Enjin Coin (ENJ) Price
Here you can see the current Enjin Coin (ENJ) price and its historical trend. Enjin Coin (ENJ) is one of the cryptocurrencies you can trade on BISON.
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What does Enjin do?
The Enjin project has been around since 2009, making it only slightly older than Bitcoin. Enjin started as a gaming platform and evolved into a blockchain project over the years. In 2017, it became an NFT platform.
As a first mover in the NFT space, Enjin provides tools that enable developers to create NFTs. These can be classic NFT images like the Apes from ApeCoin, as well as items in computer games. To make it easier for game developers and artists to create NFTs, Enjin provides the necessary tools. Technically, Enjin is like a library of interfaces and software development kits (SDKs). It’s even possible to create a custom “cryptocurrency” for blockchain games that run on the “Enjin Blockchain”.
Developers must purchase the ENJ coin to use and pay for these tools. When the service is used and paid for, the used ENJ coins are burned, making the cryptocurrency deflationary. The total of 1,000,000,000 ENJ coins will thus continually decrease. Theoretically, this should stabilize or increase the price of the coin.
Enjin wallet and Enjin NFT marketplace
Enjin now offers not only the tools to create NFTs but also to trade them. There is an Enjin wallet, which has been installed over 1.2 billion times according to the company. Enjin itself talks about a total of 2.3 million users in the Enjin ecosystem.
Furthermore, there is the Enjin NFT marketplace NFT.io, where NFTs like those of Zinedine Zidane can be purchased.
Thus, the project provides the entire ecosystem for creating, trading, and storing NFTs.
What does Enjin have to do with the Metaverse?
We’ve already explored the Metaverse in detail in a past article. Ideally, the purchasable items in the Metaverse would be on a decentralized blockchain, not controlled by the company that “owns” the Metaverse. For example, Facebook (Meta) is building its own Metaverse and only allows trade in items and services over its “Facebook Blockchain”. The goal of the Metaverse should be to use solutions like Enjin. This would allow developers to create applications for the Metaverse and conduct transactions. Theoretically, a person could be in Decentraland and buy a sweater from H&M, which is processed via the Efinity Blockchain and stored in the Enjin Wallet. This sweater could then also be used in the Sandbox Metaverse.
To position itself economically, Enjin created the Efinity Metaverse Fund, worth over 100 million US dollars.
Where is Enjin already being used in reality?
In 2020, Enjin and Microsoft announced a partnership: Enjincraft. Through this partnership, Microsoft was able to integrate NFTs into Minecraft.
