What is Enjin, and what are its main attributes?
A number of NFT-based projects, which provide the technology means of visually appealingly assembling data on blockchains, are becoming increasingly important thanks to blockchain-based nonfungible coins (NFTs), which have helped drive the rise in Web3.
Related: Nonfungible tokens: How do you get started with NFTs?
Enjin, a top-notch blockchain software company founded in 2009 by Maxim Blagov (and Witek Radomski), is leading among them. Enjin allows you to build an Enjin ecosystem that includes products for developers, individuals, and businesses.
Users can manage NFTs, crypto and crypto via the Enjin wallet. They can share NFTs using simple QR codes. This also gives them access to a dedicated marketplace where they can trade rare NFTs. The native Enjin token powers all transactions within the Enjin ecosystem. Users can also manage all digital assets via a mobile app.
It allows entrepreneurs to develop gaming, art, and sports-based NFT projects. Enjin facilitates gas-free transactions to NFTs through JumpNet. It also integrates with its other products such as Enjin Beam Marketplace, Wallet, and Wallet.
Enjin can be combined with Efinity (a Polkadot-based Parachain), to allow creators mint tokens on specialized Blockchains that are focused solely on core functionality, and offer 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 is enabling millions of users across the globe to safely manage and store their digital assets.
Related: What is Polkadot? (DOT): An introduction to the decentralized Web 3.0 Blockchain
Enjin will be a major blockchain company as the adoption of NFTs grows exponentially. This should lead to value creation for token owners of native ENJ tokens.
What is Enjin (ENJ)? How does ENJ work?
Enjin has launched ENJ, an ERC-20-compatible token in 2017. It can be sent or received via an Ethereum wallet. ENJ can be used for various purposes, including buying, selling, or trading NFTs with Enjin’s various products.
ENJ can be used like any other cryptocurrency, and can be traded on all crypto exchanges. ENJ can be used for a variety of purposes, including the storage of unique characters and accessories. The tokens can then be sold to ENJ, so gamers have a way to keep their items.
Gamers can access different gaming platforms through Enjin’s wallet. They can also keep track of tokens and collectibles, as well as sell digital assets for ENJ from their convenience. For NFT fans, the Enjin platform and marketplace are emerging as one of the best options to discover and trade in NFTs, with Enjin’s software development kits (SDKs) enabling the creation and integration of digital assets into games and apps with ease.
Each item in the game is assigned a value by ENJ. This allows gamers to trade NFTs, coin and other items without compromising their security. ENJ is unique because, unlike other cryptocurrencies, it is used in many Enjin applications and can be used to make long-term investments in cryptocurrency.
Where and how to buy Enjin coins?
Enjin’s vision has resulted in the development of a scalable and cross-chain token network that is making the process of minting, trading and converting NFTs into tangible token value that is very user-friendly. It has also made NFTs much more affordable and accessible, with faster transactions and a significantly higher trading volume.
Tokens such as ENJ will play an important role in unlocking enormous value through unique digital assets and real-world assets, like game tokens, as NFTs are increasingly adopted by industry participants and users.
There are many options to purchase ENJ on the top cryptocurrency platforms and exchanges, including Binance US and Crypto.com. You can also trade other cryptocurrencies or use fiat currencies such as the United States Dollar. You can buy and trade ENJ tokens by following the steps below.
Is ENJ a wise investment?
Enjin and the ENJ token allow developers to make items for gaming environments, which can be in the form NFTs. It will be a preferred option for both users as well as businesses.
NFTs, cryptocurrencies and other cryptocurrencies will become the main means of transacting digitally as more people get involved in this growing virtual economy.
Enjin, and its native token ENJ, have the potential for Enjin to take leadership position in this highly competitive space. Token holders and potential investors alike could reap the benefits of that potential. As the number of platforms using Enjin’s suite of products increases, there will be an associated increase in demand for ENJ tokens, a factor favorable for further price appreciation.
What’s more, every time developers need to mint NFTs for their respective projects, they will lock the value in ENJ into 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 token increases amid the backdrop of scarcity in supply.
Enjin was also accepted into the United Nations Global Compact. Additionally, the network is looking at ways to use NFTs in order to promote equality and sustainability. Enjin also holds the distinction of being Japan’s first gaming token to be approved by regulators. This feat was achieved by ENJ in January 2021, when it was legalized for trading by the Japanese Virtual Currency Exchange Association.
With the help of Enjin’s technology prowess and its solid footing as a secure platform for NFT-based applications, Enjin’s founders are committed to achieving net-zero emissions from electricity consumption and plans to enable carbon-neutral NFTs by 2030.
With the max supply of ENJ tokens capped at one billion, there could be market scarcity in the future which will help in controlling the token’s inflation rate. ENJ gives its holders access to the Enjin platform, which is constantly evolving with new innovations. It also offers a unique opportunity to those who want to invest in virtual asset trading’s future.