Enjin (ENJ): Revolutionizing the Gaming Sector
“Power to establish a unique cross-chain holistic gaming ecosystem makes Enjin capable of unlocking the boundaries of the gaming ecosystem. This will completely change how the gaming ecosystem works within the confined boundaries of their own platforms and transform it to be more cross-linked across various platforms.”
What is Enjin (ENJ)?
Enjin is a blockchain platform based in Singapore and conceived in 2017, with a special focus in the gaming industry. Enjin strives to give gamers a more open, incentivized, and friendlier gaming ecosystem with the help of blockchain technology. Today Enjin has become a preferred platform for the gaming industry as it provides interoperability and interconnectedness among various gaming ecosystems. It can be considered as a bridge between one gaming platform to another.
This means that using Enjin the players of one game can store, transfer and trade the in-game collectibles or items with another game that was previously not possible. This creates a globalized gaming market and provides actual value to the in-game collectibles.
How does Enjin (ENJ) Work?
The Enjin platform is run by its ENJ token that is an ERC-20 token built on the Ethereum blockchain. The ENJ can be used to store and manage the in-game items. These in-game items can be anything ranging from collectibles, unlockables to even in-game currencies. ENJ provides the game developers with the capability of minting in-game items that can be used across various other games of different platforms creating a gaming ecosystem that has no boundaries.
There is a five step process in which the ENJ token can be used for minting and destroying the in-game items:
- Acquisition: The game developers need to acquire (buy) ENJ tokens and lock them in smart contracts for adding value to the in-game items that are to be minted.
- Mint: Game developers design the in-game items using the ENJ tokens acquired.
- Acquiring and Deploying: The players acquire the in-game tokens by playing the game which can be used to buy collectibles, access or unlock various game mechanics.
- Trading: The players can trade and transfer these in-game tokens or collectibles to other players over the internet and to other game platforms and games for benefits in those games or for certain in-game value.
- Melting: Players can sell their collectibles or in-game tokens for the ENJ whenever they want, creating play-to-earn opportunities.
Takeaways
- The focus on revolutionizing the gaming sector has increased with the introduction of the concept of Metaverse globally.
- Enjin (ENJ) is one of the most promising projects with multiple use cases in decentralization of the gaming ecosystem and Metaverse.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.
Photo by Alexey Savchenko on unsplash
