Non-fungible tokens (NFTs) gained enormous popularity in 2020, both among investors and the general public. Enjin, a market leader in the NFT industry, is a platform that has been enabling users and other projects to create their own NFTs (and FTs) since 2017.
Enjin offers a complete and easy-to-use tokenization solution with broad applications, with a focus on enabling blockchain and NFTs to evolve the gaming industry, retail reward programs, art, fashion, and other industries.
Enjin (ENJ) has piqued your interest, but you’re not sure what it is or where to start? No problem. This article will tell you everything you need to know about the cryptocurrency.
What is Enjin Coin?
Enjin is a cryptocurrency that was created in 2017 by the company Enjin. 1 Enjin Coin is an ERC-20 token that can be sent and received using an Ethereum wallet. However, the technology that underpins Enjin is capable of much more than just dealing with a single currency.
Enjin is designed to be used in games—you can buy, sell, and trade NFTs using Enjin Coin and the Enjin wallet. For example, MMORPG players may buy an item in Enjin that is usable across multiple games and easily tradeable or sellable in an online marketplace.
The network’s parent company is based in Singapore, and it assists businesses in implementing their own solutions on the platform.
How it Works
Enjin helps with the creation, distribution, storage, trading, and integration of tokenized digital assets in a variety of industries, primarily gaming. The network uses ENJ-backed digital assets to create digital vouchers, NFTs used in gaming, and more.
The network assigns real-world value to every in-game or platform-based asset using a gamified approach. Furthermore, its community management services (CMS) platform enables users to create websites, stores, and forums, as well as modules such as in-game plugins, while reducing fraud, improving settlement times, and lowering transaction costs.
Enjin is well-known for its community management tools, which have helped over 20 million Minecraft users stay connected and form strong networks with other players.
Tokens and NFTs based on blockchain technology can be easily integrated into multiple platforms, allowing for cross-platform collaborations between game developers and major gaming brands such as Minecraft.
What Makes it Unique
According to co-founder Witek Radomski, ENJ is unique in that every token minted using the platform is directly backed by ENJ, the platform’s token. It essentially grants real-world liquidity to in-game items, opening the door to crypto-powered and blockchain gaming, as well as gamified real-world platforms.
Furthermore, Blagov stated that the company’s current focus is on the new platform’s adoption. He imagines a future in which millions of gamers use digital items backed by Enjin Coin without even realizing it. Enjin’s strong use case, combined with the intrinsic scarcity of the ENJ token, creates an excellent value proposition for the project as a whole.
Enjin’s software allows developers to create and manage virtual goods on the Ethereum blockchain. The mission of ENJ is to manage in-game items across multiple properties. This is accomplished by lowering transaction fees, eliminating duplication, and preventing fraud. Millions of transactions take place on the marketplace each month. It provides virtual goods owners with true ownership while providing users with a seamless NFT experience.