Enjin Coin Explained

Enjin

Enjin, founded in 2009, is a gaming community platform called the Enjin Network. In 2017 Enjin established itself as a blockchain company with a focus on building software products that allow users to mint, manage, trade, distribute, and integrate blockchain assets. Enjin Coin launched on Ethereum in 2018.

NFTs

NFTs are unique digital assets on the blockchain. They can be everything from gaming items and digital art, to sports collectables and real-world assets. The Enjin platform has its own native NFT marketplace and a wallet with NFT support.

Enjin Coin

Enjin gives the opportunity for game developers to tokenize in-game items on the Ethereum blockchain. The Enjin Coin, an ERC-20 token, in essence, is used to back the value of blockchain assets like non-fungible tokens (NFTs). These NFTs can be anything from in-game currencies to tokens representing game items like character accessories.

Enjin has a "melting" feature on the platform which allows users to “exchange” their blockchain assets for the ENJ value. For example, if you own a skin in a game, you could melt the item to receive ENJ for the value of the item. The supply of ENJ tokens is 1 billion ENJ.

When a new NFT is created, a certain amount of ENJ is minted into the token. The locked funds give the NFTs real-world value, as each item can be melted back into the ENJ coins. Each new asset is recorded in a smart contract.

Final thought

Enjin acts as a guarantee of value and certificate of authenticity. The platform is building an ecosystem that will give users everything they need to create, trade and utilize NFTs. By using blockchain technology for in-game items Enjin can try to reduce the high fees of virtual in-game goods and collectables.

If you are interested in buying Enjin Coin (ENJ) on SpectroCoin, visit SpectroCoin Exchange!

We hope this blog was helpful. For more blogs head over to the SpectroCoin blog.

If you have any questions regarding cryptocurrencies supported at SpectroCoin, don’t hesitate to contact our customer support. You can do this through the LiveChat bubble available on our website or email at [email protected].