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Enjin (ENJ)–a blockchain just for NFTs

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PDAX

November 15, 2022

3 min read

TokensNFTs

One of the biggest applications of blockchain technology today is in building the non-fungible token (NFT) economy. In 2021 alone, the global NFT market was valued at $11.3 billion, as artists, businesses and celebrities realized the value and potential of this new medium which also extended to gaming and other utilities. 

However, there are certain hassles involved in the NFT industry, foremost among them: high minting and trading fees, as well as fraudulent versions of popular NFTs. 

Seeking to address this, the Enjin blockchain was developed on the Ethereum network to provide NFT owners with a more efficient and less costly means to manage and protect their virtual goods and in-game assets. 

What also makes Enjin a specialist in the NFT industry is that it comes with a host of easy-to-use development tools that allows ordinary users to create their own tokenized assets even without any coding knowledge. So whether it be game developers looking for an easy fix to integrate NFTs within their projects, or businesses wanting to run their own line of NFTs to promote their brand, Enjin comes ahead as the ideal platform for the job.  

With over 27 thousand NFT projects and more than 1.2 billion digital assets already created for use in different applications and virtual worlds, Enjin is easily a haven for NFT enthusiasts and investors alike. 

What is ENJ used for?

Every in-game item that’s created on the Enjin blockchain is assigned a certain value of ENJ, the network’s native coin, which is an ERC-20 token. Aside from being able to issue NFTs, ENJ can also be used to burn NFT assets. 

Meanwhile, the Enjin platform makes it easy for users to manage and store their in-game goods and items such as gaming skins, accessories, and even in-game currency. These digital assets can then be bought, sold, or traded through ENJ.

Since ENJ is ERC-20-compatible, this means that it can also be used for Ethereum smart contracts and Ethereum-powered DeFi platforms, or deposited into liquidity pools to earn interest. 

Up-and-coming projects on Enjin 

Enjin is gradually building its repertoire of blockchain-based games with dozens of titles in various genres, including 9Lives Arena, The Six Dragons, War of Crypta, Nestables, and Space Misfits just to name a few. With the use of the Enjin wallet, players can easily store and trade their in-game items all in one place.

More on the business side, ENJ has also struck a partnership with BMW Korea in 2020. Within the BMW Vantage app that’s used by BMW owners, customers can pay for various car-related fees such as gas, tollways, and parking expenses through crypto. 

Tokenomics 

As of November 2022, ENJ has a market cap of over $320 million. It also has a maximum supply of 1 billion ENJ, all of which are currently in circulation. Since ENJ has a fixed supply cap with no more new tokens to be minted, it is considered a deflationary token. 

ENJ’s token allocation saw 73% of its supply dedicated towards token sales. Ten percent was allocated to the Enjin team and another 10% went to advisors. The final 7% was allocated towards marketing and partnerships.

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DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital asset and its ecosystem. Any and all trading involving the digital asset is subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.

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