What is Enjin and what are its main features?
With blockchain non-fungible tokens (NFT) feed the rise of Web3a number of NFT-based projects are gaining prominence as they provide the technological means of assembling big data on blockchains in a visually appealing way.
Related: Non-Fungible Tokens: How to Start Using NFTs
Among them is Enjin, a world-class blockchain software co-founded by Maxim Blagov and Witek Radomski in 2009. Enjin helps build a comprehensive Enjin ecosystem comprised of products that individuals, businesses, and developers can use to develop, trade, monetize and market. NFT.
Allowing users to manage NFTs and crypto through the Enjin Wallet, allows them to share NFTs via simple QR codes, and gives them access to a dedicated marketplace to trade and collect rare NFTs. All transactions in the Enjin ecosystem are powered by the Enjin Native Token (ENJ) and the platform offers the functionality to manage all digital assets through a simple mobile app.
It allows entrepreneurs to design NFT projects based on gaming, art, music, and sports with the functionality to create custom pieces without any coding requirements. The Enjin platform facilitates gasless transactions for NFTs and ENJs via JumpNet, enabling a seamless user experience 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 enables creators to create tokens on specialized blockchains that focus on core functionality and provide exceptional chain stability. With companies such as Microsoft, Samsung, and BMW having integrated Enjin’s products and services into their blockchain-based rewards platforms, Enjin enables millions of users around the world to securely manage and store their digital assets.
Related: What is Polkadot (DOT): A Beginner’s Guide to Decentralized Web 3.0 Blockchain
As the adoption of NFTs among individuals and businesses around the world grows at an exponential rate, Enjin is well positioned to become one of the most prominent blockchain companies, which 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 compliant token that can be sent or received using an Ethereum wallet. ENJ is mainly used in various operations including buying, selling or trading NFT using the various products provided by Enjin.
Apart from this main purpose and the fact that it can integrate with multiple gaming platforms, ENJ can be used like any other cryptocurrency and can be traded on crypto exchanges. Considering the maximum number of use cases in the gaming industry, ENJ allows players to store unique game items such as characters or accessories in the form of bespoke tokens, which can then be liquidated for ENJ if needed.
Through the Enjin Wallet, players can thus access various partner gaming platforms, track different tokens or collectibles, and sell these digital assets for ENJ at their convenience. For NFT fans, the Enjin platform and marketplace emerges as one of the best options to discover and trade NFTs, along with Enjin’s Software Development Kits (SDKs). allowing the creation and integration of digital assets in games and apps with ease.
Each of these in-game items is assigned a value in ENJ and allows players to trade NFTs, coins, and other items outside of the game environment with the utmost security. What makes ENJ unique is that, unlike many popular cryptocurrencies, it has established itself as a token with a number of use cases for Enjin and is a viable option for those looking to invest in cryptocurrencies for the long term.
How and where to buy Enjin parts?
Enjin’s vision resulted in the development of a scalable, cross-chain token network that makes the process of minting, trading, and converting NFTs into tangible token value very user-friendly. Additionally, it has made NFTs much more accessible and affordable, with faster and cheaper transactions leading to a significant increase in overall NFT transaction volume.
As NFTs are increasingly adopted by industry players and users, tokens like ENJ will play a key role in unlocking immense value through unique digital and real assets like gaming tokens. .
Available on major crypto platforms and exchanges like Binance US, Crypto.com, Bithumb, Gemini, Swissborg, Kriptomat, Voyager and Blockchain.com, anyone can buy ENJ using fiat currencies like US Dollars or by exchanging other cryptocurrencies. If you are looking to buy and trade the 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 ENJ token will be one of the preferred options for users and businesses.
As more and more users become involved in this rapidly growing virtual economy, NFTs and cryptocurrencies will take center stage in consolidating the metaverse and are set to become primary transaction mediums. in digital space.
In this sense, Enjin and its native token ENJ have the potential to assume leadership status in this bustling space, which both token holders and potential investors could benefit from. As the number of platforms using Enjin’s product suite increases, there will be an associated increase in demand for ENJ tokens, a favorable factor for further price appreciation.
Moreover, whenever developers need to create NFTs for their respective projects, they lock the value in ENJ in 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 tokens increases amid supply scarcity.
Additionally, the United Nations Global Compact has accepted Enjin as a participant and the network is explore ways to use NFTs to promote sustainability and equality. The token also has the particularity of being the first regulatory-approved gaming chip in Japan, a feat achieved by ENJ in January 2021 when it was legally cleared for trading by the Japanese Virtual Currency Exchange Association.
With the help of Enjin’s technological prowess and strong foundation as a secure platform for NFT-based applications, Enjin’s founders are committed to achieve net zero electricity emissions consumption and plans to enable carbon neutral NFTs by 2030.
With the maximum supply of ENJ tokens capped at one billion, there may be a market shortage in the future, which will help control the inflation rate of the token. ENJ allows its holders access to the Enjin ecosystem, which is constantly expanding with new innovations and presents a unique opportunity for those who wish invest in the future virtual asset trading.