Engine migrates more than 200M NFT from Ethereum to blockchain
Invincible Token (NFT) platform Engine recently migrated more than 200 million NFTs from Ethereum and Chainchain to its own Engine blockchain.
In an announcement received by Cointelegraph, Engin revealed that over 118 million NFTs hosted on Ethereum and over 101 million NFTs hosted on the Ethereum sidechain called JumpNet have been transferred to the main network, the Engin Blockchain.
In June, the NFT platform announced the creation of its own blockchain. Engine said the new network will focus on NFTs such as NFT transfers and royalty enforcement built into the blockchain's base code.
With the transition, users will get a number of changes, such as built-in royalty payments and a new feature called “Gas Tanks,” which will allow developers to subsidize gas payments for users. According to the announcement, the platform will use this feature to provide users with free transactions within the ecosystem for three months.
On December 6, executives working in the gaming industry weighed in on the future of blockchain gaming and pointed to several reasons for Web3 adoption in gaming. Bartos Sugarsek, founder and CEO of G2A Capital Group, told Cointelegraph that improvements in accessibility and user interfaces will attract a wider gaming audience to Web3.
Similarly, René Stefancic, CEO of Atlas Development Services, a major contributor to Engine Blockchain, said the push to a separate blockchain could allow Web3 to “tap into the three-billion-strong global player market.”
RELATED: NFT Trading Volume Approaches $1B As Markets Grow: Report
Atlas Chief Financial Officer Oscar Franklin Tan told Cointelegraph that in order to avoid “unbelievable gas fees” for transferring more than 200 million NFT, the platform has taken a different approach to migration. Tan said:
“To avoid surprise gas charges for 200 million NFTs, instead of asking users to burn Ethereum NFTs before withdrawing Engine Blockchain NFTs, how the normal migration works, a snapshot is taken and users are allowed to manually sign the Engine Blockchain Ethereum wallet to claim NFTs.”
This process allows users to request gas without having to pay for it, Tan explained. However, one potential flaw still exists on the old networks instead of being burned in the ATM (NFTs). “Creators should ask owners not to trade them and consider the Engine Blockchain versions as the official versions,” Tan added.
Magazine: Web3 Gamer: Games Want bots? Illuvium's CEO admits that 42X up is ‘hard'
