Blog Crypto Enjin Coin: How it’s Fueling the Future of NFTs

Enjin Coin: How it’s Fueling the Future of NFTs

date November 6, 2021 time 6 min read 444 views

Tailor-made for gaming and NFTs, there’s been a real buzz around enjin coin (ENJ) recently. It may surprise you to learn that the Enjin network has been going since 2009 and has over a billion created assets on its blockchain—but it’s the more recent rise of NFTs that’s really brought this network into the spotlight and attracted investor interest. If you want to get in on the buzz, make sure you understand what enjin coin actually is and how it works with our enjin coin review.

Enjin coin is more than just a cryptocurrency; its team wants to change the way we game, view ownership, and maybe even exist. That might seem like a big claim, but the coin is at the center of a movement advancing NFTs and the “metaverse” itself. That’s magic to the ears for anyone hoping to invest in the growing NFT movement. 

But before you get too excited, let’s take a look at what enjin coin is, what its future looks like, and the key role it could play in the NFT world.

Enjoin coin review

As touched on already, a gaming platform called Enjin Network was initially established back in 2009. Yet enjoin coin itself only came onto the scene in 2017. So, what happened in between?

Initially, Enjin was operating as a technology firm focused on gaming; it worked with gaming communities to grow their userbases and provide services for their developers. Yet all along, it had its eyes set on bigger things. 

In this enjin coin review, we’ll explore how the cryptocurrency is changing the gaming industry.
In this enjin coin review, we’ll explore how the cryptocurrency is changing the gaming industry. (Source: Enjin Network)

This led to the Enjin protocol becoming a platform for issuing NFTs that could be used in gaming. If you’ve ever played a video game, you’ll know how important it often is to obtain special in-game items, whether it’s the perfect armor in Runescape or the perfect house on Sims. But who says who owns who?

You’ll probably answer: the user does. But the truth is that, ultimately, it’s Runescape that owns the armor—not you. If for some reason they decide to ban you or their server fails and the data proving your ownership goes away, you can say goodbye to your armor. 

But NFTs could play a huge role in solving this problem and allowing items to be owned properly and even exchanged. As non-fungible tokens, they represent a specific item—and because they’re issued by a decentralized blockchain protocol like litecoin vs ethereum, everyone can see who the owner is and smart contracts enforce ownership.

Enjin gives game developers a platform to facilitate this, and the bigger picture is a “metaverse” that could connect different gaming platforms together, using the same item in multiple games.

Uses of enjin coin

Enjin coin itself is used to pay for the cost of creating NFTs on the platform—whether for an item for a gaming platform (like the armor) or a piece of digital artwork.

Creating an NFT requires “minting.” Each digital item created also contains ENJ within it, and the ENJ can be retracted from it again through a kind of “reverse minting” process. We know, it’s a lot to wrap your head around when everything is so digital and abstract, but hang on in there.

Think of it like playing a game but knowing that all those valuable items within the game also contain some bitcoin.

This gives ENJ more real-life value than cryptocurrencies with more abstract use cases.

ERC-20

Another important thing to know about Enjin is that the firm created the ERC-1155 token in 2019. This has had a major impact on the NFT community.

If you’re familiar with crypto and ready to learn how to invest in cryptocurrency, you’ve probably heard of the ethereum NFTs ERC-20 and ERC-721. Well, ERC-1155 improves on this by combining benefits from NFTs and “fungible tokens” (like bitcoin etf or fiat currency, which are mutually interchangeable with any of its kind). 

The ERC-1155 allows for both types of tokens to be issued within games. This is important for any crypto-based games since they usually need both—an in-game currency used to buy items but also NFTs to represent ownership of goods.

Enjin coin price history 

There was an Initial Coin Offering (ICO) for enjin coin in 2017, and Enjin coin price history was for $0.017. It increased up to $0.426 in January 2018, but soon stabilized at around $0.06 for the next few years—until 2021, when everything changed. 

Before you think about things like how to buy enjin coin, make sure you understand its value proposition.
Before you think about things like how to buy enjin coin, make sure you understand its value proposition. (Source: CoinMarketCap)

ENJ had one increase up to $0.42 again in January 2021, but this was just the beginning. It spiked dramatically in a matter of months, and by April, it had risen to $3.45. 

Although it dropped down again to $0.95 a few months later by May, it experienced a second spike in August and its third in October. It’s impossible to predict future performance, but it wouldn’t be completely ridiculous to expect further rises.

How to buy enjin coin

You can buy enjin coin on a few major exchanges, including Binance.Us, Swissborg, and Gemini.

Of course, don’t part with your money until you truly understand the role of enjin coin and what it means for NFTs.

What’s the fuss about NFTs?

If you’re anything like the average person, you probably heard about NFT meaning for the first time earlier this year. They’ve actually been around for longer, but it’s only recently that they started to boom in prominence and popularity.

What gives?

The surge in hype is mostly due to a few major NFT sales in early 2021, which hit the news and increased the attention surrounding NFTs. The biggest example was a record-breaking NFT auction, whereby a piece of digital art was sold for $69 million at the famous Christie’s auction. There were a number of other big stories, with prominent figures like Grimes selling their own NFTs and even a sketch on Saturday Night Live.

Naturally, more people wanted to get involved, and the profile of NFTs rose.

The future of NFTs

After this brief introduction, your next question will no doubt be about how likely NFTs are to stick around in the future. 

There’s a lot of hype at the moment, and it’s always a good idea to proceed with caution when that happens, but overall we think there’s reason to be optimistic—especially when you consider the role that developments like enjin coins could play. 

The popularity of gaming isn’t going away any time soon, and enjin coin could revolutionize how it works.

Is enjin coin set to power the rise of NFTs?

You might have noticed that we touched on the concept of the “metaverse” earlier. The word has been on the top of many tongues since Facebook’s recent rebranding into Meta, but regardless of what you think about Mark Zuckerberg’s intentions, he chose the name for a reason.

Some believers think enjin coin could play a key role in an all-consuming metaverse.
Some believers think enjin coin could play a key role in an all-consuming metaverse. (Source: Pixabay)

Mainstream gaming and NFTs could be about to merge in one all-consuming world, and enjin coin could play an important role. 

Enjin is currently in the eprocess of building the blockchain game The Six Dragons for Playstation 5 and PC, which will let players trade in-game items as NFTs without a third party overseeing everything. This challenges the way the gaming industry has always operated and solves problems we’ve explored above.

NFTs solve a real problem is gaming by protecting players from the chance that a centralized database could erase traces of what they own, wiping out hours of hard work they’ve invested into the game. This proves wrong anyone who thinks NFTs are just a silly joke after seeing JPEGs (sorry, modern art) fetching milions in auctions for no apparent reason. Rather, innovations like Enjin show that NFTs also have more practical uses.

Besides, you only have to look at the Enjin marketplace to see how many more projects like this one there are.

Obtain NFTs on MyConstant 

If you’re optimistic about the future of Enjin and NFTs, you’re not alone. On MyConstant, we believe in the metaverse enough to have launched our own NFT offering. We’re also giving out NFTs and guiding how you can score NFTs as rewards when you reach certain milestones.

We also have a range of cryptocurrency and USD products that help you take your crypto further and earn interest on crypto up to 7% APR,  or you can deposit your crypto in our multi-cryptocurrency wallet (and even earn interest on stablecoins).

Other benefits of our platform include:

  • 24/7 customer service.
  • Rates as low as 6.5%.
  • Early repayments for lower rates.
  • Instant matching.
  • Store and borrow against over 70+ different cryptocurrencies.

Sounds interesting? Sign up for a free account today and start investing in enjin coin.

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