Education • 5 min read
By Judy Unger
250,000 gaming communities with almost 19 million registered gamers: the Enjin platform combines online games with decentralised technologies and has set out to offer users the ultimate NFT experience in the gaming industry with its native token Enjin Coin (ENJ). Is ENJ bound for long-term success? Read on to learn more.
Enjin was actually founded as a regular gaming community platform in 2009 and broke into the blockchain space after their ICO in 2017. The project is set to offer game developers a broad range of services for building on the Enjin network to promote the decentralisation of gaming. It was Witek Radomski, one of the founders of Enjin who was behind the proposal and integration of a new ERC token standard, ERC-1155, for multitoken management and transactions, which you will read about further down. The project cuts to the chase:
Hi. We're Enjin. We're building a product ecosystem that will help humanity create advanced virtual economies through the power of blockchain technology.
And as always, let’s run through Enjin’s crypto ID for all the details:
While Web 2.0 increased interactivity and utility in the internet, users footed the bill of centralisation while using the services offered under the heel of tech giants. Web 3.0 is transforming these structures and giving the web back to the users by bringing transparency, decentralisation and much improved access to content, user participation and monetisation.
The Metaverse of the Enjin platform is a force to be reckoned with in this evolving space, converging your experience with the real world and offering you a space where you can establish your identity and interact with other users.
Create your own personal avatar, play to earn with your favourite games and manage your personal assets from more than 10 million digital unique and rare blockchain assets you can buy and sell on Enjin marketplace in a virtual economy that is rapidly growing.
With 7.7M $DOT contributed by over 20,000 community members, @efinityio has won the 6th @Polkadot parachain auction! 🎉— Enjin | We're Hiring! (@enjin) December 30, 2021
Thank you to everyone who has supported us in our endeavor to bring #NFTs to Polkadot.
To Efinity and beyond! pic.twitter.com/n2ffJEr53C
A token has a specific function or value such as the digital representation of an asset. It can be fungible (exchangeable for another token of the same type or like fiat money bills) or non-fungible.
A "non-fungible" token (or “NFT” for short) is a unique digital asset that cannot be exchanged one-for-one for another. Assets such as digital works of art, music rights, sports collectibles and more can be tokenised to digitally represent ownership and to transfer rights and obligations associated with this ownership to an NFT (non-fungible token). How is it unique? Ownership of an NFT is verified and coded in through smart contracts via alphanumeric codes.
Imagine the following: a gamer buys a sword, an in-game item that belongs to them and that they can use in different games or also sell to someone. This sword has been created by another player as NFT and the player received ENJ for creating this sword.
Using their Enjin wallet, users can manage, list and store their NFT collectibles. Digital collecting is taking the world by storm and Enjin is at the hub of the trading hype. The platform can be used for creation, distribution, integration and trading of tokenised assets in a broad range of industries.
The Enjin platform provides you with everything you need when it comes to creating your own products based on blockchain technology - including tools, structures, wallet and a marketplace - no matter if you are a gamer, developer or entrepreneur, no coding skills are required.
It’s easy: install your wallet, create an account on the platform, use the API to integrate your creations with your own project and check out what other projects have been up to.
Hundreds and thousands of in-game items are used, bought and sold on the marketplace within seconds. This is possible thanks to the ERC1155 token standard we mentioned in the beginning. ERC1155 allows gamers to send any number of their (non-fungible) items to many recipients in the scope of just one transaction instead of a separate smart contract and transaction for each item (as with the ERC 721 standard). Registration of fungible tokens is possible as well.
This ERC-1155 feature is of the essence as Enjin Coin (ENJ), the network’s payment currency, is fungible and runs on the ERC20 token standard. Each NFT contains ENJ as the minting resource locked inside. The amount is minted during the creation process and a reserve value is allocated to the item. At the same time, this removes the respective amount of ENJ from circulation, increasing the scarcity of ENJ. If a user wants to liquidate an item, they can “melt” the asset via their Enjin wallet and retrieve the ENJ backing.
Finally, the Enjin project has been working on developing the Efinity parachain, a blockchain exclusively for NFTs, running on Polkadot relay chain validators. This is to improve the user experience and to allow NFT transactions at reasonable fees. The Efinity token (EFI) is Efinity’s native token used for the payment of transaction fees, facilitating liquidity, in governance voting and for rewarding network participants.
Before investing in an asset, as always, here are some things to bear in mind.
Find out how the asset you are interested in would fit into your personal investment portfolio in terms of diversification.
On Bitpanda, you can invest in ENJ and more than 1,000 other assets, including cryptocurrencies, crypto indices, precious metals and more from just €1, 24/7 and even automatically with Bitpanda Savings.
Opening your Bitpanda account is fast, simple and secure via Bitpanda’s web app or on our app for iOS and Android. Go ahead and verify your account, make your first deposit using your favourite payment method - including SEPA Instant - and start investing right away.
Bitpanda’s Response to the War in UkraineRead more
Bitpanda GmbH ve grup şirketleri (Bitpanda) Türk Parasının Kıymetini’nin Korunması Hakkında 32 sayılı Karar’ın 2/b maddesine göre Türkiye’de yerleşik sayılan hiçbir kişiye yönelik olarak 6362 sayılı Sermaye Piyasası Kanunu başta olmak üzere Türkiye Cumhuriyeti Devleti mevzuatı hükümleri gereği Türkiye’de faaliyet izni gerektiren hiçbir sermaye piyasası faaliyetine dair hizmet sunmamaktadır. Şayet Bitpanda’nın yabancı sermaye piyasalarında vermiş olduğu hizmetlerden Türkiye’de yerleşik kişilerin faydalandığı tespit edilecek olursa tüm zararları kullanıcıya ait olmak üzere bu hizmetler ivedilikle sona erdirilecektir.
As the name would suggest, some cookies on our website are essential. They are necessary to remember your settings when using Bitpanda, (such as privacy or language settings), to protect the platform from attacks, or simply to stay logged in after you originally log in. You have the option to refuse, block or delete them, but this will significantly affect your experience using the website and not all our services will be available to you.
We use such cookies and similar technologies to collect information as users browse our website to help us better understand how it is used and then improve our services accordingly. It also helps us measure the overall performance of our website. We receive the date that this generates on an aggregated and anonymous basis. Blocking these cookies and tools does not affect the way our services work, but it does make it much harder for us to improve your experience.
These cookies are used to provide you with adverts relevant to Bitpanda. The tools for this are usually provided by third parties. With the help of these cookies and such third parties, we can ensure for example, that you don’t see the same ad more than once and that the advertisements are tailored to your interests. We can also use these technologies to measure the success of our marketing campaigns. Blocking these cookies and similar technologies does not generally affect the way our services work. Please note, however, that while you’ll still see advertisements about Bitpanda on websites, the adverts will no longer be personalised for you.