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Enjin Pros and Cons
With the Enjin platform, you get to create and integrate next-generation non-fungible tokens with your applications, games, and websites.
Enjin has a wallet that offers you dual encryption and is built for seamless crypto and NFT trading. The wallet is free and used by millions.
The Enjin marketplace, with nearly 1 million items traded so far, helps you discover, buy, and sell rare and unique NFTs.
Beam, a product offered by Enjin, helps businesses rapidly expand and engage their audience with NFTs embedded within QR codes.
Enjin Effinity brings forth the next-generation blockchain for NFTs that serves as a scalable, decentralized, cross-chain network designed to bring NFTs to everyone.
Enjin crypto wallet is not open-source and, therefore, lacks adequate vetting.
The Enjin coin does not have any physical backing in terms of assets, profit, or commodity.
- Circulating: 834,313,757 ENJ Coins
- Total Supply: 1,000,000,000 ENJ Coins
- Maximum Supply: 1,000,000,000 ENJ Coins
- Rating: Payment via Enjin Coin would get confirmed based on ETH network speed.
- Transactions per second: ETH Network speed: 30 transactions per second for Ethereum 1.0, 100,000 transactions per second for Ethereum 2.0)
- Rating: Higher than average
- Reason: Ranks at number 57 on the list of top 100 cryptos with a liquidity score of 63.62
- Rating: High
- Reason: The team at Enjin.io very involved with tweaking the software and frequently releases updates
A Brief History of Enjin
Maxim Blagov and Witek Radomski started with Enjin in 2009. Initially, the platform was focused on providing solutions to the gaming industry. In 2009 itself, Enjin launched a gaming community platform known as the Enjin Network. Since then, it has grown into a community of more than 20 million users. It housed more than 250,000 gaming communities and created a whole ecosystem where they could generate new revenue streams and player experiences.
In 2017, Enjin conducted an ICO for its native currency, Enjin Coin. The success of the ICO helped Enjin to become a developer of blockchain ecosystems. It built a suite of user-first blockchain products, enabling users to conveniently manage, explore, distribute and integrate blockchain assets.
Enjin Coin, an Ethereum-based cryptocurrency, continues to fuel the platform and support the value of Enjin-powered blockchain assets.
Enjin is a for-profit entity. To date, a total of 11 investors have injected funds worth $41.9 million. The four lead investors of Enjin include Hashed, Digital Finance Group, Blockchain.com ventures, and Crypto.com capital.
What is Enjin Coin?
The answer to what is Enjin coin is simple. It is a project of Enjin, in the form of a coin that allows game developers to tokenize in-game items on the Ethereum blockchain. It was first announced in July 2017, and it launched on the Ethereum mainnet in June next year. Enjin coins back the value of blockchain assets like NFTs. The maximum possible supply of Enjin coins is fixed at 1 billion ENJ tokens. There are a little more than 834 million ENJ tokens in circulation now.
How Enjin Works?
You can create NFTs leveraging the Enjin platform even if you do not know how to code. You need to explore and use the minting panel as per your need to create and manage. The stackable option on the minting panel helps you forge fungibles like digital currencies, stackable items, and spendable assets. The unique option helps create unique assets like gaming items, crypto-collectables and digital art. The tradable option is for you to create assets that one can trade freely, securely, and immutably. The bound option on the panel helps mint non-transferable assets like achievements, awards, or licenses. With infinite and limited options, you can mint inflationary and deflationary assets, respectively.
The Enjin wallet app is available for download on both the Google Play store and iOS app store. To claim blockchain gaming assets for free, all you need to do is scan QR codes. The linking of the wallet is also easy. You can link your wallet to blockchain games and apps via a code or QR scan.
Apart from its existing marketplace, Enjin is about to launch a powerful API to help developers create their in-game storefronts.
With the newly introduced Enjin Jumpnet, you can access forever-free Ethereum scaling with instant, secure, and gasless on-chain transactions. The facility is available for the Enjin Coin and other ERC-1155 tokens.
The latest release of Enjin JumpNet MVP offers all the core mechanics that you need to have and create a great blockchain experience. With JumpNet MVP, you can move, send and receive, mint, trade, distribute, and automate. The Jumpnet is ready for integration with all existing Enjin products, including its platform, wallet, beam, and marketplace.
Finally, if you want to create a rewarding token distribution and acquisition experience for your clientele, you can leverage Enjin Beam. Nearly 200K of non-fungible tokens have been sent using Beam. Beam empowers more than 1,000 successful early access marketing campaigns. The number of people across the world who’ve received NFTs via Beam has crossed the mark of 61,000.
The Enjin platform offers a set of advantages. Using the platform, you can develop and monetize the games you want. You can create blockchain-powered applications for the web, mobile, and desktop. The platform also brings no-code or low-code tools to incorporate blockchain into your website. You will earn automatically when users will trade digital assets created by you, either peer-to-peer or via the Enjin marketplace. To date, using the Enjin platform, more than 42,000 traders have sold more than 800,000 assets.
The mass asset distribution feature of the Enjin platform enables you to send assets to as many as 150 users with each transaction. The secure p2p trading feature of the platform optimizes secure in-game and in-app trading. The Six Dragons, Azure Heroes, Lost Relics, Age of Rust are some of the pioneering projects powered by Enjin.
The advantage of Enjin wallet is that it comes with zero ads and trackers. Your private key remains your own. It also comes with a paper-powered, 12-word passphrase backup. The Enjin wallet allows storage of a wide range of coins and NFTs, including Bitcoin, Ethereum, Polkadot, Litecoin, Binance Coin, Dogecoin, ERC-20 tokens, and ERC-721 and ERC-1155 NFTs.
The wallet is protected with two NSA-grade cryptographic layers that safeguard the Keystore and user’s confidential data.
With Enjin Marketplace, you can easily locate leading blockchain projects that feature rare digital assets. At the same time, you can use the Enjin Wallet to list and purchase the gaming items and collectables you like. On the Enjin Marketplace, you can start your own branded blockchain marketplace that comes with customized features.
Potential Enjin Dealbreakers
A lot of Enjin’s offerings are focused on NFTs, which are a new asset class. New asset classes often go through a hype cycle resulting in the volatility of prices. The same you will see for Enjin coins. The all-time high of Enjin coins has been $4.00, whereas the all-time low was a mere $0.01. Since the last week of February, the price of Enjin coins has seen several steep rises and falls in its price. Volatility remains an issue for the nascent project.
Frequently Asked Questions About Enjin
Yes. It is an ERC-20 token launched on the Ethereum mainnet in June 2018.
Yes, using the Enjin platform minting panel, you can mint NFTs on Enjin.
There are many. For instance, BMW leverages Enjin to enable BMW Vantage app users to convert their BMW Coin reward points into Enjin Coin. Atari has partnered with Enjin to integrate its iconic brand into blockchain games. Microsoft leverages Enjin to conduct a social rewards program called Azure Heroes.
Yes, you can, by installing an application called MinerGate from the Google Play Store.
Yeah, lots of pioneering games such as The Six Dragons, Lost Relics, Age of Rust are powered by Enjin.
Maxim Blagov and Witek Radomski. Maxim Blagov is also the CEO and creative director at Enjin.
Enjin is available on Binance, Coinbase Pro, Bithumb, KuCoin, Gemini, Uniswap, Bittrex, Gate.io, FTX, and more.