One of the long-standing challenges the gaming industry has faced is finding a way to manage virtual assets across various platforms effectively.
Historically, the value of in-game items like skins, characters, and weapons was confined to individual games. This limited the financial potential of these assets and restricted players’ ability to utilize their virtual goods beyond the gaming environment.
The solution? Blockchain, of course.
Enjin has solved these limitations by creating a decentralized platform where virtual goods are tokenized, enabling them to have real-world value across various games and platforms.
What is Enjin?
Originally founded in 2009 as a gaming community platform, Enjin ventured into the blockchain space in 2017, launching its own cryptocurrency, Enjin Coin (ENJ).
Enjin’s main appeal lies in its ability to allow game developers and content creators to mint unique digital assets and manage them across various games and applications.
These assets, ranging from in-game items like weapons and skins to entire characters, are tokenized as non-fungible tokens (NFTs). This tokenization embeds real-world value into the virtual items, as each NFT holds a specific quantity of ENJ, which backs its value.
The Enjin platform includes a suite of products that allow it to be integrated with existing games and applications.
One such product is the Enjin Wallet — a smart wallet that lets players bring their digital assets into different gaming environments, sell them for ENJ, or trade them with others within the ecosystem.
Enjin also has established a marketplace where these assets can be traded. This marketplace adds a layer of liquidity and usability to the tokens and enables gamers and collectors to buy, sell, or trade their assets in a secure environment.
How Does Enjin Work?
Enjin is designed to allow gamers to create digital assets that they can use across various games.
These assets are minted as NFTs using Enjin Coin (ENJ), which serves as the utility token within the ecosystem.
Here’s a deeper look into how this platform operates:
- Acquisition of ENJ: Developers begin by purchasing Enjin Coin (ENJ), which is available on several cryptocurrency exchanges.
- Minting Digital Assets: Once ENJ is acquired, developers can use these tokens to mint (create) unique digital items. These can range from in-game equipment to entire characters and other virtual goods. Each asset minted with ENJ holds a value directly proportional to the amount of ENJ locked during its creation.
- Integration and Use in Games: These minted assets are then ready for integration into games using Enjin’s powerful suite of SDKs (Software Development Kits), which are available for multiple programming languages and platforms.
- Trading and Marketplace: Players who acquire these assets through gameplay (or other means) can then trade them through the Enjin Marketplace — supporting a thriving economy where assets can find their true market value and be liquidated easily.
- Melting Assets: One of the unique features of Enjin is the ability to ‘melt’ assets. Melting refers to destroying the digital asset to reclaim the ENJ cryptocurrency that was originally locked into it. This feature ensures that users can always retrieve real value from their digital holdings, providing a fail-safe that protects against loss of interest or changes in the game’s dynamics.
The platform’s use of the Ethereum blockchain for this process also ensures that all transactions are transparent and secure.
How to Invest in Enjin
You can invest in Enjin directly by swapping any cryptocurrency for ENJ through the Bake app.
If you’re looking for more projects like Enjin, the Bake Game Changer Bundle allows you to invest in a share of ENJ, GALA, IMX, SUPER, YGG, as well as AVAX and MATIC/POL in just a couple of taps.
DISCLAIMER: Please note that the information on this blog and in any articles posted on this blog is for general information only and should not be relied upon as financial advice. Cake Pte. Ltd., Cake DeFi, UAB, and its affiliates (the “Cake Group”) are not licensed financial advisers. You may wish to approach your own independent financial advisor before making any decision to buy, sell or hold any product and/or digital assets mentioned in this blog.
Any views, opinions, references, assertions of fact and/or other statements are not necessarily the views held by the Cake Group. The Cake Group disclaims any liability whatsoever that may arise out of or in connection with such statements. Always do your own research before investing in any financial assets and consult a qualified financial advisor if necessary.