November 6, 2023
6 min read
Enjin Coin (ENJ) has been making waves both in the world of digital assets and gaming, revolutionizing the way players can own, trade, and monetize in-game items. In this article, we delve deeper into the world of ENJ, exploring its unique features, the benefits it brings to both players and developers, and its potential impact on the future of gaming, digital collectibles, and beyond.
Enjin is a blockchain-based platform that aims to revolutionize the gaming industry by empowering gamers with true ownership over their virtual assets. It provides a suite of tools for individuals and game developers to create, manage, and trade in-game items as non-fungible tokens (NFTs). These NFTs are unique, verifiable digital assets that enable gamers to truly own and trade their virtual items across multiple games and platforms.
Enjin also offers an ecosystem of decentralized applications (DApps) and marketplace platforms, where users can buy, sell, and exchange their NFTs, creating a vibrant and dynamic economy within the gaming world. With Enjin, gamers have the opportunity to unlock new possibilities, enjoy enhanced gaming experiences, and actualize the value of their time and investments in virtual worlds.
The history of Enjin can be traced back to 2009 when Maxim Blagov and Witek Radomski co-founded the company. In its early years, Enjin primarily operated as a social gaming platform, enabling gamers to connect and create their own communities. However, in 2017, Enjin made a significant shift towards blockchain and cryptocurrency, with the goal of empowering gamers by giving them true ownership of their virtual assets. Enjin's team is comprised of talented individuals with diverse backgrounds in technology, gaming, and blockchain. Their combined expertise enables them to develop innovative solutions and create immersive experiences for both game developers and players. The team's relentless pursuit of their vision has led to the development of groundbreaking products such as the Enjin Network, Enjin Wallet, and the ERC-1155 token standard. With Enjin, the future of gaming is being revolutionized, offering gamers a whole new level of ownership and value within the virtual worlds they love.
Enjin works by leveraging the power of blockchain technology, specifically built on the Ethereum network. Its native token, Enjin Coin (ENJ), is an ERC20 token that enables transactions and smart contract functionalities. Enjin offers a platform with a range of features, including virtual goods creation and management. Developers can create and launch their own cryptocurrencies backed by Enjin Coin, simplifying the integration of cryptocurrencies into the gaming world. The platform also provides multiple software development kits (SDKs) for easy integration into existing or new games, supporting Unity, Java, Godot, and more. Enjin's marketplace allows users to discover, buy, and sell rare and unique blockchain assets, with over 10 million digital items available. Enjin Beam, a digital asset distribution system, enables developers to send NFTs and FTs to users through a simple QR code scan. With over 1 million downloads, Enjin Wallet is a feature-packed digital wallet that seamlessly connects with games and apps. Additionally, Enjin has developed Efinity, an upcoming Ethereum scaling solution that will enable fast and free transactions of ERC-20 and ERC-1155 tokens. This combination of features and technologies makes Enjin a comprehensive and pioneering solution for blockchain-powered gaming experiences.
Enjin is a unique project that stands out in the blockchain gaming space. What sets Enjin apart is the direct backing of every token minted on its platform by ENJ, its native token. This allows in-game items to have real-world liquidity, enabling crypto-powered and blockchain gaming experiences. The company is focused on driving the adoption of its platform and envisioning a future where millions of gamers seamlessly use digital items backed by Enjin Coin without even realizing it. Enjin's strong use case and the inherent scarcity of the ENJ token contribute to the project's value proposition. Notably, Enjin has partnered with Kriptomat, a cryptocurrency exchange, to create The Dragon Riders reward system. Through this system, users earn Kripto, a cryptocurrency, when they use the exchange or other partnered sites. These rewards can be used for various purposes such as trading discounts or collectibles, which can be owned, used in games, or freely traded like any other cryptocurrency.
Enjin Blockchain is set to launch on September 13th, 2023. It is a Layer 1 custom blockchain specifically designed with NFT capabilities integrated into the protocol layer. Supported by the existing Enjin app layer, which includes Enjin Wallet, the NFT.io marketplace, the Enjin Platform for NFT integration with no code required, and the Beam NFT QR code distribution system, Enjin Blockchain builds upon the world's first NFT gaming ecosystem established in 2018. Since its unveiling in June, the response from the community has been overwhelmingly positive, as the new chain aims to fulfill the original visions of Enjin and Efinity by making NFTs accessible to all. The Enjin and Efinity communities will be consolidated, and the ecosystem will be powered by a unified token, ENJ. The launch will see the integration of Efinity Matrixchain into Enjin Matrixchain, with Enjin Coin migrating from ERC-20 to the Substrate-based Enjin Blockchain at a 1:1 ratio, and Efinity Tokens being swapped to ENJ at a 4:1 ratio. Core features such as governance and staking, fuel tanks, and managed wallets will be available on the Enjin Blockchain.
Furthermore, the seamless integration with the Enjin app layer ensures a hassle-free experience for users through Beam, Enjin Wallet, NFT.io, and the Enjin Platform.
Efinity is another project by Enjin and it has also migrated to the aforementioned new Enjin blockchain. Efinity is a cryptocurrency project that aims to provide a scalable and interoperable blockchain platform for NFTs. It leverages the Polkadot ecosystem, which enables high scalability and allows different blockchains to connect with each other. Using Efinity, developers and creators can mint, distribute, modify, and trade NFTs efficiently across multiple chains, while users can have a seamless and user-friendly experience interacting with these digital assets. The native cryptocurrency of the Efinity network is called Efinity Token (EFI), which serves as a utility token for various functions within the ecosystem, including transaction fees, governance, and staking.
Users who hold Efinity tokens on Polkadot will automatically have their tokens migrated to the new blockchain, whereas holders of Efinity tokens of ERC-20 standard (tokens on Ethereum blockchain, in other words), will have to migrate their tokens manually through a smart contract. You can learn more about the migration process in the official FAQ on the Efinity website.
ENJ tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Enjin Coin is Deepcoin, where the most active trading pair ENJ/USDT has a trading volume of $89,128.56 in the last 24 hours. Other popular options include CoinTR Pro and Upbit.
If you decide to invest in Enjin, Atomic Wallet allows you to purchase ENJ and keep hold it in your wallet in a fully decentralized manner without any additional charges while also earning cashback!
If you choose to go ahead with this route, you will need to provide some information, like your name, billing information, etc. You will also have to undergo a verification process, done by our partners to prevent fraud and money laundering. You can pay with a debit or a credit card.
The Enjin Blockchain offers a wide range of wallets for storing Enjin Token, benefiting from the well-developed infrastructure surrounding ERC-20 tokens. Users can select a wallet based on their specific requirements for security and functionality. Additionally, the Kriptomat exchange stands out as an excellent choice for storing ENJ. This platform not only provides robust security measures but also offers extensive functionality such as buying, selling, and exchanging ENJ for other cryptocurrencies, ensuring an ideal balance between convenience and safety.
If you already purchased Enjin and wish to store it in a decentralized, non-custodial wallet, Atomic Wallet will suit your needs perfectly. It's easy to deposit ENJ into it and store or sell Enjin coin safely.
At the time of writing this article (12.09.2023), the current price is $0.230918.
Enjin price chart according to CoinGecko.
Over the last 24 hours, the trading volume for ENJ was $45,231,643.
ENJ has a market cap of $230,860,299.
$4.82 is the highest price paid for one ENJ. It happened on Nov 25, 2021.
At the time of writing this article (12.09.2023), the circulating supply of Enjin is 1,000,000,000 ENJ.
Enjin max supply is 1,000,000,000 ENJ.
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