Cryptocurrencies are limited to their famous role as speculative assets. The addition of smart contract technology to blockchain development was a game-changer. Online gambling is also benefiting from the likes of Enjin, a blockchain-based gaming platform that has launched its own token known as the Enjin Coin (ENJ).
The past twelve months have been historic for cryptocurrency. Bitcoin and most leading cryptocurrencies doubled in value, while decentralized finance and crypto gambling sectors went through the roof.
A coin with ties to Ethereum that saw similar appreciation is Enjin Coin.
What is Enjin and Enjin Coin(ENJ)?
Enjin is a company that has existed since 2009. The rise of gaming platforms was ongoing just as the blockchain came up. It has since risen to become one of the largest blockchain-based gaming platforms on the market.
This platform focuses on player-owned digital items. Developers have various tools to create tokens that can facilitate multiple games across multiple platforms.
The rise of Non-Fungible Tokens (NFTs) has been a boon for Enjin. NFTs are files that track the ownership of a digital item. They are a specific set of metadata that cannot be replicated or exchanged for other tokens.
This quality means that NFTs can track ownership effectively. In gaming, they allow players to own and transfer in-game items. Enjin allows this free commerce inside and outside the game.
Accordingly, Enjin launched the Enjin Coin. It is a store of value token that facilitates the creation of NFTs on the gaming platform.
Enjin Coin (ENJ) is compatible with multiple gaming platforms to trade virtual goods. Accordingly, ENJ is popular because it can play the role of a cryptocurrency and execute smart contracts.
ENJ has caught on among gaming and crypto gambling enthusiasts. Top crypto gambling platforms like BC Game list this token because it is a popular token and trading pair.
Gamers have great versatility when using Enjin. They can create in-game items and even their own NFTs to memorialize and trade these items. Enjin coin operates as a fuel in the way ETH works for the general Ethereum blockchain.
Additionally, ENJ allows players to transfer virtual assets across gaming platforms.
Enjin The Blockchain-Based Gaming Platform Making Moves
Enjin’s CEO Maxim Blagov is looking at getting a bigger piece of the global gaming pie.
Industry leaders like EA Sports and Nintendo are perennial billion-dollar operations that retain market dominance. Decentralized gaming is making a push in this sector.
In January, Enjin Coin (ENJ) jumped over Japan’s strict regulatory hurdles to become the first gaming cryptocurrency to be whitelisted for use in the nation.
This announcement meant that Japan Virtual Currency Exchange Association (JVCEA) now allows users to purchase ENJ using the Japanese Yen.
Therefore, Enjin is working on infrastructural and regulatory progress to increase its global reach.
The whole system is growing on the back of Enjin coin popularity. Its core ability to facilitate NFTs is vital in an industry that can benefit from more blockchain assets.
Every NFT on the platform has ENJ infused therein. The ENJ is no longer in circulation, which creates an element of scarcity. Notably, the amount of ENJ in each asset varies. The locking of Enjin coin in NFTs is a way of creating guaranteed scarcity. Scarcity works for both NFTs and ENJ.
The scarcity is helpful in a growing NFT market.
This sector is catching on with influencers, companies, hobbyists, and pro athletes now realizing the potential of these products.
However, they are competing for money from a finite pool of collectors. The supply of NFTs may exceed demand.
Enjin coin is a finite resource with a supply cap of 1 billion.
An NFT creator who backs it up with ENJ guarantees the value and scarcity of their items.
In due course, the value of ENJ will go up, and the utility of NFTs with a significant amount of ENJ becomes tangible.
Enjin and the Future of Blockchain Gaming
This era promises to be robust for blockchain gaming and crypto gambling.
Enjin has a digital wallet where users can store their assets and trade them seamlessly. This wallet already has over 1.8 million and will continue to be valuable in the future.
Blockchain gaming seeks to empower players and developers. It is a departure from traditional gaming giants, which leave few options for gamers other than gameplay. A platform like Enjin introduces more versatility and control of gaming items, better payment processing, and potentially lucrative trading.
These utilities are vital for a wholesome gaming experience.
Gaming in the 21st century is no longer purely for fun but can be an opportunity to earn.
Enjin has an in-wallet exchange, a Dapp browser, and a QR code system for seamlessly transferring assets.
Enjin is one of the blockchain platforms to watch.
The era of blockchain gaming has many advantages, and Enjin showcases pretty much all of them.
Gamers are excited to be part of this journey, and more will saddle up in the future.