Jumpnet released 14 days ago
In the two weeks since its launch, the Jumpnet layer-2 solution by Enjin has attracted 50 NFT projects that are now using the network’s free NFT services. Among them are companies like Microsoft, crypto exchange Binance, and the Korean social gaming app GameTalkTalk.
Enjin started as a gaming platform on the Ethereum blockchain, and they introduced the ERC-1155 token standard. However, gas fees make minting and transferring game items on the Ethereum blockchain a big problem. Therefore Enjin launched Jumpnet earlier this month to make minting and sending an NFT cheaper, while they will introduce Efinity by the end of this year.
Jumpnet is a so-called Proof-of-Authority blockchain where creators can mint and distribute NFTs without paying any transaction fees. Microsoft has an employee reward program that utilizes Enjin’s services. They recently distributed 7,000 NFTs during their Global Azure 2021 event. In addition games like MyMetaverse, Lost Relics, and The Six Dragons are among the projects that already moved over to Jumpnet.
In comparison, sending 7,000 NFTs to different addresses on the Ethereum mainnet would probably cost more than $175,000 at the moment. The gas fee for sending a single NFT is more than $25 at the time of writing.
NFTs and gaming seeking options
The current gas fees on the Ethereum blockchain aren’t feasible for gaming and many other NFT projects. It’s not without reason that different solutions to the same problem have been getting lots of attention lately. Immutable X launched 10 days ago, and already saved more than $1,3 million in gas fees.
At the same time, NFT projects move to sidechains, like Polygon. Last week it took Artvatars only 24 hours to make $2 million in revenue, without paying any gas fees. Today Aavegotchi starts its Rarity Farming event on the Polygon blockchain, highlighting the crossover between gaming and DeFi. While gaming on Wax also seems to be a growing market thanks to success stories with Alien Worlds and the recent land sale for R-Planet.
In the latest BGA Blockchain Game Report by DappRadar data indicated year-over-year growth of 148%. Thanks to the increased usage of Wax, Polygon, and EOS, the amount of on-chain activity within gaming grew tenfold. In addition, some projects develop their own scaling solutions like Axie Infinity launched their Ronin sidechain. As a result, trading now happens without having to worry about gas fees.