What is Enjin (ENJ) and how does it work?

What is Enjin and what are its main features?

With blockchain-based nonfungible tokens (NFTs) powering the rise of Web3, a number of NFT-based projects are gaining significant importance, as they provide the technological means of assembling important data on blockchains in a visually appealing manner.

Leading among them is Enjin, a world-class blockchain software co-founded by Maxim Blagov and Witek Radomski in 2009. Enjin helps build an entire Enjin ecosystem consisting of products that individuals, businesses and developers can use to develop, trade, monetize and market NFTs.

Allowing users to manage NFTs and crypto through the Enjin wallet, lets them share NFTs through simple QR codes and provides them access to a dedicated marketplace to trade and collect rare NFTs. All transactions in the Enjin ecosystem are powered by the native Enjin (ENJ) token and the platform offers the functionality of managing all digital assets through a simple mobile app.

It enables entrepreneurs to conceive gaming, art, music and sports-based NFT projects with the functionality to create custom coins without any coding requirements. The Enjin platform facilitates gas-free transactions for NFTs and ENJ through JumpNet, allowing for a seamless user experience that is 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 allows creators to mint tokens on specialized blockchains that are focused on core functionality and provide superlative 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.

As the adoption of NFTs among individuals and companies across the world grows at an exponential pace, Enjin is well poised to emerge as one of the most important blockchain companies and this 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 compatible token that can be sent or received using an Ethereum wallet. ENJ is primarily used in various operations including purchasing, selling or trading NFTs using the various products provided by Enjin.

Apart from this core purpose and the fact that it can integrate with multiple gaming platforms, ENJ can be used just like any other cryptocurrency and can be traded across crypto exchanges. Considering the maximum number of use cases in the gaming industry, ENJ allows gamers to store unique game items such as characters or accessories in the form of bespoke tokens, which can then be liquidated for ENJ when needed.

Facilitated through the Enjin wallet, gamers can thus access various partner gaming platforms, keep track of the various tokens or collectibles and sell these digital assets for ENJ at their own 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 of these in-game items is ascribed a value in ENJ and allows gamers to trade NFTs, coins and other items outside of the gaming environment with utmost security. What makes ENJ unique is that, unlike many popular cryptocurrencies, it has established itself as a token with a number of Enjin use cases and is a viable option for those looking to invest in cryptocurrencies for the long term.