What is the Efinity Coin?
The Efinity coin is a token created to support the NFT ecosystem and allow users to create and own digital assets. Its founded by Enjin who pioneered the ERC – 1155 first NFT token standard.
Efinity is the world’s cross-chain NFT blockchain. Powered by the deflationary EFI Token, the network is environmentally friendly, scalable, and built for games, apps, enterprises and creators to deliver their own non-fungible tokens to mainstream audiences.
Built on Polkadot in partnership with Parity Technologies and the Web3 Foundation, Efinity is a new blockchain that’s purpose-built for NFTs. It’s a token highway designed to enable a specific kind of future—where NFTs are as widespread and easy to use as smartphones today.
NFT and Gaming
It is designed to avoid transaction fees and validation fees, and allows users to take advantage of subsidized gas fees. It is distributed to all active Collator Nodes. The Price Discovery Pool allows users to place bid orders, and the top bidders receive EFI from this pool until their order is filled or their bid is beaten by another bidder. The Fuel Tank Pool is designed to restock the coins that are used for transactions and the payment of transaction fees.
The Efinity marketplace allows users to trade in-game assets with other users, and to showcase their collections. With this, users can turn their efforts in gaming into real-world profits. In addition to promoting in-game activity, the Efinity Coin has its own market, where users can buy and sell their virtual goods. If you’ve been looking for a way to convert your virtual assets into real-world cash, you’ve come to the right place.
The Efinity protocol was designed to offer more privacy than previous blockchains. This is possible thanks to the Efinity network’s Discrete Accounts. Unlike NFTs, these accounts do not require private keys and can be used on other applications. If you transfer or melt your staked ENJ, it will automatically unstake. In addition, 15% of the total supply of EFI is reserved for staking operations, and will be distributed over several years. The native DeFi features in the Efinity system will enable you to earn yield from network fees and marketplace commissions.
