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Enjin moves over 200 million NFTs from Ethereum to its blockchain

NFT: Enjin moves over 200 million NFTs from Ethereum to its blockchain

Enjin, the nonfungible token (NFT) platform, recently completed the migration of over 200 million NFTs from #Ethereum and a sidechain to its own #Enjin Blockchain. In their announcement, Enjin shared that they successfully transferred over 118 million NFTs from Ethereum and over 101 million NFTs from the Ethereum sidechain called JumpNet to their mainnet, the Enjin Blockchain.

The decision to create their own blockchain was announced by Enjin in June. They emphasized that their new network was specifically designed to cater to #NFTs, incorporating features like NFT transfers and royalty enforcement into the foundational code of the blockchain.

As a result of this migration, users can expect several changes. Notably, there will be built-in royalties and a new feature called "Fuel Tanks," which allows developers to subsidize gas fees for users. Enjin plans to leverage this feature by providing free transactions across their ecosystem for a period of three months.

On December 6th, industry experts in gaming discussed the future of blockchain gaming and highlighted various factors that could drive the adoption of Web3 in gaming. Bartosz Skwarczek, the founder and CEO of #G2A Capital Group, expressed his belief that improvements in accessibility and user interfaces would attract a wider audience of gamers to Web3. Similarly, Rene Stefancic, the chief operating officer of Atlas Development Services and a core contributor to the Enjin Blockchain, suggested that the transition to a different blockchain could potentially allow Web3 to tap into the massive global gamer market, which boasts three billion individuals.

In order to avoid exorbitant gas fees associated with transferring over 200 million NFTs, #Enjin took a unique approach to their migration. Instead of requiring users to burn their Ethereum NFTs before issuing Enjin Blockchain NFTs, as is typically done in a migration, Enjin took a snapshot and allowed users to sign with their Ethereum wallet to claim the Enjin Blockchain NFTs. This process enables users to claim their NFTs without incurring gas fees. However, it is important to note that the NFTs will still exist on the previous networks, and creators will need to request that holders refrain from trading them, considering the Enjin Blockchain versions as the official ones, as explained by Oscar Franklin Tan, the chief financial officer of Atlas.

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