Efinity Coin: What You Should Know
Efinity Coin is the primary utility token on Efinity, an NFT blockchain built by Enjin. Enjin is the company behind the Enjin crypto project designed to ease the creation and use of NFTs.
Efinity aims to solve many of the problems hindering the growth of NFTs. Among its arsenal are ease of use, speed, and scalability. It’s also eco-friendly and features cheaper transaction costs.
The Efinity Protocol is a Polkadot Para-chain built for the NFT space. The protocol functions as a blockchain with independent economic data, state, and structure. The blockchain allows users and developers to shop, sell, and distribute NFT items.
Because it is not the only blockchain looking to solve some of the problems in the NFT space, it has a few unique features that enable it to stand out among its competitors. They include;
• Fast transactions: The blockchain can process up to 1,000 transactions per second. Transactions are verified in six seconds, allowing fast response times required for mainstream applications.
• Fuel tanks: Fuel tanks are discreet accounts used purely for transaction fees. They enable developers and creators to subsidize expenses for their customers.
• Crafting: The feature allows existing tokens to be modified. New tokens can also be created by following a Recipe. The feature simplifies the process of gamifying collectables.
• Efinity Swap: An automatic conversion mechanism that allows users to convert Paratokens into other Paratokens effortlessly.
EFI tokens have several uses. They can be used for paying network fees, purchasing various assets, staking, and governance.
Like most crypto, they have a max supply cap. Only 2,000,000,000 of the Paratokens will ever exist. There are currently 169,857,481 of them in public circulation . As of writing, according to Coinmarketcap, the coins are trading at $0.1616. They are ranked 554th largest cryptocurrencies in the world by market cap. They are available for purchase on several crypto exchanges including Huobi Global, Gate.io, BingX, and Bitget. They can also be earned by participating in the EFI ecosystem.
It is worth noting that EFI Coins are based on the Paratoken standard, a standard for interoperable, cross-chain tokens. They are designed to interact within and without the Polkadot ecosystem. They are considered fuel for the open metaverse.
The team behind Enjin Coin is the same team behind the Efinity platform. Maxim Blagov and Witek Radomski are their co-founders. Blagov is the CEO while Radomski is the CTO.
Blagov has spent over 14 years working on the Enjin Ecosystem while Radomski has spent 13 years of his life developing the platform. Caleb Applegate is another key contributor to the protocol. He is the COO.
EFI token price prediction
Several crypto prediction platforms view EFI Coins as good long-term investment options. Digitalcoinprice predicts growth, but a slow one, for the digital coins. According to the platform, they will continue to trade below $1 even beyond 2031.
Priceprediction.net predicts a more positive future for the Paratokens. The platform predicts they might trade at an average price of $0.30 in 2023, $0.40 in 2024, and $0.61 in 2025. However, if you hold the tokens for longer they might start trading above $1 in 2027.
WalletInvestor, however, predicts a concerning future for the digital currency. The platform predicts by the end of 2022 the Paratokens may be down, trading at an average price of $0.00480. The entire of 2023 and 2024 they may trade below $0.01.
Efinity crypto and its blockchain have a lot to offer, especially in the Metaverse. The more people decide to invest and use the cryptocurrency the better their chances of growing price-wise.
Note that all information provided here is the author’s opinion. It is not to be taken as financial advice. Always do your own research before investing in any crypto asset.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.