Check out the Enjin Coin ($ENJ) project

This week I invite you to discover Enjin Coin, a blockchain rather focused on gaming/NFTs. On a similar theme, I already talked about The Sandbox if you haven’t seen it (even if the differences exist as you will read below). To a lesser extent there is also the Harmony blockchain with its now famous game Defi Kingdoms. And other projects to come 😉

Project display

The general crypto public became aware of the Enjin Coin project in 2017, during the wave of numerous public ICOs of the time. But you should know that before that Enjin was already well established since the company has existed since 2009 and then had almost 20 million users in the field of virtual goods for games. They turned to crypto and its related uses later on because it made sense.

The project is therefore not brand new, and it has been able to adapt over the years even within the blockchain ecosystem. For example, they are among the pioneers with regard to NFTs. For a team that works a lot and regularly delivers on time, that’s often a good thing.

Enjin’s idea is to offer a complete suite of products for creating, exchanging, distributing and integrating NFTs into virtual worlds. And this whether for companies, developers or simple individuals. Pretty cool. Scalable and with honest fees, Enjin’s technology has been widely applied in blockchain games in recent months (Lost Relic, The 6 Dragons, 9 Lives…). And they already have lots of tools available: marketplaces, wallet (iOS and Android), explorer , an API, an SDK and plug-ins.

The ENJ token

The project actually has 2 tokens that must be differentiated. Besides Enjin (ENJ) it also offers Efinity (EFI).

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The first (ENJ, the one that interests us here), is an ERC-1155 type token (smart-contract model created by the team) which is used to back the value of existing assets on the blockchain (already more than 2 thousand ). It therefore allows not only to buy assets such as NFTs & Co, but also to move them, pay transaction fees, etc. Some platforms offer to stake it to earn a small percentage as a bonus. The ENJ has now been present in the Top100 of the biggest crypto markets for a while (80th at the time of these lines).

The second, Efinity , is more focused on Enjin’s Metaverse in which it allows essentially the same things: paying transaction fees, participating in governance, providing liquidity and above all allowing the generation of earnings or rewards for content creators. I won’t dig deeper, because that’s not the purpose of this article, but just know that the 2 work in synergy.

As always, I recommend that you keep your tokens on a Ledger or Trezor type hardware wallet or, at the very least, on a solution like Metamask .

Why is Enjin an interesting project?

Because it allows to help developers to launch projects in fields according to a broad spectrum: Metaverse, creation of NFT (in the form of images, audio, etc.), tokenization of real estate, virtual reality / augmented reality, online games, collections, esports, fashion, web tools, marketing campaign…

Enjin is also open to the outside world. It is based on the Ethereum blockchain, but its Metaverse Efinity project is a parachain on the Polkadot blockchain. It is therefore connected to this whole ecosystem as well (Kusama, Moonbeam, etc.).

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Many companies (recognized or not) have made no mistake about it and are among Enjin’s partners: Samsung, Microsoft Azure, BMW, Unity, Binance… more than a hundred projects are under development.

One of the ongoing projects (planned for release in Q3) is the truck racing game BlockTrucks in which players compete and can generate revenue. In fast, you buy an NFT truck (several prices, several levels) which it is then possible to customize, you do races and if you are good you receive rewards, etc. In-game revenue is obtained in the form of $TRUCK tokens or NFTs which can then be resold. Using Efinity as a base, the game will allow play between people using different blockchains (for example).

Once again we are in the presence of a fairly vast project which affects several different areas. So, feel free to dig in and do your research on the aspect that interests you the most. For example by reading their blog or their whitepaper (PDF link). See to using sites like 4Kings to help you make decisions about the optimal time to buy if you do so.

See you soon for the presentation of another crypto project!

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