Enjin

NFT Marketplace Opensea Raises $100 Million — Firm Becomes a Blockchain Unicorn

July 21, 2021 Bitcoin.com

Enjin plans to use NFTs to promote sustainability and equality as member of UN pact

July 20, 2021 Coin Telegraph

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The company previously said it planned to enable carbon-neutral NFTs by 2030, and claimed its JumpNet blockchain is already carbon-negative.

The United Nations Global Compact, a non-binding pact aimed at encouraging businesses to adopt sustainable and socially responsible policies, has accepted nonfungible token and blockchain gaming and platform Enjin as a participant.

Enjin announced today it would be exploring ways to use nonfungible tokens, or NFTs, to promote sustainability and equality as part of the UN pact. The company suggested using the technology to fight climate change by employing it in carbon capture companies and reducing the global wealth gap by allowing creators around the world permissionless access to NFT markets.

"While we are struggling to recover from the global pandemic and its impacts, we are experiencing exponential growth of technologies like AI and blockchain,” said the head of the Centre for AI and Robotics at the United Nations Interregional Crime and Justice Research Institute, Irakli Beridze. “More than ever, we need to take advantage and harness the potential of these new technologies to ensure that we are better equipped and more united in the future, in order to make our planet a more livable, equitable place for all."

The United Nations has listed 17 goals on sustainable development it hopes to achieve by 2030, including reducing inequality, providing quality education, and encouraging responsible consumption and production. Esther Chang, executive director of the Global Compact Network Singapore, said Enjin’s involvement with the UN pact could help meet these goals as “technology plays an important role.”

The company has already joined initiatives aiming towards greener and sustainable practices, including the Crypto Climate Accord, in which participants commit to achieve net-zero emissions from electricity consumption. Enjin said it planned to enable carbon-neutral NFTs by 2030, and claimed its JumpNet blockchain is already carbon-negative

Environmental concerns have taken the spotlight in global industries including crypto and blockchain as the effects of climate change seem to be escalating. The UN has said that blockchain has the potential to address the climate crisis and help reach a more sustainable global economy.

Enjin’s NFT Marketplace Efinity Rakes In $20 Million From EFI Token Sale on CoinList

July 2, 2021 Bitcoin.com

Enjin’s EFI token sale nets $20 million as NFT aspirations grow

July 1, 2021 Coin Telegraph

<div>Enjin's EFI token sale nets million as NFT aspirations grow</div>

Coin Telegraph

EFI is the native cryptocurrency of Efinity, a Polkadot-based parachain developed by Enjin. The token sale, which was open to retail investors, sold out in just two-and-a-half hours.

A public sale of EFI token on CoinList netted Enjin $20 million in proceeds, setting the stage for a successful launch of a nonfungible token, or NFT, network on Polkadot.

A total of 40,089 users participated in the token sale, which closed in just two-and-a-half hours, Enjin announced Thursday. Over 600,000 users had registered for the sale, making it oversubscribed by 15 times.

With the sale, Enjin has now raised $38.9 million in support of Efinity, the Polkadot-based blockchain for the NFT industry. Enjin’s first EFI raise netted the blockchain company $18.9 million from investors that included Arrington XRP Capital, BlockTower, DFG Group and others.

Efinity has been designed to support both fungible and nonfungible tokens from any blockchain, including Polkadot and Ethereum (ETH). It boasts of an estimated 1,000 transactions per second, which means it has the potential to solve the cost and speed constraints of existing NFT and Ether-based protocols.

Maxim Blagov, Enjin’s CEO, described NFTs as “the future of digital ownership, adding that Efinity is “the latest entry in our robust ecosystem to carry that future forward.” He further explained:

“As a scalable, hyper-connected blockchain with next-generation features, Efinity will provide the infrastructure needed to harness NFTs with ease, and allow creators to focus on the creative process.”

The NFT boom in 2021 helped to significantly boost the price of ENJ, Enjin’s native cryptocurrency. The token returned a staggering 1,700% in the first quarter, including an eight-fold return during the month of March.

Since peaking at $4.00 on Apr. 9, the value of ENJ has corrected more than 70%.

Enjin joins Crypto Climate Accord, goes carbon negative

June 24, 2021 Coin Telegraph

Coin Telegraph

The cryptocurrency industry uses approximately 150 TWh of electricity annually, which is more than Poland, Norway, Egypt or Sweden, the company said.

Enjin, a blockchain gaming and nonfungible token platform, has stepped up to decarbonize its footprint by joining the Crypto Climate Accord, a move that adds further credibility to the industry’s growing environmental mandate.

The Crypto Climate Accord is backed by 20 firms from the blockchain, fin-tech and greentech industries. Inspired by the 195-signatory Paris Climate Agreement, the Accord was established in April to address the "large and growing energy consumption of cryptocurrency and blockchain, and the climate impact of their energy use.”

Enjin claims that its JumpNet blockchain has already achieved carbon-negative status nine years ahead of schedule. In March, the company said it planned to enable carbon-neutral NFTs by 2030.

“The creation of new forms of technology should never come at the cost of destroying our environment,” said Enjin CEO Maxim Blagov. “Carbon neutrality for JumpNet is an important step toward our vision of a sustainable NFT ecosystem for Enjin and our partners.”

In addition to decarbonizing newly created tokens, Enjin’s environmental sustainability plan includes supporting the tokenization of the physical economy and decarbonizing existing digital assets. Other measures include upgrading to carbon-neutral nodes and incentivizing carbon reduction technologies.

Environmental concerns have virtually hijacked Bitcoin’s narrative this year, with the likes of Elon Musk casting shade over carbon-intensive mining. The Tesla CEO briefly embraced Bitcoin earlier this year before deciding that BTC payments are no longer acceptable due to environmental risks. Now, he states that his firm is willing to accept payments of the virtual currency, provided there's more evidence for sustainable mining.

Other environmental sustainability efforts within crypto are also underway. As Cointelegraph reported, Tyler and Cameron Winklevoss’ Gemini exchange has purchased carbon credits to reduce Bitcoin’s carbon footprint. Separately, U.S. miner Stronghold Digital Miner recently announced that it raised $105 million to divert waste coal to cryptocurrency mining.