DFG Contributes 200,000 $DOT to Efinity Crowdloan

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dfg-official.medium.com9m ago

With the Polkadot Parachain Auctions underway since November 11, 2021, and a race for individuals around the world to stake their $DOT as a way to support the most promising projects competing for the first batch of slots, DFG has decided to assist, yet again, and deploy its held $DOT as a way to fuel a member of its Polkadot Ecosystem Fund’s mission to achieve one of the first slots available in this parachain auctions.

By allocating 200,000 $DOT to the Efinity crowdloans, DFG reaffirms its commitment to support as many Polkadot partners as possible in order to achieve a parachain slot and continue working towards making blockchain and Web3 a fully adopted technological advancement while providing the world with the base layer of solutions that will promote paradigm-shifting and disruptive ideas.

Efinity is the next-generation blockchain for digital assets, built on Polkadot and developed by the Enjin team who have proved their capabilities by building NFT standard, ERC-1155, on Ethereum. Efinity aims to create a brand-new ecosystem that offers a more developer and user-friendly experience. Through the collaboration with Polkadot, Efinity will be able to provide more accessible and scalable solutions so that everyone can participate in this emerging NFT economy. With users being the priority, Efinity will present us with an accessible user experience that is more interesting and simpler, which makes it the future blockchain designated for NFT.

Enjin was founded in 2009 by Maxim Blagov and Witek Radomski. Over the following decade, they organically grew their first product, the Enjin Network, to over 20 million gamers worldwide. In 2017, the company hosted a successful ICO of Enjin Coin (ENJ) and began pioneering a vision for non-fungible tokens (NFTs). Establishing itself as a world-class blockchain developer, Enjin began building a holistic ecosystem of user-first products that anyone can use to easily develop, trade, monetize, and market with blockchain and NFTs.

James Wo, DFG Founder and CEO, shared his thoughts on why the investment firm firmly believes in the solutions being created by the Efinity team.

“DFG has been looking into the NFT sector since 2019 and then started to draft a layout plan focused on NFTs regarding its investment strategy. At the beginning of 2021, the NFT market welcomed its own boom after a quiet development, broadening the field for the entire blockchain industry and establishing a new earning model. However, there has been no designated blockchain for NFT users so far, due to the chaos among ecosystems, the poor user experience, and the undeveloped technology. Furthermore, traditional networks have not reached the expected efficiency levels either. As a result, it is relatively difficult for new users to have access to high-quality NFT products.

The presence of Efinity shows us a fresh mindset of solving this sore point within the industry. It will build a scalable cross-chain network that allows the establishment, use, and transaction of NFTs to become easier, faster, and more affordable so that the trading volume and adoption of NFTs can be significantly improved. We believe this will accelerate the evolution of the global digital/virtual economy.”

Witek Radomski, Enjin Co-founder and CTO, commented on DFG’s recent support announcement and the broader Efinity mission.

“We have been working tirelessly to set a completely new standard to the blockchain-based gaming sector for years, by developing top-tier products on Ethereum and now creating a new entryway, with our same focus on users and developers on Polkadot, Efinity. We aim to allow developers to remove any entry costs or friction for gamers. Our hope is that it paves the way for more mainstream gamers to experience NFT ownership and interaction without the existing technological hurdles.

Having leading investment institutions, such as DFG, pushing us a step closer to our end goal is always an important factor for us to continue developing attractive products for millions of users and developers around the world that have yet to experience the benefits of NFTs by maximizing interoperability in gaming, asset ownership and much more.”