What is Enjin?

250,000 gaming communities with almost 19 million registered players: The Enjin platform combines online gaming with decentralized technologies and has set out to offer users the ultimate NFT experience in gaming with its native Enjin Coin (ENJ) token. . Will ENJ be a long-term success? Keep reading to know more.

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Enjin in a nutshell

Enjin was actually founded as a mainstream gaming community platform, back in 2009, and it wasn’t until 2017 that it broke into the blockchain space, after launching its ICO. The project offers developers a wide range of services to build games on the Enjin network and thus promote the decentralization of online games. It was Witek Radomski, one of the founders of Enjin, who was the architect of the proposal and integration of a new token standard, ERC-1155, for the management and transactions of multiple tokens.

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Discover the Enjin network

Although Web 2.0 increased the interactivity and usefulness of the Internet, users paid the bill for centralization by using the services offered under the control of the technology giants. Web 3.0 is transforming these structures and bringing the web back to the users, bringing transparency, decentralization and greatly improved content access, user engagement and monetization.

The Enjin platform metaverse is a force to be reckoned with in this evolving space, converging your experience with the real world and providing you with a space where you can establish your identity and interact with other users.

Create your own personal avatar, play to win your favorite games, and manage your personal assets from over 10 million unique and rare (scarce) blockchain digital assets that you can buy and sell on the Enjin marketplace in a virtual economy that is growing fast.

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Taking NFTs to the next level

A token has a specific function or value, such as the digital representation of an asset. It can be fungible (exchangeable for another token of the same type or like fiat money bills) or non-fungible.

A “non-fungible” token (abbreviated “NFT”) is a unique digital asset that cannot be exchanged one for another. Assets such as digital works of art, music rights, sports collectibles, and more can be tokenized to digitally represent ownership, thereby transferring the rights and obligations associated with this ownership to an NFT (non-fungible token). And why is it unique? Ownership of an NFT is verified and encrypted through smart contracts using alphanumeric codes.

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Collect game items

Imagine the following: a player buys a sword, an in-game item that belongs to him and that he can use in different games or even sell to someone. This sword was created as an NFT by another player, who received ENJ in return.

With the Enjin wallet, users can manage, list, and store their collectible NFTs. Digital collecting is taking the world by storm and Enjin is in the eye of the trading hurricane. The platform can be used for the creation, distribution, integration and trading of tokenized assets in a wide range of sectors.

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Build your own projects

The Enjin platform offers you everything you need to create your own products based on blockchain technology (tools, structures, wallet and market). Whether you’re a gamer, developer, or entrepreneur, no coding skills are required.

It’s very easy: install your wallet, open an account on the platform, use the API to integrate your creations with your own project and see what other projects are doing.

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Buying and selling items with Enjin Coin (ENJ)

Hundreds of thousands of game items are used, bought and sold on the market in a matter of seconds. This is possible thanks to the ERC1155 token standard that we mentioned at the beginning. With ERC1155, players can send any number of (non-fungible) items to multiple recipients within the scope of a single transaction, rather than needing a smart contract and transaction for each item (as is the case with the ERC721 standard). Registration of fungible tokens is also possible.

These features of ERC1155 are essential as Enjin Coin (ENJ), the network’s payment currency, is fungible and works with the ERC20 token standard. Each NFT contains ENJ as a minting resource locked inside it. The amount is minted during the creation process and assigns a reserve value to the item. At the same time, this takes the respective amount of ENJ out of circulation and thus increases the shortage of ENJ. If a user wants to liquidate an item, he can ” merge ” the asset through his Enjin wallet and retrieve the ENJ backing.

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Build the NFT highway with Efinity

Lastly, the Enjin project has been working on the development of the Efinity para chain, an NFT-only blockchain that works with Polkadot Relay Chain validators. This is done to improve the user experience and enable NFT transactions with reasonable fees. The Efinity Token (EFI) is the native token of Efinity and is used for the payment of transaction fees, to facilitate liquidity, in governance votes, and to reward network participants.

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How to start your research

Before investing in an asset, as always, several things must be taken into account.

  • Investigate for yourself
  • A good place to start investigating is the official website of the project, in this case: Enjin.io.
  • Investing entails, in addition to the possible benefits, certain risks. You must have a good understanding of the risks of investing and how they align with the potential benefits of your investing strategy.
  • Find out how the asset you are interested in would fit into your personal investment portfolio in terms of diversification.

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Where can you start investing in ENJ?

At Bitpanda, you can now invest in ENJ and more than 1,000 other assets, including cryptocurrencies, crypto indices, precious metals and much more, from just €1, 24/7. And you can also do it automatically with Bitpanda Savings.

Opening your Bitpanda account is quick, easy and secure through the Bitpanda website or the app for iOS and Android. Then all you have to do is verify your account, make your first deposit using your favorite payment method (including SEPA Instant transfers ), and start investing immediately.

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