets. This process enabled users to claim their assets without incurring gas fees.
However, a notable challenge arises as the original NFTs continue to exist on the previous networks. To address this, creators have been urged to ask holders to refrain from trading the Ethereum versions and to recognize the Enjin Blockchain versions as the official ones.
Enjin’s decision to launch its blockchain dedicated to NFTs, after six years of operation on Ethereum, marks a significant milestone in the ongoing quest for scalability and affordability in the Web3 gaming space. This move exemplifies the community’s commitment to progress and innovation, aiming to simplify token integration into mainstream games while ensuring fair compensation for creators through enforced on-chain royalties.
The new Enjin Blockchain, a specialized NFT-centric fork of the Polkadot Network, offers low transaction fees, high transaction throughput, and the capability for mass minting of NFTs, setting a new standard in NFT usability and accessibility.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.