Blockchain developer Enjin has executed a significant move by transferring 200 million non-fungible tokens (NFTs) to its proprietary blockchain, aiming to enhance the utilization of its network.
The Singapore-based company announced that NFT holders can now claim their assets on the Enjin Blockchain using the updated version of the Enjin crypto wallet. As part of this migration initiative, users will enjoy a transaction cost waiver across the ecosystem for the next three months, according to the official statement.
Oscar Franklin Tan, Chief Financial Officer at Atlas, remarked that this migration represented one of the “most complex, unprecedented blockchain migrations.” Notably, it involved the transfer of both fungible and non-fungible tokens from Ethereum, Polkadot, and Enjin Blockchain.
The Enjin team underscored that this migration encompassed assets from thousands of digital creators, including tech giant Microsoft. In a prior report, Enjin disclosed the transfer of 118 million NFTs hosted on Ethereum, along with over 100 million NFTs on JumpNet, a sidechain for Ethereum, to its mainnet, referred to as the Enjin Blockchain.
The Enjin Blockchain stands as a public, decentralized blockchain developed by the Enjin team to offer creators a more cost-effective solution for hosting their NFTs on a distributed ledger. The network is complemented by its native token, Enjin Coin (ENJ), currently trading at $0.33, according to CoinGecko data.
