Welcome back everyone, today were going to be looking at a token devoted to a booming industry around the world. Video games. Enjin is an ERC20 token that wants to tokenize purchase of items and other commodities within video games. The project is ambitious and has the backing of many organizations within the gaming world. Today were hoping to give a snapshot of the project and equip you with resources to further dig into this project as they progress.
Enjin is a midcap coin for us with a total market cap of ~$91 million. The token is currently trading at a price of around $0.12 or 1494 Sats or 0.0003453 ETH. The total supply of the token is 1 billion ENJ and the circulating supply is somewhere over 756 million.
Enjin has a lot that it is looking to accomplish and luckily for us a lot that it has already released. As stated above, Enjin is mainly concerned with video games and the functions of tokens in that realm, but additionally has the Enjin smart wallet available on mobile. Were going to take a look at the Enjin Ecosystem and how Enjin will interact with games, the Enjin Wallet, and lastly Efinity, an off-chain solution for transactions with Enjin.
Enjin aims to be integrated directly into a video game economy and make that game part of the Enjin coin ecosystem. In practice, what this means is that developers, will be building games with Enjin from the ground up. Developers will have a supply of Enjin coins and the developer’s Enjin will be “imbued” into tokens and each token will have a redeemable Enjin value. Now, these tokens are not coins per se like an Enjin coin but can be an in game item like a card, weapon, or skin. In other words, your in game items will have intrinsic value with a set exchange value to Enjin.
For example, if I were to have a common skin for a character in a video game, my character’s skin is the token. That token was created by converting Enjin into the item in game, giving it intrinsic value. I could therefore take that item and “melt” it back down to its Enjin and receive a portion of that value for my item. Pretty cool right? Well it gets better.
These items are all created as tokens on the blockchain, so that means that any kind of smart contracting or escrow options available to an ERC20 token or ETH are available for these items. Trading becomes peer to peer and a middleman to exchange goods is no longer needed. Furthermore, your items are now commodities, since the game dev will need to put ENJ into the game to create more of the items, your items are in a limited supply. That “legendary” skin or card you have is now unique and you may have the only copy in the world. Furthermore, with these items being on the blockchain, they may also be traded for ENJ. That legendary may be worth 100x its redeemable value to another player willing to trade. Through the use of the ENJ token your in game items are now much more scarce than they used to be (depending on how the dev does distribution of course) and creates a much different economy for in game items. Lastly, due to these items being tokens, your ownership of them is true ownership. You will have a wallet that is in the game and that wallet will hold your items that may interact with the blockchain. Those items are yours entirely just like the ETH or BTC you hold is yours.
The ability to tokenize in game items will be built directly into game engines. Enjin recently announced a partnership with Unity that will put an add-on into the engine that will enable this minting of in game tokens from Enjin coin. The Enjin team states that this process of tokenizing items will be simple and not require the user to be a programmer. The team plans for future integration into other engines such as Unreal.
For a complete summary of the Enjin ecosystem please view this video from this year’s Game Developer’s Conference (GDC). The video is more so geared towards game developer’s (obviously) but they give a fantastic overview of how all of this works.
Next we have the Enjin Smart Wallet. This wallet like many others aims to be your one stop wallet shop holding all of your ERC20 tokens, ENJ, BTC, LTC, and ETH. Other currencies will be added to the wallet as time goes on. Furthermore, as games are added to the Enjin ecosystem, your in game tokenized items will be able to be stored in this wallet too, since they are on the blockchain. Lastly, the Enjin wallet is built with a design of being easy to use on mobile and have top security features. The Enjin wallet has its own built in keyboard with key randomization options to make sure your passwords remain safe. This wallet is available on iOS and Android.
Lastly, we have a little part of Enjin that was spoken about at GDC this year — Efinity. What Efinity is, is an off chain solution to help increase the efficiency of transactions across the Ethereum blockchain. Because Enjin is an ERC20 token, its transactions are processed through the Ethereum mainnet. Efinity is Enjin’s offchain solution to help bundle transactions that are processed by Enjin’s tokens to help reduce strain on the Ethereum mainnet. This feature will allow for the Enjin system to scale without directly impacting performance on the main Ethereum chain. More information about Efinity may be found here.
Enjin has quite the roadmap and the releases planned for this year. Overall, this year they hope to be adding several software development kits (SDKs) to their arsenal, add an Unreal development kit, add in features for their mobile wallet as well as create a desktop wallet. One of the most recent milestones hit by the team is their integration into Unity. Some other milestones the team has been speaking about lately include a Blockchain explorer as well as the Efinity off-chain scaling solution.
Enjin is traded on many altcoin exchanges with the most volume through Binance, Liqui, and Qryptos. The most traded pair for ENJ on all three exchanges is the BTC/ENJ pairing. The second most traded pairing is ETH/ENJ and Qryptos offers a USDT pairing too. The Binance BTC/ENJ pair has the most volume at nearly 50%. Liqui is second at ~21% volume on its BTC pairing and Qryptos is third at around 13% volume. Links to each of these exchanges below
Binance — https://www.binance.com/
Liqui — https://liqui.io/
Qryptos — https://www.qryptos.com/
To follow the Enjin project and team please see the links below.
Website — https://enjincoin.io/
Twitter — https://twitter.com/enjin?lang=en
Enjin Wallet — https://enjinwallet.io/
I’ve honestly had a blast writing this article today. Video games are something that I have been playing for most of my life and to see the potential merging of two things I love is awesome. Furthermore, this project has such a scope and breadth that I am at a loss for covering all of it in a timely fashion and also excited for the future of the industry with this kind of technology moving forward. I am not associated with the Enjin project in any way, but after writing this article I will be buying a bag (that is not financial advice). I want to thank you for reading today’s article and if you would like to keep up to date on my article’s or suggest coins to be covered please follow me on here or on Twitter @thant1194 or InvestFeed @thant11.