Enjin Attracts Binance and Microsoft to NFT Project

More than 50 companies have joined JumpNet, Enjin's cryptocollectibles platform.

Shutterstock photo by Pop Villains

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Enjin has revealed that more than 50 firms are using its JumpNet blockchain, according to an announcement on the firm’s website.

What Is JumpNet?

JumpNet is a blockchain designed to host non-fungible tokens or NFTs designed for Ethereum’s ERC-1155 standard.

More than 50 firms have launched non-fungible tokens or “cryptocollectibles” on JumpNet within two weeks of its launch.

The list of partners includes notable firms such as Microsoft, Binance, and OKEx. Other partners include Kriptomat, BlockDown, Ludena Protocol, Lost Relics, Japanese VTubers, MyMetaverse, The Six Dragons, Beauty in the Streets, and MetaverseMe.

Microsoft has created a series of NFTs called Azure Heroes on JumpNet. Meanwhile, Binance, Kriptomat, and OKEx have created commemorative collectibles and digital wearables.

“JumpNet has completely changed the pace of development,” Simon Kertonegoro, Enjin VP of Developer Success, stated. “Being able to mint and transact freely has unblocked nearly every project, and they’re moving over to JumpNet as fast as possible.”

Enjin Reduces Ethereum Costs

Enjin relies on proof-of-authority consensus rather than mining, meaning that it is capable of carrying out transactions without relying on Ethereum’s high transaction fees and mining limitations.

By reducing its reliance on Ethereum mining, the platform also reduces ecological impact. According to Enjin, this approach uses 99% less power consumption than Ethereum.

Enjin began as an NFT issuance platform in 2017 with a special focus on gaming. A year later, the company pioneered the ERC-1155 token standard, which has the ability to support both cryptocurrency tokens and non-fungible tokens in one smart contract.

The company aims to work with more than just Ethereum: Enjin recently raised $18.9 million from private investors to build an NFT blockchain on Polkadot called Efinity.

Disclaimer: At the time of writing this author held Cosmos.

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