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The Efinity blockchain is designed to help humanity create a truly free, global digital economy bothering on digital collectibles.
Blockchain-based outfit Enjin has announced it raised as much as $20 million from its recently concluded public sale of Efinity Tokens on CoinList. As reported by Coindesk, the startup said the sale was oversubscribed with exactly 40,089 participants securing an allocation. The sale was notably concluded in just two and a half hours.
A public sale is an avenue for innovative projects to raise funds in the blockchain and cryptocurrency ecosystem. While it is similar to an Initial Public Offering (IPO), in a public sale, the procedure is generally streamlined with the demand from participants the primary obstacle blocking people’s access from making purchases and securing an allocation.
Since many missed out on Bitcoin (BTC) and Ethereum (ETH) in their earliest days when they traded at giveaway amounts, public sales are being embraced easily these days as crypto journeys on toward mainstream adoption. Choosing CoinList, a platform that has attained maximum recognition for its backing of projects like Flow (FLOW) from Dapper Labs, Casper Network (CSPR), and Mina (MINA), touted as the world’s lightest blockchain.
The EFI token is the utility currency of the Efinity protocol, a Polkadot-based parachain with a focus on non-fungible tokens (NFTs). The Efinity network supports all NFTs minted across various platforms ranging from Ethereum, Polkadot, Flow, and Enjin’s JumpNet amongst others.
“NFTs are the future of digital ownership,” said Enjin CEO Maxim Blagov. “Efinity will provide the infrastructure needed to harness NFTs with ease, and allow creators to focus on the creative process.”
Besides using the funds raised to fulfill its mission as defined in its roadmap, projects who raise funds through a public sale often do so to build an army of retail investors. This class of backers forms its community base and cements backing from venture capital firms and other early investors.
Beyond the Public Sale: Enjin and Efinity’s Tech in View
While the startup considered its public sale as a huge success, investors and community members are now focused on the technology, and in the team propelling the growth of the Efinity platform. Per the description given, the Efinity blockchain is designed to help humanity create a truly free, global digital economy bothering on digital collectibles.
The Efinity blockchain is billed to keep fees in the background. Based on the technology, the platform end-users do not need a blockchain wallet, and transactions are confirmed in 6 seconds. This capability permits the fast response times needed for mainstream applications.
“NFTs should be for everyone. Building with Polkadot will enable us to deliver an accessible, scalable solution that empowers everyone to participate in the emerging NFT economy. With the end-user in mind, Efinity will provide a fun, simple, and accessible experience for all,” said Caleb Applegate, Enjin COO.
Efinity is billed to process up to 700 – 1000 transactions per second. Liquidity and functionalities are a basic hallmark of the protocol’s design, with a promised to continually develop the blockchain network.