What Is Enjin (ENJ)?
Apr 19, 20224 min read
Enjin is a project launched on the Ethereum blockchain aimed at the gaming offshoot of the crypto community. The platform provides an opportunity for game developers to tokenize in-game assets into customized NFTs. In addition to tokenization, the platform also provides tools for creating games, applications, and websites. As a result, Enjin is an all-in-one platform where developers can:
- Use easy-to-use tools to create NFT projects. Moreover, it can be both gaming, sports, and even musical NFT projects. For example, if you are a game developer, you can easily turn your in-game assets into trending NFTs. NFTs can be anything — swords, chests, blueprints, and so on. Moreover, developers do not need to have deep technical knowledge and skills to work with the platform. All tokens created on the platform are backed by ENJ, which gives them real-world value.
- Organize the listing of your NFTs on the official marketplace of the platform. This opportunity is helpful for developers because they do not need to look for third-party platforms to trade their assets. In addition, players can easily use the marketplace services to buy the game item they need or sell the one they have mined or earned in the game. To date, users can buy more than 16,000 items on the marketplace.
- Manage your NFTs using the official Enjin Wallet. The wallet has extensive functionality. With Enjin Wallet, users can instantly exchange cryptocurrencies, send and receive crypto and NFTs, as well as monitor the status of their balance in their national currency. The wallet is available for download on Google Play or App Store.
The Team Behind Enjin
Enjin was founded in 2009 in Singapore. Then the team was working on a platform that allows you to create online gaming communities. In 2012, a decision was made to implement the blockchain when Bitcoin began to gain popularity and grow rapidly in price. In 2017, Enjin held an ICO — that offered investors a new product using blockchain to manage the virtual property. It raised $18.9 million, and in 2018 this product was launched. The founders of the project are two developers:
Maxim Blagov is CEO and Creative Director of Enjin. He was educated in computer technology at the Technical University of Sydney. He developed his main activity in the field of UX design, where he is recognized as a full-fledged expert. He also shows himself well in the field of project management and the development of strategies for promoting applications.
Witek Radomski holds the position of the technical director responsible for introducing cryptocurrencies into the ecosystem of games. An expert in the field of security and product testing. He is the founder of the idea of switching to the blockchain as a promising development that will expand the capabilities of the project and its application. In addition, Witek was one of the founders of NFTs. He became one of the developers of the ERC1155 standard.
The platform has confidently occupied its niche and is successfully developing, providing the most effective and affordable tools. To date, the project has acquired an impressive base of partners, and the number of released projects reached more than 27 thousand. Enjin cooperated with BMW and tokenized their loyalty points. They can be used to pay for fuel, road tolls, and parking or exchanged for ENJ. Together with the real estate agency LABS Group, the project tokenized apartments and houses.
The project also collaborated with various international companies and projects, including:
- Microsoft. The company has launched an incentive program called Azure Heroes. As part of the program, developers and contributors are rewarded with cute digital badgers — NFTs launched on Enjin.
- Samsung. The company has integrated Samsung Blockchain Keystore applications into Enjin Wallet on Galaxy smartphones running Android 9.0 OS.
The project is powered by the ENJ token (ERC-20 standard). Created NFTs are backed with ENJ, which gives the game items real value. When creating a game asset, developers use the ENJ token to indicate the item’s value. At the same time, they determine the amount of ENJ corresponding to the game asset. For example, by creating their tokens to transfer game items, developers can set the legendary item the equivalent of 1 ENJ and the usual one — 0.01 ENJ. The growing popularity of NFTs affects the price of ENJ, reducing the total number of tokens on the market. That is, the more people buy NFTs and game items for ENJ, the less Enjin Coin becomes on exchanges. This means that the cost of ENJ will increase with the appearance of a new project cooperating with Enjin.
The Enjin project makes it possible to tokenize virtual goods and manage them and also greatly simplifies the integration of cryptocurrencies into the game world and the gameplay itself. Using Enjin, players can exchange various game items, and developers can launch their own NFTs based on Enjin Coin. Given that the gaming industry is one of the largest industries, and NFTs have become a trend in recent years, Enjin is difficult to overestimate.
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