What is ENJ (Enjin Coin)?

TL;DR

• ENJ was launched by Enjin in 2017. Enjin is focused on redefining what non-fungible tokens (“NFTs”) can do.
• Enjin CTO Witek Radomski authored the ERC-1155 standard and has attracted a community of adopters, making everything from gaming items to digital art.
• ENJ is part of the Enjin NFT ecosystem offering a suite of products, tools, and solutions to achieve easy access and widespread adoption of NFTs.
• Enjin supports several key Play-to-Earn and GameFi games such as The Six Dragons, Lost Relics, Forest Knight and more.
• ENJ is now listed on Coins.ph, one of the first licensed and regulated cryptocurrency exchanges in the Philippines, where Filipinos can easily convert PHP to buy and use $ENJ.

What is Enjin ($ENJ)?

Enjin is a software and platform that gives developers the ability to manage virtual goods such as in-game assets and NFTS on the Ethereum blockchain. The goal of Enjin is to reduce the high fees and fraud that plague transfer of virtual in-game goods and collectibles.

Buy $ENJ in the Philippines. Easily convert PHP to $ENJ and $ENJ to PHP with Coins.ph. Sign up now to get your crypto journey started.

Enjin Coin (ENJ) is a utility token that is used to back the value of blockchain assets like non-fungible tokens or NFTs. Each NFT minted on the Enjin Platform is infused with ENJ, which gets locked up in the NFT and removed from circulation. The NFT’s owner can “melt” it back into ENJ at any given time.

Read: What are NFTs?

Who is behind Enjin ($ENJ)?

Founded in 2009 by Maxim Blagov and Witek Radomski, Enjin was launched as a community gaming platform and has grown to become one of the largest crypto and NFT projects globally. ENJ is widely distributed, with around 172,000 unique wallet addresses holding ENJ. The company also raised $18.9 million during its initial coin offering (ICO) in 2017 and was one of the pioneer ICO tokens.

Enjin’s community management tools helped over 20 million Minecraft users stay connected and form robust networks of like-minded players.Taking this user-first community-first approach, they applied it to the crypto and blockchain technology realm to set about creating the ultimate all-in-one tokenization platform.

How does $ENJ work?

The $ENJ token is part of an ecosystem that is focused on redefining what NFTs can do by providing practical blockchain tools and solutions for developers, creators, and users, with an end goal of easy access and widespread adoption of NFTs.

Developers that mint with the Enjin platform would have to utilize the Enjin ($ENJ) coin and among the suite of Enjin tools are:

• Efinity: A next-gen blockchain for NFTs, built on Polkadot. Efinity successfully launched and went live on Polkadot as a parachain in March 2022. It enables fast and free transactions of both ERC-20 and ERC-1155 tokens.
• NFT.io: An one-stop shop NFT marketplace that allows the minting, trading, buying, and selling of NFTs. NFT.io will launch in 2022.
• Enjin Wallet 2.0: A non-custodial wallet, first launched in 2018, that lets users manage their NFTs and crypto. Enjin Wallet 2.0 will launch in mid-2022.
• Enjin Platform: A platform for minting NFTs with easy-to-use tools for developers
• Beam: A tool for batch distribution of NFTs via QR codes

More than providing value to the NFTs, the two tokens - ENJ and Efinity (EFI) are designed to work hand in hand towards the growth of the Enjin NFT ecosystem. Enjin has also released software development kits (SDKs) allowing users to create virtual assets on Ethereum.

What is the utility of Enjin ($ENJ)?

Users can buy ENJ tokens by selling NFTs and it can be used as a currency to buy, sell and trade NFTs. Developers can issue custom tokens, unique rare collectibles backed by Enjin coins. Enjin coins are mostly favored and utilized within games.

Here are several Play to Earn and GameFi games that uses Enjin coin or ENJ-based digital asset:

Azure Heroes by Microsoft

Azure Heroes is a collaboration with Microsoft and Enjin to reward developers with blockchain-based digital badges - styled as badgers - for various achievements and contributions to the Azure developer community. The Azure Heroes are created as NFTs on the blockchain and can be viewed on a custom blockchain explorer powered by EnjinX, and linked to the Azure Heroes Showcase map built by Enjin.

The Six Dragons

Known as Skyrim but powered by blockchain, The Six Dragons is a feature-rich, open-world RPG with a 256km2 map of open land and 1 billion dungeons for players to explore. The game features three character class trees and offers players the flexibility to suit a variety of play styles. Players can personalize their in-game assets and equipment.  Using Enjin, players’ digital asset wallets can be transformed into real-life inventories that allow them to create new in-game assets. Via the Blockchain Blacksmith Service, gamers can craft tokenized in-game items like weapons and armor using the blockchain recipes of other players.

Forest Knight

Forest Knight is developed by Chrono Games and is a free-to-play, play-to-earn turn-based strategy game where gamers play as the titular character. Gamers can complete daily missions, earn achievements, and go on adventures to defeat evil commanders. There are levels for gamers to progress and unlock in order to level up their character and to equip them with the strongest non-fungible tokens. The game is launched under Enjin’s JumpNet and via the Enjin platform.

How to Buy $ENJ on Coins.ph?

$ENJ is now on Coins.ph and Coins Pro!!

Step 1: Log in to your Coins account then make cash in. You can use bank transfer and e-wallet options to top up your PHP wallet. Read this tutorial on “How to Cash In Online to your Coins.ph Wallet”

Step 2: Tap Crypto and select “ENJ” from the drop-down menu to convert your PHP.

Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.

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