Enjin is a multifaceted GameFi platform that simplifies and streamlines the process for developers looking to enter the new crypto space and create digital assets. This article will shed light on Enjin Coin (ENJ), its tokenomics, and the project’s likely future. Here’s what to know.
KEY TAKEAWAYS
► Enjin provides SDKs and tools for developers that allow the integration of NFTs and digital assets into games and applications.
► Founded in 2009, Enjin has evolved into a leading community-driven platform in the gaming and NFT space.
► Enjin Coin (ENJ) is the platform’s native ERC-20 token, used to mint, manage, and trade in-game assets while also facilitating governance, transaction fees, and community rewards.
► Enjin holds significant potential in the gaming industry by enabling true ownership of virtual assets and innovating crypto integration.
What is Enjin?
Enjin is an Ethereum-based community and development platform that enables developers to create DApps, websites, and even chat forums and integrate its SDK innovation on games to make it easier to buy and sell NFTs on its marketplace. You can also melt NFTs in your wallet to convert them to ENJ.
Enjin now hosts the world’s largest NFT and crypto projects. This platform is specifically for the gaming industry and allows gamers to create communities around the games they play.
Background and history
Witek Radomski and Maxim Blagov founded Enjin in 2009 as a community gaming platform. Radomski is the CTO and handles the technological development of Enjin products.
Did you know? Radomski also wrote the code for the first non-fungible token and is a co-author of ERC-1155 — a token standard for the Ethereum blockchain that can mint both fungible and non-fungible tokens.
Maxim Blagov is a creative director who describes himself as a marketer, project manager, and designer. Radomski proposed using blockchain technology on the Enjin platform in 2012 when he became a Bitcoin enthusiast and convinced the company to accept it as a payment method.
After learning more about the Ethereum blockchain and smart contracts, Radomski was keen to launch new blockchain-integrated software for games. Enjin released a gaming Android version of its blockchain wallet in 2018 and a new version of its iOS wallet a few months later.
During that summer, the company went public and relaunched its Enjin platform on the Ethereum mainnet. The company is headquartered in Singapore and collaborates with other businesses to implement smart digital solutions. Enjin Coin connects to over 250,000 members and more than 20 million registered users.
How does Enjin work?
Enjin uses its own ERC-20 token, ENJ. The project is built on smart contracts and is not limited to transactional functionality.
This network is also the platform that launched the Raiden Network testing, an Ethereum-based version of the Lightning Network.
Enjin’s primary functionality is to allow users to create and manage virtual goods. It also has other functions, such as lowering transaction costs and improving user experience by removing the complexity of the network before creating a digital asset.
Through a software development kit (SDK) and a public API, the Enjin platform enables developers to create and issue digital tokens based on the Ethereum blockchain ecosystem. Additionally, gamers can launch their token backed by Enjin Coin, which simplifies integrating crypto into gaming systems.
Each asset on Enjin has a value represented by a traded cryptocurrency. However, these tokens also have real-world value and can be traded indefinitely. Additionally, developers who create in-game content will have to purchase ENJ.
Enjin’s goal is to keep transaction fees to a minimum. The Enjin network also connects game servers and developers to an open platform, allowing most players to have full access to in-game functions.
Enjin development history
March 2022: A cross-chain pay-to-play game called Crypto Blade via Efinity, the Metaverse Affinity Live on Polkadot for the Enjin community, and Efinity Rococo launched.
Feb 2022: The introduction of Dekopets, an NFT collection, and an Enjin room podcast. Enjin hosted the second annual NFT awards in Decentraland, which will include a renowned judging panel and industry-leading partners. Furthermore, the Quest DAO game is introduced to the Enjin ecosystem.
Jan 2022: The second annual GamesBeat and Facebook Summit discussed industry trends and major changes, the impact of the metaverse on gaming culture, and the launch of MotoBlo. This project aims to enable users to purchase their dream car.
Dec 2022: Efinity secures a Polkadot parachain slot and launches Senzu, a play-to-earn game that aims to reforest the world through virtual tree planting. Additionally, NewCrypto Pivots are introduced to the metaverse, which is based on Efinity and designed for traders and educators.
Sept. 2023: The Enjin blockchain, a proof-of-stake (PoS) layer-1, launched on Sept. 13, 2023. It merged the Enjin and Efinity communities into a single chain, unified by the ENJ token, which migrated to the Enjin chain on a 1:1 basis.
What is Enjin Coin (ENJ)?
The aim of the ENJ token is to make it simple for users to create NFTs. ENJ also focuses on maintaining the value of NFT minted within the Enjin ecosystem and managing in-game goods and assets.
Tokenomics
Enjin Coin (EJN) initially had a maximum supply of 1 billion. The governance and utility tokens were distributed in the following ways:
- 400 million were sold by Enjin during the pre-sale
- Another 400 million were sold to Crowdsale purchasers who did not receive pre-sale bonuses
- 100 million was allocated towards members of the Enjin Coin community, including strategic partners, marketing, and beta testers
- The remaining 100 million will go to Enjin team members and advisors.
The second iteration has a total supply of 1.78 billion ENJ; the max supply is unknown. 96% was unlocked at launch.
Enjin coin (ENJ) price prediction
With interest in GameFi increasing as time goes on, ENJ still has the potential to take off. However, it is important to point out that ENJ took quite a beating in the bear market and has since failed to retrace its all time high recorded back in 2021.
For a more in depth analysis of Enjin Coin’s potential price movements, checkout BeInCrypto’s expert informed Enjin price prediction.
Should you buy Enjin coin (ENJ)?
Like all coins, ENJ is subject to volatility. You should invest in cryptocurrency only if you have done your due diligence and expect the price to increase in the future. While the decision to invest is entirely up to you, it is prudent to invest the amount you are willing to lose. ENJ may go up if it really cements its place in the NFT space.
Disclaimer: This article is for informational purposes and should not be considered investment advice. While you should proceed with caution when investing in any asset, crypto is especially volatile.
Enjin’s role in gaming
Tokenization is booming in 2024. Giving gamers ownership of their virtual assets is becoming increasingly popular. Enjin introduces methods of integrating a website with an SDK, allowing users to experience a virtual world. As a result, the Enjin network has the potential to grow in the future so long as it can continue innovating and find a foothold in today’s highly competitive market.
Frequently asked questions
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