Enjin Launches Blockchain Optimized for NFTs and Gaming in 2023
Overview of Enjin
Enjin is a comprehensive blockchain ecosystem focused on gaming, apps, and virtual economies. It provides developers with tools to create digital worlds where assets are real and ownable.
Key Components of the Enjin Ecosystem
- Enjin Blockchain: Layer 1 chain designed for NFTs and digital assets with eco-friendly Proof-of-Stake consensus.
- Enjin Wallet: Secure mobile wallet for managing cryptocurrencies and NFTs.
- NFT.io: Marketplace for creating and trading NFTs on the Enjin Blockchain.
- Enjin Platform SDKs: Development tools for integrating NFTs into games and applications quickly.
- Enjin Beam: QR-based tool for distributing NFTs at live events.
Enjin Coin (ENJ)
$ENJ serves as the governance and utility token of the Enjin Blockchain, used across all ecosystem products. Its functions include:
- Governance & Staking: Stake ENJ, elect validators, and vote on proposals.
- Transaction Fees: Used for gas costs on-chain.
- Trading: Acts as the trading token in the Enjin marketplace.
- NFT Minting: Required for creating and infusing NFTs.
- ENJ Infusion: Locks ENJ in NFTs, redeemable by destroying the NFT.
ENJ-Backed NFTs
ENJ-backed NFTs contain a specific amount of ENJ, providing:
- Game items with reserve value
- Digital collectibles with liquidity
- Tradable goods backed by economic weight
Adoption & Partnerships
Enjin collaborates with notable partners:
- Microsoft: Azure Heroes badge system
- Square Enix: NFTs for gaming content
- Samsung: Integration in Galaxy Store
- 100+ indie and AAA developers: Across various game genres
Recent Developments
- Launch of Enjin Blockchain: September 2023 with migration from Ethereum and Polkadot.
- Triple migration: Improved asset ownership and developer experience.
- 95% of ENJ supply unlocked: As of May 2024, indicating maturity of the ecosystem.
ERC-1155 Standard
The ERC-1155 standard, proposed by Enjin CTO Witek Radomski in 2018, underpins many major NFT platforms today.