Enjin Coin is a cryptocurrency and digital goods platform for blockchain games. The ERC1155 standard token of the same name was created as a customizable cryptocurrency for gaming platforms. Thus, ENJ can be used to trade digital goods within the game store that uses the Enjin platform.
Thanks to Enjin, the creators of crypto games get the opportunity to organize a full-fledged marketplace of goods, where users can make transactions by buying and selling in-game content. Any payment forms and wallets can be added by game developers using the open-source code that underlies the project.
Briefly About the Project
Enjin was founded in 2009 in Singapore. Then the team worked on a platform, allowing users to create online gaming communities. In 2012, the developers decided to implement blockchain, when bitcoin began to gain popularity and sharply grow in price. The founders of the project are two developers.
Maxim Blagov is CEO and creative director of Enjin with 18 years of expertise in creative direction, software project management, marketing, and software design.
Witek Radomski is the project’s CTO responsible for introducing cryptocurrencies into the gaming ecosystem. He is an expert in security and product testing and also the founder of the idea of transition to the blockchain as a promising field that will expand the capabilities of the project and its application. Developed the ERC1155 standard, which began to be used to generate regular tokens and NFTs after several improvements.
Enjin Coin aims to become a universal currency for crypto games, which gamers will use to buy and sell in-game content and digital assets.
ENJ can also be used for:
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- trading between different games;
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- rewarding users for completing tasks on servers or in games;
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- creating new markers to represent assets;
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- digital goods store settings;
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- activating the marker in any game while maintaining its value.
With the expansion of token use cases, the popularity of coins will also increase. This trend is already seen since the Enjin platform is built into some servers for Minecraft.
Which Projects Use Enjin Coin?
Creating a crypto marketplace is the dream of most game developers. Enjin has given this opportunity to many companies, resulting in the following projects:
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- 9Lives Arena is an online RPG where craft is the basis of gameplay and character development. All received loot and craft will come in handy in PvP fights;
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- Lost Relics is an RPG with a lot of dungeons where one can find valuable loot;
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- The Six Dragon is an RPG that is notable for its scope: 64 km2 and more than 1 billion dungeons;
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- Age of Rust is a sci-fi game designed for solo play, where you will need to explore the vast expanses of the universe after the apocalypse;
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- GameTalkTalk. About 3 million users are earning NFTs in the game. GameTalkTalk is a social community app focused on gaming and earning rewards from gaming.
ENJ Tokenomics
The total supply of coins is limited to 1 billion ENJ, of which 83% are circulating. The remaining 17% was allocated between the Enjin consultant team to encourage them further. The market supply is $1.2 billion, and this figure will increase to $1.4 billion with a total supply. The maximum value of the coin was fixed on April 9, 2021, when the price of ENJ rose to $4.
Each item can be turned into an NFT token, for which you need to spend a certain amount of ENJ. This is exactly what will show the real value of the coin because this process is reversed, and you get ENJ tokens again.
Enjin Wallet
Enjin Wallet is a mobile crypto wallet available on iOS and Android devices. The app can be found in the official digital goods stores Google Play and AppStore.
The wallet itself is used to send and receive ordinary cryptocurrencies and NFTs, which can be collectible or in-game.
How to Create NFTs on Enjin Marketplace?
NFT is a type of smart contract that contains a unique digital item. In the case of games, this is loot or certain in-game items that have value and can be sold to other users. Also, NFT technology is often used for digitizing intellectual or even physical property, such as paintings, trading cards, and sometimes real apartments, which can be bought for a specific price in the form of a non-fungible token.
To create an NFT on Enjin, you need to register on the platform and follow step-by-step instructions.
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- Create a project. To do this, you need to enter the name of the NFT, upload a picture and write a description. The type of project can be anything: from items to video games, ending with a full-fledged art.
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- Link Enjin Wallet. Make sure to replenish your wallet with a certain amount of tokens, which will be spent on gas and liquidity for the NFT being created.
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- Create an asset and provide liquidity. Specify the name, type of token, its number, emission limit, cost in ENJ, percentage of profit, which is transferred to the creator for each subsequent transaction involving this NFT.
Enjin NFT Marketplace
Enjin allows creating NFTs and trading them on its built-in marketplace. More than 17,000 tokens have already been put up for sale on the marketplace.
To create an account on the platform, you will need:
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- Go to the project’s official website.
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- Enter your email and click ‘I’m not a robot.’ Go to the next step by clicking on the Get Started Free button.
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- An email is sent to the specified email address.
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- Open the email and click on the Complete Registration button.
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- Specify the name, email, and password. Then click Sign Up to log into your account.
Now you can move on to creating an NFT on the marketplace. Just open the Platform page, go to Projects and click Create Project. You do not need to register on the platform to purchase tokens — it is enough to have an activated and replenished Enjin wallet. To buy NFT, you need:
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- Choose an NFT you are interested in and click the Buy button.
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- Choose the best offer from the list.
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- Scan the code using Enjin Wallet. The amount required for payment will be debited from the account, and NFT will be sent in return.
Forecast and Development Prospects
Enjin has many partnership agreements, but most of them cannot be disclosed since appropriate contracts protect them. The team is known to be working on:
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- JumpNet is a scaling technology that allows you to transfer and create ERC1155 tokens without paying for gas;
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- launch of the NFT 2.0 platform, which will differ from the first version in increased scalability and an adaptive market;
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- developing environmentally friendly technologies;
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- launch of the Efinity platform, an NFT platform on the Polkadot blockchain, where the token of the same name or ENJ can be used for operations.
To date, it is already known that Enjin was able to find a common language with Samsung, thanks to which the flagship smartphone models began to support the Enjin Coin cryptocurrency. Against the background of this news, the price of the token increased by 80% in 2 weeks. The company also entered into an agreement to work with Microsoft to help develop Azure, a cloud platform that will use an ERC1155 standard token as an incentive.
Conclusion
Enjin is an Ethereum-based cryptocurrency that provides the end-to-end solution needed to launch NFT projects that help generate new revenue streams and accelerate the company’s growth. The project’s core goal and development prospects allow us to hope that the coin and the project will continue to develop further.
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