If you are interested in NFTs and gaming, Enjin (ENJ) will be one of your favorite cryptocurrencies.
Enjin is a software that provides a platform for developers to develop virtual goods. ENJ is a utility token used on the Enjin platform to pay for the transactions taking place on the platform.
What is Enjin (ENJ)?
Enjin is an Etherum based platform that enables developers to create and manage virtual goods.
Using the token of Enjin, i.e., ENJ, players can purchase game utilities across the Ethereum blockchain. Players can then use these utilities across various games or sell and exchange those utilities to other users. ENJ is also tradable with other NFTs on the Enjin platform and the Ethereum blockchain.
Enjin’s ERC-20 compatible token called ENJ (Enjin Coin) is the main cryptocurrency of Enjin. Enjin enables users to trade, transfer, and receive ENJ and many different ERC-20 compatible NFTs and hold them on an Ethereum wallet.
Founders of Enjin aim to reduce the high fees and fraud that has been going on in the in-game virtual goods and collectibles marketplaces. Enjin provides a way for users to develop and trade in-game items across various properties.
Enjin: Roots and History
Maxim Blagov and Witek Radomski co-founded the Enjin platform in 2009. However, it took Enjin 8 years to launch their ENJ token. Enjin’s founders launched an initial coin offering. They were able to raise approximately $18.9 million selling ENJ to build Enjin’s new blockchain in 2017. Enjin finally went live on the Ethereum mainnet in June 2018, providing the gaming community with a unique platform to create, sell and buy in-game items and use them across multiple games.
How Does Enjin Work?
As mentioned above, Enjin aims to reduce the high prices of in-game items while providing a safer platform and reducing fraud in this area. To achieve this goal, the Enjin network has provided users with a marketplace, wallet, and developer platform. Enjin’s wallet enables users to assess their inventory, connect to various games, and hold their purchased in-game items. This wallet also allows users to trade Enjin Coin, in-game assets, and other Ethereum-based NFTs. In addition, players can use the Enjin wallet to sell their assets and trade them with Enjin Coin.
Users can take advantage of SDKs, i.e., software development kits provided by Enjin to create their own game utilities on Ethereum and integrate them into games and apps. Each of these assets is assigned a value in ENJ. Then users can use the marketplace that Enjin provides to sell their in-game goods to players. But the amazing properties of Enjin are not limited to these. So, keep reading.
Enjin Coin or ENJ was designed to integrate with games. So, the Enjin platform enables users to use ENJ as a currency and the Enjin wallet to hold and trade the Enjin Coin and other ERC-20 compatible NFTs.
Utilities bought on the Enjin network can be used in different games are not limited to one game. These minted assets can be adapted to various platforms. These assets are recorded in smart contracts and can enjoy the advantages of a cryptocurrency, namely speed, cost, and security.
If you already love this cryptocurrency and wish to buy some ENJ, you can click here and start trading Enjin Coin right away.
Enjin requires five steps for developers to be able to create or destroy in-game assets. First, developers have to buy ENJ. Second, they will design in-game goods (this is called minting), such as swords, upgrades, or accessories for characters. Thirdly, gamers buy these in-game utilities to use them in different games. Then, players trade and exchange tokens. And finally, users sell tokens for ENJ.
Why Choose Enjin?
When users wish to develop new in-game assets, they will have to lock Enjin Coin into a smart contract to give value to the item. When players buy these items, they will also use ENJ. Additionally, players may want to sell these items and change them into Enjin Coin again.
When these assets are sold, either by developers or by players, the original ENJ amount that was locked in the contract will be released and transferred to the user who sold the asset. Plus, there are only 1 billion ENJ available which adds to the value of this cryptocurrency too.
However, Enjin Coin is not available on many exchange platforms, making it hard to find a secure and safe exchange. Luckily Bitunivex is one of the few exchange platforms that can provide you with Enjin Coin. So, if you are looking to buy some of this cryptocurrency, you can click here and start right away.