Enjin built a next-generation blockchain entirely focused around Non-Fungible Tokens (NFTs). Their ecosystem is built to make it easier for anyone to create, trade, monitize and market (NFTs) with blockchain technology.
Enjin launched first in 2009 and managed to build a successful gaming community platform. In 2017, they started incorporating blockchain technology and switched their focus to blockchain products.
Today, Enjin powers more than two billion non-fungible tokens (NFTs), completely fuelled by their utility token ENJ. To understand Enjin, it would be wise to first learn something about NFTs.
A non-fungible token, also known as NFT, are tokens that are unique and cannot be replaced by something else. NFTs are great for digital collectibles, art, luxury goods and all sorts of other physical and digital products that can be verified on the blockchain. Similar to asset tokens. However, it’s more than just art or collectibles, there’s also projects issuing tickets and certificates of authenticity as NFTs.
Enjin built a very interesting gaming ecosystem, including five unique blockchain products: Platform, Wallet, Marketplace, JumpNet (New) & Beam.
The Enjin Platform enables anyone to build a blockchain project around NFTs. Anyone can create NFTs without requiring any code through the minting panel.
Through a simple interface it’s possible to create digital assets that are unique or have a larger infinite or limited supply. It’s possible to make them either tradable or account-bonded such as in-game achievements or awards.
Besides just enabling users to create digital assets, the platform offers built-in monetization. Meaning the creators automatically earn revenue when their assets are sold through the Enjin Marketplace.
Through the use of development kits and APIs digital assets can be connected to different applications, games or websites. Examples of well-known digital assets on Enjin are the Binance Collectibles, The Six Dragons, and Azure Heroes by Microsoft.
When storing cryptocurrency and digital assets, it’s incredibly important you choose a reputable wallet. We’ve written about the different types of wallets and parties offering wallets on our website.
Enjin built their own wallet, which enables you to store your cryptocurrencies and NFTs. The application offers a built-in exchange, peer2peer marketplace, DApp browser, and more.
The Enjin Marketplace is built to enable anyone to discover, buy, and sell NFTs.
The marketplace currently counts over 17.5k items for sale, with over 800k items sold in total and over $44M in marketplace volume. Realistically, these are low numbers compared to for example OpenSea which has over 50k items for sale, trading activity almost every minute and high trading volumes. Indicating the marketplace has yet to grow.
JumpNet was built by Enjin to offer instant and free transactions of ENJ and ERC-1155 tokens.
The JumpNet MVP was released recently and enables users to move assets between the JumpNet and Ethereum Network, send & receive the above mentioned tokens for free, mint NFTs & various other features.
Lastly, there’s Beam. Beam is pretty interesting as it enables projects, companies, individuals to distribute NFTs through QR codes.
To date, over 189k rewards across 1.5k beam events have been distributed. Such events can be easily set up and managed:
As stated earlier, Enjin was founded in 2009 and currently counts five listed leadership team members. Besides the leadership team, Enjin counts a distributed team spread across five continents.
First, there’s Maxim Blagov. The CEO of Enijn. Maxim has 18 years of experience in creative direction, software project management, marketing and software design.
The other team members have less information and experience displayed on their profiles but can each be found on LinkedIn as well:
There’s no roadmap available, however they do have a page which highlights a timeline with their past achievements and some upcoming events. Some recent major achievements were listing on Coinbase and Coinbase Pro in April, the launch of JumpNet earlier this month, Kraken listing in May, and more.
Enjin Coin (ENJ) is an ERC-1155 Ethereum Network token, used to directly back the value of non-fungible tokens (NFTs).
This means that NFT holders can melt their NFTs back into ENJ at any time. This creates trust, as well as proofs their origin and guarantees it’s compatible within the ecosystem. NFTs are also typically illiquid, which is now somewhat resolved, as they’re backed by real-world value.
This is one of the few ecosystems where it’s possible to directly convert NFTs back into cryptocurrency. That said, doing so would have a positive impact on the remaining NFTs as there’d be a lowered supply, increasing the value and scarcity.
ERC-1155 tokens have the ability to mint and configure both fungible and non-fungible tokens in a smart contract. It also allows for batch transactions. This together overall decreases gas fees by up to 90% when minting new tokens.
Enjin has proven to be one of the most promising NFT projects around, and is currently the third largest NFT project around. This is a great achievement on its own. It’s also the first gaming token that’s approved in Japan.
There’s a huge community of enthusiasts who eagerly share the project’s products and updates. What I do find interesting is the low volume on the marketplace, with only 5-10 transactions on an hourly basis. There is however a large number of other transactions on the network.
It’s unfortunate there’s no clear roadmap available. Though, with an ecosystem this big counting various products, in a fast-growing environment make it almost a given Enjin is bound to grow in the future.
If you’re interested in NFTs, but don’t necessarily know what individual NFTs to purchase. Then backing projects that create products and marketplaces for NFTs might be your best bet. Enjin being one of the largest NFT projects around would certainly be a solid pick in your portfolio.
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