What is Enjin and what are its main features?
With blockchain-based non-fungible tokens (NFTs) driving the rise of Web3, a number of NFT-based projects are gaining significant importance, as they provide the technological means to collect important data on blockchains in a visually appealing way.
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Leading among them is Enjin, a world-class blockchain software co-founded by Maxim Blagov and Witek Radomski in 2009. Enjin helps build the entire Enjin ecosystem, which consists of products that individuals, companies, and developers can use to develop, trade, monetize, and market NFTs.
By allowing users to manage NFTs and cryptocurrencies through the Enjin wallet, it allows them to share NFTs via simple QR codes and gives them access to a dedicated marketplace to trade and collect rare NFTs. All transactions in the Enjin ecosystem are powered by the native Enjin Coin (ENJ) token, and the platform offers the functionality of managing all your digital assets through a simple mobile app.
It allows entrepreneurs to design NFT projects based on games, art, music and sports with the functionality to create custom coins without any coding requirements. The Enjin platform facilitates gasless transactions for NFTs and ENJs via JumpNet, enabling a seamless user experience enabled by its integration with all other products such as Enjin Beam, Marketplace and Wallet.
Combined with Efinity, a Polkadot-based parachain, Enjin enables creators to mint tokens on specialized blockchains that focus on core functionality and provide superior chain stability. With companies such as Microsoft, Samsung and BMW integrating Enjin’s products and services into their blockchain-based rewards platforms, Enjin enables millions of users worldwide to securely manage and store their digital assets.
Related: What is Polkadot (DOT): A Beginner’s Guide to the Decentralized Web 3.0 Blockchain
As the adoption of NFTs among individuals and businesses around the world grows at an exponential rate, Enjin is well poised to become one of the most important blockchain companies, and this should translate into value creation for token holders of the original ENJ token.
What is 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 buying, selling or trading NFTs using the various products offered by Enjin.
Apart from this core purpose and the fact that it can be integrated with multiple gaming platforms, ENJ can be used like any other cryptocurrency and can be traded on crypto exchanges. Considering the maximum number of use cases in the gaming industry, ENJ allows players to store unique game items such as characters or accessories in the form of custom tokens, which can then be liquidated for ENJ when needed.
Facilitated through the Enjin wallet, players can thus access various partner gaming platforms, track various tokens or collectibles, and sell these digital assets for ENJ at their convenience. For NFT fans, the Enjin platform and marketplace is emerging as one of the best options for discovering and trading NFTs, with Enjin’s Software Development Kits (SDKs) enabling the creation and integration of digital assets into games and applications with ease.
Each of these in-game items is assigned a value in ENJ and allows players to trade NFTs, coins and other items outside of the gaming environment with the highest possible security. What makes ENJ unique is that, unlike many popular cryptocurrencies, it has established itself as a token with numerous Enjin use cases and is a viable option for those looking to invest in cryptocurrencies for the long term.
How and where to buy Enjin Coin?
Enjin’s vision has resulted in the development of a scalable and multi-chain token network that makes the process of minting, trading and converting NFTs into tangible token value very easy to use. Additionally, it has made NFTs far more affordable and accessible, with faster and cheaper transactions leading to a significant increase in overall NFT trading volume.
As NFTs see increasing adoption among industry participants and users, tokens like ENJ will play a key role in unlocking immense value through unique digital and real-world assets like game tokens.
Available on leading crypto platforms and exchanges such as Binance US, Crypto.com, Bithumb, Gemini, Swissborg, Kriptomat, Voyager and Blockchain.com, anyone can buy ENJ using fiat currencies like the US dollar or by trading other cryptocurrencies. If you want to buy and for