Efinity Development Update (07/11/22)

The blockchain for NFTs, Efinity is a parachain built on the Polkadot ecosystem. It has NFT functions at the protocol level, allowing designers, game developers, artists, and others to supercharge their projects or apps at a low cost while remaining completely secure and scalable.

Version: v3.0.0

It’s now official: Fuel Tanks are live on Efinity, along with two other key pallets! We'll list them below.

Fuel Tanks

With fuel tanks, developers can subsidize transaction costs for their users/players. Developers can also specify how the fuel tanks may be used. Rules are flexible and can include:

• Whitelisting addresses/collections on the blockchain.
• Requiring users to have a token to be subsidized by the Fuel Tank.
• Permit-specific calls for rule sets on the blockchain.
• Setting up budgets for users & tanks.

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Fuel Tanks are not only live, they're constantly being added to with new features! Check out the most recent Roadmap Update, in which Witek Radomski talks about the different scenarios where Fuel Tanks make sense. Fuel Tanks save up to 75% on gas fees, making them useful in a variety of situations!

Marketplace Pallet

On Efinity, developers and blockchain users can trade their NFTs without the need for a front-end platform. With the marketplace pallet, you can buy, list, and sell tokens on the parachain marketplace directly on-chain. This pallet:

• Allows fixed-price listings.
• Allows timed auctions.
• Allows Royalties (more on this below)

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Royalties are worth discussing in more detail, and we will have a full post on this subject soon. Because this NFT functionality is built into the protocol layer, there is less smart contract risk and an account can receive a percentage of all sales of their tokens or collections.

A protocol fee of 2% is charged for all sales on the marketplace and is sent to pallet pools (to be used for costs related to the parachain). A website/platform fee of 0.5% is also automatically deducted by the chain and donated to whichever website is facilitating the transaction.

Other than that, the power of royalties is completely in the hands of the user — and creators won’t have to worry about collecting royalties if their NFTs are sold on a different marketplace.

Multi-Token Pallet

The MultiTokens Pallet allows blockchain users to interact with collections, tokens, and their metadata. It would be impossible to create a collection, NFTs, or even valid attributes for the collections and tokens you create without this pallet.

• Royalty support.
• Batch transaction will execute all possible calls, even if some of them fail.

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TL;DR:

• Fuel Tanks are live, and constantly being added to.
• NFT trading is also live with our Marketplace Pallet.
• Royalties are live and functional.

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That's all for this bi-weekly update. If you’re after updates to Enjin tools, you can find that here. Stay tuned for more updates in two weeks!