Enjin Transfers 200 Million NFTs to Boost Network Usage
Blockchain developer Enjin has successfully migrated 200 million non-fungible tokens (NFTs) to its own blockchain, aiming to enhance the utilization of its network. NFT holders can now claim their assets on the Enjin Blockchain using the updated version of the Enjin crypto wallet, as announced on Dec. 11, 2023. As part of the migration campaign, users will enjoy three months of transactional cost exemption across the ecosystem.
“Most Complex” Blockchain Migration Completed
According to Oscar Franklin Tan, Atlas chief financial officer, this migration is one of the most complex and unprecedented blockchain migrations ever conducted. It involved transferring both fungible and non-fungible tokens from Ethereum, Polkadot, and Enjin Blockchain. Migrating holders’ strong support not only secures the new Enjin Blockchain but also expands governance.
Assets from Thousands of Digital Creators Migrated
The Enjin team highlighted that the migration included assets from numerous digital creators, including tech giant Microsoft. Over 118 million NFTs hosted on Ethereum and more than 100 million NFTs on JumpNet, a sidechain for Ethereum, have been successfully transferred to Enjin’s mainnet called the Enjin Blockchain.
About Enjin Blockchain
The Enjin Blockchain is a public and decentralized blockchain developed by the Enjin team specifically for creators seeking a more cost-effective way to host their NFTs on a distributed ledger. The network also features its native token called Enjin Coin (ENJ), which is currently trading at $0.33 according to CoinGecko data.
Hot Take: Boosting NFT Adoption with Enjin’s Migration
Enjin’s successful migration of 200 million NFTs to its own blockchain is a significant step towards boosting the adoption and usage of non-fungible tokens. By providing NFT holders with an updated crypto wallet and eliminating transactional costs across the ecosystem for three months, Enjin aims to incentivize more users to claim their assets on the Enjin Blockchain. This migration, involving assets from thousands of digital creators, including Microsoft, showcases the scalability and versatility of Enjin’s platform. With the Enjin Blockchain offering a cheaper hosting solution and its native token ENJ gaining traction in the market, Enjin is well-positioned to drive further growth in the NFT space.
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