Enjin has quite a bit of potential going forward. A company that innovates in the field of crypto gaming, NFTs and the metaverse, it feels as though Enjin can only grow in the next few years. Founded in 2009, the company has since created 1.2B digital assets. They have been busy.
Not only have they created digital assets, but they have given us the ERC-1155 token standard. This standard has been created with gaming in mind and has a plethora of use cases, one of which is in game items and wearables. Given that gaming is such a huge industry, and crypto gaming is set to grow into that market, Enjin looks poised to be more and more relevant over the coming years.
A fully distributed team working across 20 different countries, Enjin really is building something big. The company has gone so far as to release a second token, Efinity token (EFI), designed to work in tandem with Enjin coin as part of the ever expanding Enjin ecosystem.
EFI and ENJ work in unison, each serving a core purpose within the Enjin ecosystem.
While EFI is designed to fuel a decentralized Metaverse, ENJ is used to infuse digital assets like NFTs.
Enjin Website
Running as a Polkadot parachain, Efinity is intended to serve as “the infrastructure for the decentralised, cross chain metaverse”. There are many that claim that “the future is multi chain”, and so Enjin to be developing such a coin in tandem with their existing coin shows how forward thinking Enjin really is.
The basic idea of EFI is to create a specialised chain for digital assets and NFTs, that will bridge across multiple blockchains. Enjin has bigs plans for this innovation, and it is likely that EFI will become more relevant in years to come. Read the whitepaper here.
While EFI has been around less than a year, it is hard to say for sure what heights the coin will hit during the next bull market, but to me it looks like a solid investment, given that it is coming from an established team that are building out a larger vision, and have already delivered some pretty good stuff.
For starters, the good people at Enjin have developed their own wallet, with which they claim you can “do everything”. By everything they mean store and manage your Bitcoin holdings, your Ethereum holdings, and the hundreds of other crypto-coins that you probably hold too.
Much like Metamask, the Enjin wallet allows users to create an infinite amount of wallet addresses, allows for old wallets to be imported, and is compatible with Ledger and Trezor hardware wallets. In short it is a legit crypto wallet, that allows users swap coins and use Defi apps with ease, as well as allowing users to collect NFTs.
Some added features of the Enjin wallet include fingerprint scanning, which can be used to unlock the wallet, auto add tokens, which can be used for tracked and imported wallets, and custom fees and limits. The wallet is also available in over 25 different languages, with balances available to be viewed in a user’s currency of choice.
Reassuringly, Enjin has produced a pentest report for their wallet, showing that the security of wallet has been tested and has no vulnerabilities.
As if all of that innovation wasn’t enough, Enjin has developed its own platform, which it calls “the complete tech stack for NFTs”. Users can carry out a variety of different operations using the platform, such as creating coins and NFTs via a visual interface with no coding required. The Enjin platform is intended to be utilised “to make creating, managing and monetising blockchain projects feel effortless”. Anyone that has deployed an NFT collection to blockchain will know that a user interface is needed.
Some tools that are available on the platform include team management, revenue as a percentage of peer-to-peer trade, and token distribution to up to 150 different wallets. So far over 27k projects have been created using the platform, 1.2B tokens have been minted, and 856k assets have been transferred. The platform also allows for handy gaming based features, such as wallet linking to projects, event triggering based on in game, in app, or web based events, and in-app trading.
Beyond this innovative NFT platform, Enjin has created its own marketplace where digital assets can be traded by community members. With over 10M Enjin coins spent, and over 3M digital items traded, the marketplace has already seen its fair share of trading action.
As well as their marketplace, Enjin is currently developing NFT.io, which it bills as “the future of NFTS”, with a focus on cross chain game item development. The marketplace is being designed to run on the Polkadot/Kusama blockchains, through the use of Efinity token.
Enjin has even built a bridge allowing users to bridge assets from Ethereum into the Enjin ecosystem. Through the use of JumpNet, Ethereum assets can be bridges to allow for a gas free experience. The JumpNet bridge is also connected to the Efinity chain on Polkadot/Kusama.
Enjin has a whole host of different partnerships and integrations that are viewable on their website, including Microsoft, Coinmarketcap, Alchemy and a whole host of different games which Enjin is involved with.
The vision that Enjin has is simply incredible in my opinion. It is a company that not only knows its industry, but knows its place, within its niche, within that industry. All they seem to do is innovate, and looking through their website there seems to be more products every way you look. With crypto gaming poised to break out in a big way in the next decade (presumably much sooner than that), a bet on Enjin feels like a bet on a trend that is coming, and a bet on proven developers that are willing to put in the effort.
