Enjin secured funding for an NFT-based Blockchain network

Crypto.com is one of the biggest contributors to Enjin’s private funding round for the world’s first NFT (Non-Fungible Token)-based Blockchain platform. The company raised the funding of $18.9 million for this venture.

Other investors would include DFG Group. BlockTower, and Arrington XRP Capita for the project Efinity. The NFT-based Blockchain platform is created using Polkadot to offer maximum scalability to users of this network.

This network can process transactions within 6 seconds and is planning to process 1000 transactions per second. The engineers will also expand the network’s cross-chain functionalities and interoperability.

It will also lead to the introduction of Paratokens for this purpose, and to connect digital collectibles to other Blockchain networks. According to Enjin’s experts, Paratokens are one step further to the ER-1155 standard. Aside from that, Enjin will have a native token (Efinity Token or EFI) to speed up these processes.

These coins have gained massive returns, which showcases the growing popularity of NFTs.