What is Enjin? (ENJ) The New Beginner’s Guide

Enjin is a blockchain based gaming platform that focuses on making player-owned digital items like “NFTs” (non-fungible tokens).

Enjin offers a suite of integrated products that make non-fungible tokens (NFTs) easy for individuals, businesses, and developers. Enjin Coin (ENJ) is an Ethereum-based cryptocurrency used to back the value of next-generation fungibles and NFTs. A complete ecosystem that enables consumers and developers to purchase, sell, and distribute NFT items, as well as create their own.

An industry-leader in the NFT space, Enjin is a platform that has been empowering users and other projects to create their own NFTs (and FTs) since 2017. Enjin wants to “explore the Metaverse, push the limits of blockchain technology, and create the virtual economy of tomorrow.” If you have not heard of Enjin yet, you soon will.

Enjin is a community gaming platform and currently oversees one of the largest crypto/NFT projects worldwide. Enjin Coin (ENJ) is an ERC20 token that’s traded on the Ethereum blockchain. ENJ is used to trade, buy, and sell on the Enjin network, and it has a circulating supply of about 835 million out of the 1 billion total supply.

Part of the Polkadot ecosystem, ENJ lets it users build websites, stores and forums (think Shopify for gaming), and creates modules such as in-game plugins while ultimately minimizing fraud, improving settlement times and maintaining low transaction costs.

The platform has built an entire ecosystem for NFTs, gaming and dApp (decentralized apps) distribution which allows users to access in-game items across multiple platforms, and has been dominating crypto-powered blockchain gaming since 2017.

But, what does this all mean? In this weeks blog we cover “What is Enjin?”, the Enjin coin, and Enjin Use Cases.

Lets get it!

 

What is Enjin?

What is Enjin (Ticker: ENJ)?

Enjin is a community gaming platform, for-profit company, based in Singapore, created by co-founders Maxim Blagov and Witek Radomski in 2009. Enjin has over 250,000 gaming communities and 18.7 million registered gamers within its ecosystem.

In 2017, Enjin launched an initial coin offering (ICO), raising roughly $18.9 million by selling ENJ tokens to build its new cypto-based gaming blockchain. Enjin went live in 2018.

Sitting on the Ethereum blockchain and within the Polkadot ecosystem; Enjin helps create, distribute, store, trade and integrate tokenized digital assets across different industries, mainly in the gaming sector. The network uses ENJ cryptocurrency to create digital exchange, marketplace, NFTs used in gaming, and more.

The Enjin network uses a gamified approach to let users build websites, stores and forums (think Shopify for gaming), and create modules such as in-game plugins while using blockchain technology to manage in-game items across many different properties. Example; Enjin, thanks to its community management tools, helped over 20 million Minecraft users stay connected and form robust networks of like-minded players.

With it’s blockchain-based tokens and NFTs, ENJ can be easily integrated into multiple platforms, allowing cross-platform collaborations between game developers and big gaming brands. Big gaming brands like The Six Dragons, Ether Legends, War of Ants (blockchain game) and, of course, Minecraft.

In addition, they have also released software development kits (SDKs) allowing users to both create digital assets on Ethereum and integrate them into other games including dApps (decentralized apps). In doing so, this helps reduce the high fees and fraud that have plundered the transfer of virtual in-game goods and collectables for gamers for years.

To read more about Polkadots ecosystem read our blog post titled: “Polkadot and Kusama Parachains, what you need to know”

Enjin’s compatibility with Ethereum-based defi (decentralized finance) platforms has provided further utility, allowing users to deposit ENJ coin’s to earn interest while others borrow their ENJ, via Ethereum smart contracts. ENJ can also be added to other liquidity pools on decentralized exchanges to gain from further yield farming opportunities.

 

ENJ Coin

Enjin Coin (ENJ) is the coin that represents value on the Enjin network, with each asset on the platform being assigned a value in ENJ.

ENJ has a circulating supply of about 835 million out of the 1 billion that are to be minted in totality.

At the time of this writing, Enjin ranks #66 on CoinMarketCap, with a market capitalization (or market cap) of over $2 billion. It has a circulating supply of 834,340,659 ENJ coins and a max. supply of 1,000,000,000 ENJ coins.

The Enjin token allows game developers to tokenize in-game items on the Ethereum blockchain and uses its Enjin Coin, an ERC-20 token, to back the digital assets issued using its platform. Meaning that items on the network can be bought, sold and traded with real-world value.

Enjin Coin uses a series of smart contracts to which game developers send ENJ to mint new, unique fungible or NFT ERC-1155 tokens. These tokens can be traded on the marketplace or exchanged for their ENJ back, at any time. As the ecosystem grows and more ENJ is locked into in-game digital assets, the number of coins in circulation decrease. As more custom tokens are minted, more ENJ is removed from the ecosystem, thus making it scarcer.

