Enjin is a blockchain gaming platform focused on the creation of digital collectible items that are truly owned by the user. The platform offers methods for creating digital assets (known as ERC1155 tokens) for use across multiple Video Games. Their uses include collectible art or even in-shop coupons. Blockchain gaming allows gamers to have true ownership of their in-game items and trade them for value.
Enjin Platform uses Blockchain technology for these key benefits:
- True item ownership – with transactions that cannot be censored powered by the Ethereum blockchain.
- Convenient Exchange of value – digital items can be traded or sold instantly. The Enjin Wallet also allows users to access decentralised exchanges such as Kyber Network and Changelly.
- Reserve Value – unwanted digital items can be “melted” into the Enjin Coin cryptocurrency.
- Single Wallet for all items – the Enjin Wallet users to keep all digital assets in one single location.
- ERC-1155 Token Standard – a superior version of the ERC20 and ERC721 token. Its transaction bundling and multi-send features mean it will save users’ costs.
What is Enjin Coin (ENJ)?
Enjin coin’s (ENJ) value comes from its use case as a stored reserve value in every item created on the Enjin Platform. $ENJ is locked up when items are created and released when items are destroyed.
Items store (lock up) a certain amount of ENJ, with items such as the infamous “Monolith” storing 1,155,777 ENJ. ENJ from items can only be extracted by destroying the item (“via the melting process”). This creates a situation where more and more ENJ is locked up and overall supply is reduced as the platform is used by more games.
In terms of economics ENJ is a scarce resource and each game acts as a “value trap” for ENJ – locking up ENJ reserve and increasing the scarcity of $ENJ. With a limited supply of 1,000,000,000 $ENJ, this cryptocurrency acts as a form of “Digital Gold” – its value determined by the dynamics of supply and demand within the game’s ecosystem.
Cross-game items – Enjin Multiverse
One of the unique advantages of Blockchain gaming is the ability to create items that can be used across different games by different developers. This means players can carry their items between games like it is a single world (also known as the Multiverse).
Multiverse items are possible because assets are stored on a decentralised blockchain – so independent developers can all access the item. To encourage the development of cross game items, Enjin announced its newest asset the Stormwall. It is an example of what we can expect with its gaming assets. Stormwall is a shield that moves across Enjin’s Multiverse of games.
Why is a Multiverse Beneficial?
One of the biggest questions asked about cross-game items is – why is it beneficial for game developers and players? For developers, supporting cross-game items mean that they gain the benefits of additional exposure from games participating in the multiverse and increased retention from players who want to test out the item. This is especially important in this age as player attention is extremely valuable and having players “check out” how an items works in a different game drastically improves player interest.
For players, having cross-game items mean that their items are naturally move valuable, especially long term value. This means that the effort used to earn valuable items are not wasted if they can be used in new upcoming games.
The Enjin Coin Ecosystem
Enjin have created an entire ecosystem where you can create, store, trade and use these items.
- Enjin Wallet – Cryptocurrency wallet to safely store cryptocurrencies, blockchain gaming assets and exchange value. For more information check our EnjinWallet review.
- EnjinX – Blockchain explorer to view transactions and items
- Unity Plugin – Allows game developers to directly implement and issue items in games on multiple platforms like iOS, android, PC and MacOS.
- Marketplace – buy and list items with the safety of smart contracts that independently facilitate the trade.
Enjin for Mobile Games
One of the biggest use case for non-fungible tokens is in mobile games. Mobile gaming is currently valued at $63.2 billion USD globally and growing on a year by year basis (Source: newzoo). Enjin has a direct partnership with game engine Unity which hosts the Enjin SDK which allows for easy integration of Blockchain assets directly into the game.
What’s next for Enjin?
Maxim Blagov and Witek Radomski founded the company in 2009. Today they are the largest social gaming website in the world, with over 20 million users across 250,000 gaming communities. There are currently over 60 blockchain games on the part of the network.
In their latest quarterly report the Company stated its primary development focus would be on launching the Enjin Platform to Mainnet. According to Enjin this would be to facilitate the mass utility of the Enjin Coin.
Enjin has a strategic partnerships with increase the rate of adoption of Blockchain Gaming and growth of the ecosystem. On the gaming side there is a partnership is with cross-platform game engine Unity with the introduction of the SDK
The Enjinwallet has recently become the first wallet to offer full Binance Chain and all BEP-2 (Mithril, ChangeNow) based tokens.
Enjin and Samsung Partnership
Enjin has been partnered with smartphone manufacturer Samsung Electronics to as a technology provider. Enjin Wallet directly interacts with the Samsung’s Blockchain Keystore, a trusted zone on new Samsung devices which is specifically designed to key cryptographic private keys safe. Samsung will also support Enjin’s ERC-1155 token standard and increase the adoption of Blockchain based non-fungible tokens.
Enjin and Microsoft Partnership
Microsoft has chosen Enjin as technology provider with the deployment of Azure Heroes, a program that will directly use ERC-1155 non-fungible tokens as a reward. This Blockchain based reward will be given to contributors who help produce material for the Microsoft Azure platform, with participants given cute badgers.
Frequently Asked Questions
Enjin isn’t a blockchain, rather it’s a project built on Ethereum. In order to transfer Items (non-fungible tokens), you’ll need to use ethereum (similar to how ERC20 tokens work). In the future Enjin is explorer additional scaling options (Efinity) to allow for free item transfers.
The Monolith is the most expensive item on ENJIN, with 1,155,777 ENJ locked in the item. At the time of writing, this item is worth $168,000 USD!
ENJIN is a scarce resource, used to lock value into ever item created on the ENJIN platform. This means as time progresses and more games create items on ENJIN, more and more $ENJ will be locked up creating scarcity in supply
$Enj is listed on all major exchanges, such as Binance.
EnjinX – Blockchain explorer that tracks the Ethereum Blockchain, ERC-20 and ERC-1155 items
Egamers – Enjin Games news website
Everything Enjin – Great site covering Enjin Related News
Multiverse Era – Telegram Channel about the Enjin Multiverse
Castle Crypto – Coverage of Enjin games
AsiaCryptoToday – cover of Enjin Platform