Enjin’s NFT-focused blockchain proposal has garnered interest from over 50 projects including Microsoft, Binance, and OKEx.
JumpNet has given the Enjin ecosystem a shot to the arm.
— Enjin (@enjin) April 20, 2021
Gasless and Carbon-Neutral NFTs
The rising gas fees on Ethereum are a growing concern for NFT projects, especially those that require a frequent transfer of ownership, such as in-game item NFTs. As an alternative to Ethereum, where by far the most NFTs are on record, Enjin is working on a private blockchain called JumpNet.
JumpNet is run by four validator nodes that operate under a Proof of Authority consensus model and running the Ethereum Virtual Machine. This means that NFTs on JumpNet can be minted and transferred without requiring gas, albeit at the expense of heavy centralization.
Another advantage of using a private blockchain with only four nodes is the lower energy uptake of this setup. Enjin estimates that JumpNet will only consume 0.0002% of the energy Ethereum requires. Users will be able to decarbonize NFTs by moving them onto the private blockchain through the JumpNet bridge, which has been launched on April 6th.
According to a recent blog post, Enjin envisions carbon-neutral NFTs by 2030. Just last week, the Energy Web Foundation came up with a similar prediction, estimating that crypto mining will become carbon-neutral within the same time frame.
ENJ Increases by The Factor of 18
After the successful launch of JumpNet, Enjin plans to release a decentralized NFT-focused blockchain called Efinity with up to 1,000 validator nodes later this year. The announcements of JumpNet and Efinity have given a boost to the price of Enjin’s ENJ token.
ENJ has been one of the best-performing assets in 2021 with an over 18-fold increase in trading price since the beginning of the year. ENJ has hit a new all-time high on April 9th at $3.92. Currently, ENJ trades for $2.57.