Developers need to lock ENJ tokens in order to mint virtual items. When a player obtains these items, they can use them in-game, trade them, or even sell them for ENJ.

At the moment, ENJ can be staked for yield farming, but cannot be staked directly. Third-party platforms, like Aave and Bancor allow you to lock up ENJ tokens with them to earn a yield, giving users the ability to generate income by depositing ENJ tokens on their defi (Decentralized Finance) protocols.

 

Use Cases

Outside of crypto-based gaming, Enjin is also exploring use cases in real world loyalty programs.

Enjin runs on a PoW (proof-of-work) consensus algorithm, which means that the ENJ network relies on miners rather than stakers. Though the use cases surround the gaming market, delivering tokenization of the value of in-game assets, Enjin is also exploring use cases in the loyalty real world loyalty rewards. Their partnership with BMW is tokenizing loyalty points for BMW owners that can then be used to pay for fuel, highway tolls, and parking, or swapping for ENJ tokens. Another partnership with LABS Group is tokenizing real estate, with fractionalized deeds is opening up a huge market for retail investors.

Enjin Use Cases:

This project has cooperated with a number of well-known organizations, including:

• Atari: Enjin partnered with Atari to integrate their brand into blockchain games throughout the ENJ Ecosystem.
• Microsoft: Microsoft uses Enjin’s technology to run a social rewards program called Azure Heroes.
• BMW: Enjin partnered with BMW to enable BMW Vantage app users to convert their BMW Coin reward points into Enjin Coin.
• Samsung: Enjin partnered with Samsung to integrate Samsung Blockchain Keystore into the Enjin Wallet.
• Unity: Enjin partnered with Unity to launch an SDK (software development kit) that would make it easy for Unity’s 4.5 million ecosystem developers to integrate blockchain into their apps and games.
• Aave Protocol: Enjin’s first step into the DeFi (decentralized finance) space enabled its users to deposit ENJ tokens in the Aave Protocol and earn interest by letting others borrow them.

As of December 2020, Enjin has onboarded over 35 app and game developers as part of the official Enjin Adopter program, helping them to build, fund, monetize, and market their blockchain games.

 

Enjin Smart Wallet

Enjin Wallet turns your phone into a hardware-like blockchain and crypto wallet.

Enjin has its own official wallet called the Enjin Wallet, with which players can store and trade items. The wallet also allows users to access their inventory, enabling them to connect to multiple games and use items. Users can perform transactions with their wallet, or trade coins and items outside the gaming environment. They can also sell their digital goods for ENJ with this wallet.

With pioneering security features unlike any other wallet, their wallet turns their phone into a hardware-like blockchain and crypto wallet.

Enjin Wallet current features include:

• Assets: In assets users can store their NFTs, total number of assets owned and check their total value in real time. As of writing this blog, Ejin is giving away one free NFT with the download of their wallet. Once the wallet is downloaded, users can visit their website to acquire their own free NFT by clicking here.

 

• Exchange: The exchange allows users to exchange or convert their cryptocurrency within the wallet for another. Exchanges currently working with Enjin are: Kyber Network, Changelly Fixed, Changelly Dynamic, and Bancor. Users can exchange their ENJ coin for Bitcoin, Ethereum, 1Inch token, and Aave token among others.

 

• Marketplace: As another experience with the Enjin wallet, users can view over 17,262 items on sale within the Enjin marketplace. Users can view by Listed, Price, or view all projects with the search option. The marketplace is designed to make it easy for users to develop, trade, monetize and market on the blockchain.

 

• dAPP Browser: The dAPP browser allows its wallet users to interact with other protocols, cross chain. Here users can interact with protocols that support the ENJ coin in DeFi (decentralized finance), in crypto games & collectables, interact with other Ethereum based token exchanges, and find liquidity networks to stake their ENJ coin in.

 

In conclusion:

 

The Enjin blockchain ecosystem aims to offer software products that make it easy for everyone to develop, trade, monetize, and market with blockchain. Today, their platform receives nearly 60 million global views per month and rakes in millions of USD in virtual goods sales across their community stores.

Through its native token ENJ coin, the platform aims to revolutionize the virtual goods creation and management process with interesting features and value propositions beyond crypto based gaming. It also has a strong community to back it up.

In recent years, more and more investors have started seeing the potential in gaming cryptos. Enjin has raised a reasonable amount of capital on its platform through its ICO (initial coin offering) and with partnerships with multinational companies like BMW, opening up a huge market for retail investors, it’s only a matter of time before they become a force to be reckoned with.

Protected by Ethereum smart contracts, Enjin’s compatibility with Ethereum-based defi platforms has provided further utility for its holders, allowing users to deposit ENJ to earn interest while others borrow their ENJ coin. ENJ can also be added to other liquidity pools on decentralized exchanges to gain from further yield farming opportunities.

We believe in ENJ coin which is why we (our Dips & Sticks Daily community) hold it (not financial advice.)

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