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What is Enjin (ENJ) and how does it work?

Blockchain

What is Enjin (ENJ) and how does it work?

As an ERC-20 compatible token, Enjin, a cryptocurrency introduced by the Enjin corporation, may be transmitted and received using an Ethereum wallet.

What is Enjin and what are its main features?

With blockchain-based nonfungible tokens (NFTs) powering the rise of Web3, a number of NFT-based projects are gaining significant importance, as they provide the technological means of assembling important data on blockchains in a visually appealing manner.

Related: Nonfungible tokens: How to get started using NFTs

Leading among them is Enjin, a world-class blockchain software co-founded by Maxim Blagov and Witek Radomski in 2009. Enjin helps build an entire Enjin ecosystem consisting of products that individuals, businesses and developers can use to develop, trade, monetize and market NFTs.

Allowing users to manage NFTs and crypto through the Enjin wallet, lets them share NFTs through simple QR codes and provides them access to a dedicated marketplace to trade and collect rare NFTs. All transactions in the Enjin ecosystem are powered by the native Enjin (ENJ) token and the platform offers the functionality of managing all digital assets through a simple mobile app.

It enables entrepreneurs to conceive gaming, art, music and sports-based NFT projects with the functionality to create custom coins without any coding requirements. The Enjin platform facilitates gas-free transactions for NFTs and ENJ through JumpNet, allowing for a seamless user experience that is made possible by its integration with all of its other products like Enjin Beam, Marketplace and Wallet.

Combined with Efinity, a Polkadot-based parachain, Enjin allows creators to mint tokens on specialized blockchains that are focused on core functionality and provide superlative chain stability. With companies such as Microsoft, Samsung and BMW having integrated Enjin’s products and services into their blockchain-based rewards platforms, Enjin is enabling millions of users across the globe to safely manage and store their digital assets.

Related: What is Polkadot (DOT): A beginner’s guide to the decentralized Web 3.0 blockchain

As the adoption of NFTs among individuals and companies across the world grows at an exponential pace, Enjin is well poised to emerge as one of the most important blockchain companies and this should translate into value creation for token holders of the native ENJ token.

What is an Enjin coin (ENJ) and how does ENJ work?

Launched by Enjin in 2017, ENJ is an ERC-20 compatible token that can be sent or received using an Ethereum wallet. ENJ is primarily used in various operations including purchasing, selling or trading NFTs using the various products provided by Enjin.

Apart from this core purpose and the fact that it can integrate with multiple gaming platforms, ENJ can be used just like any other cryptocurrency and can be traded across crypto exchanges. Considering the maximum number of use cases in the gaming industry, ENJ allows gamers to store unique game items such as characters or accessories in the form of bespoke tokens, which can then be liquidated for ENJ when needed.

Facilitated through the Enjin wallet, gamers can thus access various partner gaming platforms, keep track of the various tokens or collectibles and sell these digital assets for ENJ at their own convenience. For NFT fans, the Enjin platform and marketplace are emerging as one of the best options to discover and trade in NFTs, with Enjin’s software development kits (SDKs) enabling the creation and integration of digital assets into games and apps with ease.

Each of these in-game items is ascribed a value in ENJ and allows gamers to trade NFTs, coins and other items outside of the gaming environment with utmost security. What makes ENJ unique is that, unlike many popular cryptocurrencies, it has established itself as a token with a number of Enjin use cases and is a viable option for those looking to invest in cryptocurrencies for the long term.

How and where to buy Enjin coin?

Enjin’s vision has resulted in the development of a scalable and cross-chain token network that is making the process of minting, trading and converting NFTs into tangible token value that is very user-friendly. Additionally, it has made NFTs far more accessible and affordable, with faster and cheaper transactions leading to a significant increase in the overall NFT trading volume.

As NFTs witness increasing adoption among industry participants and users alike, tokens like ENJ will play a key role in unlocking immense value through unique digital and real-world assets like game tokens.

Available on leading crypto platforms and exchanges like Binance US, Crypto.com, Bithumb, Gemini, Swissborg, Kriptomat, Voyager and Blockchain.com, anyone can purchase ENJ using fiat currencies like the United States dollar or by trading other cryptocurrencies. If you are looking to buy and exchange the ENJ tokens, follow the steps below-

Is ENJ a good investment?

By enabling developers to mint items for gaming environments in the form of NFTs, the Enjin platform and the ENJ token will be one of the most preferred options for both users and businesses alike.

As more users get involved in this rapidly growing virtual economy, NFTs and cryptocurrencies will take center stage in fortifying the metaverse and are bound to emerge as the primary mediums for transacting in the digital space.

In that sense, Enjin and its native token ENJ have the potential to assume leadership status in this bustling space, something that token holders and potential investors could benefit from. As the number of platforms using Enjin’s suite of products increases, there will be an associated increase in demand for ENJ tokens, a factor favorable for further price appreciation.

What’s more, every time developers need to mint NFTs for their respective projects, they will lock the value in ENJ into a smart contract and the same is released when the item is sold. With a maximum supply limit of 1 billion tokens, ENJ’s value is poised to appreciate as demand for the token increases amid the backdrop of scarcity in supply.

Moreover, the United Nations Global Compact has accepted Enjin as a participant and the network isexploring ways on how to use NFTs to promote sustainability and equality. The token also has the distinction of being the first regulatory-approved gaming token in Japan, a feat ENJ achieved in January 2021 when it was legally authorized for trade by the Japanese Virtual Currency Exchange Association.

With the help of Enjin’s technology prowess and its solid footing as a secure platform for NFT-based applications, Enjin’s founders are committed to achieving net-zero emissions from electricity consumption and plans to enable carbon-neutral NFTs by 2030.

With the max supply of ENJ tokens capped at one billion, there could be market scarcity in the future which will help in controlling the token’s inflation rate. ENJ empowers its holders to access the Enjin ecosystem, one which is ever-expanding with new innovations and presents a unique opportunity for those who would like to invest in the future of virtual asset trading.

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