What is Enjin and ENJ Token [Crypto Gaming Series]

Michael 0:00
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Hey, welcome to today’s podcast. I’ll tell you this podcast has been growing. And we’ve been lining up and interviewing some of the top people in the industry. So I look forward to chime in here with you each and every day. Today’s episode is all about Enjin. And this is part of the crypto gaming series that I’m doing. And so without further ado, let’s jump into it. What is Enjin? The Enjin platform is a holistic ecosystem of products designed to enable the creation, distribution, storage, trading and even integration of tokenized digital assets. Enjin users primarily focused on gaming and enterprise use cases are using the platform to create ENJ backed digital assets and use them creatively from artistic NFTs, which are non fungible tokens by the way, definitely check out my episode, what is an NFT if you’re not familiar with what those are, all the way to digital tokens to items that can be used in a number of different video games. One of Enjin’s adopters is even using the platform to tokenize commercial real estate.

Enjin platform also allows users to create websites, decentralized applications known as dapps. For gamers, chat forums and communities around their favorite games, game developers use the ENJ token to create in game items, each item contains a specific amount of ENJ that users can later retrieve. So let’s break down some of the benefits and features. The creation and management of virtual assets. The main feature of Enjin project offers to users is the possibility to create and manage virtual assets. Developers can launch their own cryptocurrencies backed by the Enjin coin, which makes adding cryptocurrencies to the gaming world and gamification itself, if you will much easier. Developers minting with the Enjin platform have to use Enjin coin as well or the ENJ token. The required amount of ENJ tokens is withdrawn from their wallets and locked inside the assets they create, effectively removing tokens from the market and creating scarcity with the ENJ token as well. So the online marketplace has over 10 million digital items and allows users to discover buy and sell rare and unique blockchain assets. Let’s break down with Enjin Beam is. Beam is a digital asset distribution system which allows developers to send 1000s of NFTs to users by simply scanning a QR code. And also I have to break down what Efinity is for you as well. Efinity is an it’s an upcoming Ethereum scaling product that enables fast and free transactions for both ERC 20 and ERC 1155 tokens, this will be good time to jump into the token.

So the Enjin cryptocurrency or ENJ was created on the Ethereum blockchain, and it came to life through an ICO that raised almost $20 million in 2017. The project dates back to 2009 when its gaming community platform was launched. The Enjin coin or token is an ERC 20 token built on top of Ethereum network, which means that the project not only provides transactions, but also smart contracts. Enjin is likewise one of the first projects that started testing the Raiden Network. Ethereum’s version of the Lightning Network, before finally deciding to work on a custom scaling solution that later was dubbed Efinity. So the Enjin token has a total supply of 1 billion ENJ tokens.

And there’s currently just over 823 million in circulation and just over 10 million ENJ tokens have already been withdrawn from circulation and locked into ERC. 1155 tokens held by over 127,000 collectors. Although ENJ tokens cannot be staked directly, there are third party platforms such as exchanges and wallets that allow you to block ENJ tokens with them for for return, if you will, often described is light staking or even soft staking. I should also note that Enjin has its own native wallet and it’s known as an Enjin wallet, where players can store and exchange items, which connects all of the features within the platform. And the wallet allows users to organize their inventory of digital items, allowing them to connect to games and use the items within each platform. And they can also transact with each other through the Enjin wallet, meaning they can buy and sell using digital currencies and items and sell their digital items for the ENJ cryptocurrency. By the way, I will have a link to the wallet and Enjin’s website on the episode Blog Post page on the newtocrypto.io site. So who founded this project. Enjin is a growing project and it was co founded by Maxim Blagov and Witek Radomski. And Maxim is the CEO and Witek is the CTO.

So what does the future hold for Enjin while the main use cases revolve around the gaming market that offer tokenization of the value of in game assets, Enjin is also exploring other applications in the loyalty rewards and real estate sectors. A partnership with BMW, for example, is converting loyalty points into tokens that can be used to pay for fuel, tolls and parking fees or exchanged for ENJ tokens. Another partnership with Labs Group is tokenizing real estate, which is really awesome to see this integrated into the crypto industry. So I hope today’s episode has been informative for you and helpful definitely head over to the website and check out all the resources that we have. And all of the past episodes. I’m currently creating How to Guides and courses and workshops. And so 2022 is going to be action packed with plenty of information to help you grow in your crypto journey to help you navigate the crypto landscape with pinpoint accuracy. I do this project because I want to I want to I really want to help you grow and learn and become comfortable navigating through crypto land if you will. So definitely email me reach out to me if you have any questions feedback requests for episodes, you can contact me at show@newtocrypto.io show@newtocrypto.io. Definitely chime in here tomorrow for another special episode. Until then, make it a great day.

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