There is some really exciting news that the efinity Token is life at the moment. There
is also six ways Enjin and Efinity works together. What exactly is Efinity, what price was it
launched at, and what does the future of Efinity look like?
Hello and welcome to daily crypto facts, before we move on to the video please don’t forget
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videos for you. Also hit the bill icon so you never miss a video from us. Without any
further ado, let’s get to the video. Enjin is developing Efinity, and next generation
blockchain for digital assets and is built on polka dot. The reason why Efinity was created
was because of the businesses and developers as they need it the platform that can deliver
a modern mainstream and developer friendly NFT experience. Since the release of ethereum
there have been attempts to build infrastructures and organizations around this general purpose
computing blockchain but there is an ever growing thirst for a better solution and that’s
where we are with Efinity. Efinity is actually built to solve these problems that we have
with cryptocurrency in this modern age. Efinity was created to help solve this problem so
that at the moment creators are forced to work with crippling fees. There is a lot of
fees and these fees are expensive especially on interior. There is also inflexible smart
contracts and disjointed interoperability so adaptions of today’s NFTS he’s still
largely limited and there’s a problem because a lot of people can’t actually get into
the NFT space as it’s so expensive and fees are high, making more people interested in
NFTS. These days it’s mostly the diehard crypto
enthusiasts who are really into cryptocurrencies and understand cryptocurrencies. So blockchain
like ethereum have become so expensive that the average user might pay $7 plus to move
a single token. Well, it also depends on the price of the token on the day, to particular
time and what day of the week it is. NFT gas space ethereum gas fees are always moving
up turned down and on some days are a lot cheaper. However sometimes if the days are
a lot cheaper, other days are much more expensive so there has to be ways to deal with this.
Hence the main purpose of Efinity is to be an NFT highway and not a general computing
blockchain token creation transfers and purchases and it works priority.
The transaction fee or Efinity are designed to stay in the background and allow users
to experience their favorite collectibles without worrying about how the network operates.
This the excess into an incentive as well. Now that we have a general idea of what Efinity
is, let’s have a look at the token itself because right now it’s live. So as they
have said that, open codes we are thrilled to share that the Efinity which is the E FI
token he’s being released and listed today on blockchain.com, crypto.com and the coin
list ”. You may remember that when they had launched their ICO, it was also launched
on the coin list. It’s a big news that’s good and this token is actually built on polka
dot. This announcement came in March that there is a next generation blockchain for
non fungible tokens or. However, since it’s built by Angel so there is a lot of things
that goes into Efinity to understand. We have already been through the listing partners
of this token. At the moment, it is one of the logics exchanges with over 20 million
users alone and that’s kind of crazy 1st of next, let's have a look at the six ways
Enjin and Efinity work together. We have already been talking about affordable transaction
on ethereum network but now affordable NFT transactions is even more interesting because
they themselves can be very expensive. So the Efinity token is used to pay for the low
cost transactions to move your Enjin powered in FT on the network unlike other networks
where fees are paid fully to the network administration miners and nodes Efinity transaction fees
are used to a governance. They nominate efficient network administrators and encourage active
participation in the network it goes into collateral rumination governance marketplace
feeling, so Efinity is a decentralized network and it’s governed by the community. So even
an Efinity holder can submit in collateral nomination can use their Efinity token to
also participate in governance. Now marketplace Enjin and NFTS can continue
to be used in Efinity’s marketplace and other applications. Since the token remains
in the address on Efinity, it is transferred or melted steak Enjin will be automatically
unstated. There’s also fueling innovation over 1.1 billion digital assets have already
been created with Enjin. that's just with Enjin alone and those are all NFTS so every
single one of them will be benefited from the low cost speed and next generation features
of Efinity such as crafting and fuel tanks. Efinity is also big bringing a lot of usefulness
so the crypto world not just in NFTS but cheaper transactions. It’s exactly what people need
to get from the crypto world and get involved in as well as it also goes into jump net.
So Efinity token also unlocks utility and Enjin jump net, a fee free blockchain holding
on jumping it increases your transaction limit so you can continue enjoying instant free
NFTS and Enjin token transactions on chain. It’s mostly about incentives that we wanted
to get into but before we can go into the incentives Part.
Let’s just take a look at the price of the Efinity token at the moment and we can do
a quick price analysis as well so because it’s only on a limited amount of exchanges,
the transaction itself is actually quite limited. You can see for yourself that it doesn’t
look like there's much going on the network and that's because it is still in its beginning
stage of trading. Now consider that there is 54.9 million tokens in circulation that’s
3% of its 2 billion Max supply. So if you are wondering why the price is already over
a dollar, it’s mostly because of this. The small extremely small circulating supply for
the rest of the suppliers actually loaded up is actually in the maximum supply and that’s
dedicated for various reasons. If the circulating supply stays the same then
you can expect the price to go up because we do think that more the people going to
trade with this crypto especially because you can use it for end facts and also use
it for cheaper transactions. The incentives ethereum and Bitcoin rewards miners with,
coin for securing the network share but there isn’t any similar incentive for the NFT
industry to fuel growth and development which can be problematic in the long term stop so
I compensates network participants with the Efinity token collaterals nodes who can run
on the network, users who govern the direction of the network, buyers and sellers who facilitate
price discovery, developers who propose projects build an Efinity, are all eligible to grants
from the community pool. Early adapters and creators, increased their token value with
bonding curves and liquidity. Well, All in all great things are coming from
Efinity and we want to see what it’s going to look like a couple of weeks from now, a
month or a couple of months from now. Also, what it’s going to look like in terms of
trading the volume and not to mention what it’s going to look like in terms of market
capitalization. Right now the market capitalization is 60 million but thus this token have 100
X potential, well that’s a big question that only time can tell, especially with tokens
like these.
What are your views on this? What do you think the future holds for Enjin Efinity? Do you
own any Enjin Efinity? Or do you plan on buying them any time soon? Let’s discuss about
this in the comments below.
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Before heading forward, kindly note that prices of cryptocurrencies frequently change, so
by the time you watch this video, it might have changed to a whole new value. The information
provided in this video does not constitute investment advice, financial advice, trading
advice, or any other sort of advice, and you should not treat any of the content as such.
The content in this video is for educational purposes only and hence should not be considered
as financial advice. Do conduct your own due diligence and consult your financial advisor
before making any investment decisions.