With Enjin company's launch of Enjin Coin (https://enjin.io/), an ERC-20 token project, Enjin was the first blockchain company to offer an ecosystem of interconnected and blockchain-based gaming products and services. The company was founded in 2009 by Maxim Blagov and Witek Radomski. In 2018, Radomski created the now well-known ERC-1155 token standard, a new standard for Ethereum-issued tokens for minting both fungible as well as non-fungible tokens (NFT's).
Enjin offers game developers the ability to tokenize 'in-game' items on the Ethereum blockchain. Its coin, ENJ, can be used to buy, sell, and trade items.
Strength.
Enjin Coin's core value is its ability to give every token minted with Enjin Platform (https://enjin.io/software/platform) a real value. This value is derived by backing each NFT (non fungible token) with ENJ, a token listed on exchanges such as BINANCE and Uniswap (V2), where it can be traded against fiat currencies like the USD and the EURO, or against crypto currencies like Bitcoin and Ethereum.
Game developers can create their in-game items, transforming them into NFT's and trade them on the Enjin Marketplace (https://enjin.io/software/marketplace). At present day, more than 8 million Enjin Coin was spent on digital assets, with over half a million items traded.
Last but not least, Enjin offers one of the best wallets in the industry (https://enjin.io/software/wallet), turning your smartphone in a hardware-like blockchain wallet. Storing NFT's in your wallet is as easy as scanning a QR code with your smartphone.
Growth forecast.
Despite the 2020 setback, we see huge forward potential for Enjin, especially given the amazing and positive news recently announced:
- December 21, 2020: Enjin, Atari & The Fabricant Partner to Launch Digital Fashion on Ethereum;
- December 04, 2020: Hacken Research Ranks Enjin #2 Most Secure NFT Wallet;
- 2021: PS5: The Six Dragons community game and member of Enjin's adopters program will be launching on PS5, breaking ground for a future gaming world with in-game, market listed and trading game items and assets.
Understanding the Enjin, Atari & The Fabricant deal.
With the launch of a brand new Atari-inspired digital Non Fungible Token fashion line, digital fashion, blockchain and video games are merged into a unique yet innovative product, showing the full potential of future developments within the NFT sector. The virtual clothing line was designed by the digital-only fashion house The Fabricant (https://www.thefabricant.com/) and tokenized by Enjin. To understand the potential, be informed that The Fabricant has clients such as Puma, AAPE, Adidas and more,...
Why isn't Enjin joining the current crypto currency market growth?
To be perfectly honest, I can only assume that it is due to the high fees on the Ethereum network. The cost to transfer a Non-Fungible Token simply remains too high and this is holding the whole NFT market in a stronghold. Once the Ethereum network scales and Efinity arrives, expect some huge gains.
Above all, the gaming industry itself is projected to grow from $151.55 billion in 2019 to over $275 billion by 2025. The gaming economy will be transformed with new ideas like the tokenization of in-game assets, creating 100x returns for those companies that meet NFT demand. Xbox, PlayStation and Windows PC are just starting to tip their tows in the blockchain-based tokenization pool. It's Enjin's job to show them the full potential!
Disclaimer.
This artile is no financial advice.
