What is Enjin and how does it work?

What is Enjin and what are the main features?

With blockchain-based non-fungible tokens (NFTs) driving the emergence of Web3, a number of NFT-based projects are gaining significant importance, as they provide the technological means to put together important data about blockchains in a visually appealing way.

Related: Non-fungible tokens: How to get started using NFTs

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

By allowing users to manage NFTs and crypto through the Engine wallet, it allows them to share NFTs through simple QR codes and gives them access to a dedicated marketplace to trade and collect rare NFTs. All transactions in the Enjin ecosystem are driven by the original Enjin token (ENJ), and the platform offers the functionality to manage all digital assets through a simple mobile app.

It enables entrepreneurs to devise game, art, music and sports-based NFT projects with functionality to create custom coins without any code requirements. The Enjin platform enables gas-free transactions for NFTs and ENJs through JumpNet, enabling a seamless user experience made possible by integration with all the other products such as Enjin Beam, Marketplace and Wallet.

Combined with Efinity, a Polkadot-based pair chain, Enjin allows creators to create tokens on specialized blockchains that focus on core functionality and provide superlative chain stability. With companies such as Microsoft, Samsung and BMW integrating Enjin’s products and services into their blockchain-based reward platforms, Enjin enables millions of users worldwide to securely manage and store their digital assets.

Related: What is Polkadot (DOT): A Beginner’s Guide to the Decentralized Web 3.0 Blockchain

As the introduction of NFTs among individuals and companies around the world is growing at an exponential pace, Enjin is well equipped to emerge as one of the most important blockchain companies, and this should lead to value creation for token holders of the original ENJ token.

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

Launched by Enjin in 2017, ENJ is an ERC-20 compliant token that can be sent or received using an Ethereum wallet. ENJ is primarily used in various operations, including the purchase, sale or trade of NFTs using the various products supplied by Enjin.

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

Facilitated through the Enjin wallet, players can thus access various partner game platforms, keep track of the various symbols or collectibles and sell these digital assets to ENJ when it suits them. For NFT fans, the Enjin platform and marketplace is one of the best options for discovering and trading NFTs, with Enjin’s software development kits (SDKs) making it easy to create and integrate digital assets into games and apps.

Each of these elements in the game is assigned a value in ENJ and allows players to trade NFTs, coins and other items outside the game environment with the greatest possible security. What makes ENJ unique is that, unlike many popular cryptocurrencies, it has established itself as a symbol with a number of Enjin utility cases and is a viable alternative for those who want to invest in cryptocurrencies in the long term.

How and where to buy Enjin coin?

Engine’s vision has resulted in the development of a scalable token network across chains that makes the process of embossing, trading and converting NFTs into concrete token values ​​that are very user – friendly. In addition, it has made NFTs far more accessible and affordable, with faster and cheaper transactions leading to a significant increase in total NFT trading volume.

As NFTs are witnessing increasing use among industry participants and users, tokens like ENJ will play a key role in unlocking tremendous value through unique digital and real values ​​such as game tokens.

Available on leading cryptocurrencies and exchanges such as Binance US, Crypto.com, Bithumb, Gemini, Swissborg, Kriptomat, Voyager and Blockchain.com, anyone can buy ENJ using fiat currencies such as US dollars or by trading other cryptocurrencies. If you want to buy and exchange ENJ tokens, follow the steps below-

Is ENJ a good investment?

By enabling developers to create objects 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.

As more users become involved in this fast-growing virtual economy, NFTs and cryptocurrencies will be at the center of consolidating the metaverse and will have to emerge as the primary media for transactions in the digital space.

In that sense, Enjin and its original token ENJ have the potential to take the lead in this busy area, which token holders and potential investors can benefit from. As the number of platforms using Enjin’s product line increases, there will be a corresponding increase in demand for ENJ tokens, a factor that is favorable for further price increases.

Also, every time developers need to create NFTs for their respective projects, they will lock the value in ENJ into a smart contract, and the same will be released when the item is sold. With a maximum supply limit of 1 billion tokens, ENJ’s value is ready to increase as demand for the token increases due to supply shortages.

In addition, the UN Global Compact has accepted Enjin as a participant, and the network explores ways to use NFTs to promote sustainability and equality. The token also stands out as the first regulatory-approved gaming token in Japan, an achievement ENJ achieved in January 2021 when it was legally approved for trading by the Japanese Virtual Currency Exchange Association.

Using Enjin’s technological prowess and solid footing as a secure platform for NFT-based applications, Enjin’s founders are committed to achieving net zero emissions from power consumption and plan to enable carbon-neutral NFTs by 2030.

With the maximum supply of ENJ tokens limited to one billion, there may be market scarcity in the future that will help control the token’s inflation rate. ENJ gives its holders access to the Enjin ecosystem, one that is constantly expanding with new innovations and provides a unique opportunity for those who want to invest in the future of virtual asset trading.