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Ethereum gets the boot as Enjin migrates 200m NFTs to its own blockchain

ethereum-gets-the-boot-as-enjin-migrates-200m-nfts-to-its-own-blockchain
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Ethereum gets the boot as Enjin migrates 200m NFTs to its own blockchain

Blockchain developer Enjin has transferred 200 million non-fungible tokens (NFTs) to its own blockchain in an effort to boost up the usage of its network.

In a blog post on Dec. 11, 2023, the Singapore-based company said NFT holders can now claim their assets on the Enjin Blockchain using the updated version of the Enjin crypto wallet. As part of the migration campaign, users are also free of any transactional costs across the ecosystem for the next three months, the announcement says.

Oscar Franklin Tan, Atlas chief financial officer, said this was one of the “most complex, unprecedented blockchain migrations,” as it involved migration of both fungible and non-fungible tokens from Ethereum, Polkadot and Enjin Blockchain.

“Enjin’s NFT migration follows and completes its token migration. Strong support from migrating holders secures the new Enjin Blockchain and expands governance.”

Oscar Franklin Tan

The Enjin team emphasized the migration included assets from thousands of digital creators, including tech giant Microsoft. According to a previous report, Enjin transferred 118 million NFTs hosted on Ethereum, as well as over 100 million NFTs on JumpNet, a sidechain for Ethereum have been transferred to its mainnet called the Enjin Blockchain.

Enjin Blockchain is a public, decentralized blockchain, which was developed by the Enjin team for creators looking for a cheaper way to host their NFTs on a distributed ledger. The network also has its own native token called Enjin Coin (ENJ), which is currently trading at $0.33, according to CoinGecko data.