Binance and Microsoft Enter Enjin’s NFT Project

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Enjin‘s cryptocollectibles website, JumpNet, has attracted more than 50 businesses.

According to an announcement on Enjin’s website, the JumpNet blockchain is being used by more than 50 companies.

What Is JumpNet and How Does It Work?

JumpNet is a blockchain that will host non-fungible tokens (NFTs) that are compliant with Ethereum‘s ERC-1155 norm.

Within two weeks of JumpNet’s launch, more than 50 companies had released non-fungible tokens or “cryptocollectibles.”

Microsoft, Binance, and OKEx are among the companies on the list of collaborators. Kriptomat, BlockDown, Ludena Protocol, Lost Relics, Japanese VTubers, MyMetaverse, The Six Dragons, Beauty in the Streets, and MetaverseMe are among the other partners.

On JumpNet, Microsoft has developed a collection of NFTs called Azure Heroes. Binance, Kriptomat, and OKEx, on the other hand, have produced commemorative collectibles and digital wearables.

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

Simon Kertonegoro, Enjin VP of Developer Success, stated

Enjin Lowers Ethereum Transaction Fees

Enjin uses proof-of-authority consensus instead of mining, allowing it to conduct transactions without relying on Ethereum’s high transaction fees and mining limitations.

The platform decreases its environmental impact by reducing its dependency on Ethereum mining. This strategy, according to Enjin, uses 99 percent less power than Ethereum.

In 2017, Enjin launched as an NFT issuance portal with an emphasis on gaming. A year later, the company created the ERC-1155 token standard, which allows smart contracts to accept both cryptocurrency and non-fungible tokens.

Enjin recently raised $18.9 million from private investors to develop an NFT blockchain on Polkadot called Efinity, which will operate with more than just Ethereum.

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