The rise of cryptocurrencies has influenced a lot of industries and one of these is the gaming sector. With the power of decentralization and innovative features of digital currencies, the opportunity to enjoy entertainment on a whole new level and create a more inclusive space are given to developers and gamers alike. One token that seeks to achieve this is the Enjin coin.
Are you curious to know more about this cutting-edge cryptocurrency? Find out how the ENJ will open new frontiers in the gaming sphere here at BTC Post.
What is Enjin Coin?
Enjin (ENJ) is the native token that is used in all of the transactions made inside the Enjin platform. The network runs on the Ethereum blockchain and is specifically designed to ‘mint’ and ‘melt’ NFTs that can be found in-game such as weapons, gears, creatures and more.
The company was originally founded back in 2009 by co-founders Maxim Baglov and Witek Radomski with the main goal of creating a social gaming community platform. In 2017, the Enjin Coin was introduced and it allowed businesses and artists to create and mint in-game NFTs seamlessly.
With the combined features of ERC-20 and ERC-721 tokens, Enjin harnesses the capabilities of both fungible and non-fungible tokens. What this means is that this token can be a medium of exchange and create digital assets.
How does Enjin Coin work?
Enjin is powered by the Ethereum blockchain, which allows users to create digital assets and monetize them. Through the ENJ token, users, gamers can mint their in-game assets and claim full ownership even if the game title they’re playing renders obsolete.
Aside from this, Enjin has two major features that make it a functional token, especially for gamers and game developers. Here’s everything you need to know about them:
Minting refers to the process where the artist creates or designs different kinds of blockchain assets that are worth a certain amount of Enjin Coin. These blockchain assets can be found in-game and they range from characters, skins, game weapons, creatures, vehicles and more.
On the other hand, melting is the process where a specific in-game asset is ‘dismantled’ to salvage the Enjin Coin inside of it. This is usually done when the game becomes obsolete so that the user can still retrieve their hard-earned ENJ.
However, the value that the user can retrieve won’t always be 100% as sometimes it can only be 50%. It all depends on the developer who minted that specific blockchain asset. Every time someone melts an asset, a portion of the melted value (melt fee) will be sent to them.
These blockchain assets are given intrinsic value based on various factors such as:
The asset’s history plays a huge role in defining its intrinsic value. Usually, those that have been owned by prominent people such as streamers tend to be more valuable because of their historical significance.
In video games, items such as weapons, gear, real estate, etc. are ranked by rarity. How it works is that the rarer they are, the higher their value will be.
Some in-game items are better than others and this is determined by their stats. Whether it be armour or weapons such as swords and guns, it will be more valuable if it has better stats. For example, if the weapon has high damage and can kill any type of enemy in the game, its intrinsic value will indeed be higher.
Multiverse useability is the term used to call when an item can be used in more than one game. When an item possesses this quality, it’s more valuable than others.
Different uses of Enjin Coin
Enjin Coin can be used to give value to different kinds of NFTs. This allows artists to create real-world value for their blockchain assets such as:
Enjin Coin plans to reimagine gaming as a whole by letting users create in-game items that can be translated into real-world assets by giving them value. These gaming NFTs can be traded freely between other players and some can even be transferred across other games within the Enjin platform.
The best part about the Enjin platform is that the tools used to create the in-game assets and the game itself are the ones that most developers are already familiar with such as Java, Unity, Godot, etc.
One of the reasons why Enjin Coins became beloved by people around the world is because it lets artists easily monetize their artworks such as images, paintings, videos, etc. This way people can buy original copies of their favourite artist’s works which works like collectables.
In the same way, how ENJ works with art and collectables, also helps musicians monetize their music. This way, they can get paid fairly where all of the profit will only go to them and not get distributed to third parties.
Aside from original music, artists can also sell concert tickets on the platform along with album arts and music videos.
Other features of Enjin Coin
As with any other cryptos, Enjin Coins also have a variety of features that each gives different benefits to its users. Here are some of them:
One of the issues that Enjin has faced in its earlier years is scalability. However, in 2018, they managed to solve this problem with Effinity which is a network that sits on top of the original blockchain.
How this network works is that it’s made up of several channels to aid in processing multiple transactions at once. Not only that but it also offers fewer loading times and cheaper fees.
The gaming community running on the network is vast, which is why it’s useful to have a wallet where you can trade coins and items. Enjin’s answer to this problem is its built-in smart wallet feature where users can send requests before each transaction and it’s up to the recipient or sender to either accept or reject.
This feature allows users to see who’s on the other side of the transaction as well as avoid making incorrect transactions.
Invest in Enjin coin today!
If you’re planning to enter the world of NFTs, there’s no better gateway than Enjin coin. It allows artists and businesses to monetize works such as in-game items, music, art and more with the added advantage of lesser fees and faster transactions. Invest in Enjin coin today!
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