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Enjin logo

Enjin

ENJ

0.20

0.00

Market Cap

$327.179399M

24h Volume

$28.596M

Volume/Market Cap (24h)

8.74

Circulating Supply

1.654117B ENJ

Total Supply

1.822199B ENJ

Gearing Up for Web3 Gaming: Explaining the Enjin Crypto Project 

Blockchain attracts a lot of attention for applications in decentralized finance (DeFi), but many other sectors are integrating with this innovative technology. For example, video game designers have already begun using cryptocurrencies and decentralized platforms to offer players more control over their in-game items. Thanks to the peer-to-peer (P2P) nature of cryptocurrencies, web3 gamers enjoy complete ownership rights over every token, wearable, or avatar they add to their crypto wallets.

Enjin is one crypto project at the forefront of this "GameFi" revolution, offering developers numerous software tools to create, deploy, and manage crypto assets. With the help of Enjin's suite of services, gamers and programmers have more options to take their virtual experiences to the next level. 

Enjin’s history

Computer scientists Maxim Blagov and Witek Radomski launched the Enjin Network in 2009 as a platform for gamers interested in managing guilds, creating online communities, and interacting with fellow video game enthusiasts. However, as the cryptocurrency market gained momentum, Blagov and Radomski decided to focus their attention on the emerging blockchain gaming niche and provide web3 services for users and developers. 

In 2017, Enjin launched an initial coin offering (ICO) for its ENJ coin, raising $18.9 million from early purchasers. This helped fund the development of its new crypto-focused gaming portal. One year later, the Enjin protocol launched and began offering tools to help developers issue unique non-fungible tokens (NFTs) for video games within the Ethereum (ETH) ecosystem.

As Enjin continues to expand, so do its offerings for individuals and creators. It also offers a mobile-friendly crypto wallet (aka the Enjin Wallet), a marketplace for NFT trading, and Application Programming Interfaces (APIs). Since its launch, major corporations such as Microsoft and Samsung have partnered with Enjin to launch NFTs for gaming, team-building, and marketing ventures.

How does Enjin work?

Enjin functions similarly to a software as a service (SaaS) company, but its platform is decentralized, and it offers products for games in the web3 ecosystem. Developers interested in using Enjin's platform first purchase the protocol's native ENJ cryptocurrency and use it to create (or "mint") Ethereum NFTs for their video game. Enjin's multiple software development kits (SDKs) give developers the framework to create in-game assets, and Enjin's APIs link to their video games for seamless data transfer. Once deployed, gamers can store NFT collectibles in their Enjin wallets and exchange them for ENJ or other NFTs in the Enjin Marketplace. 

Enjin FAQs 

What is the Enjin coin price? 

ENJ is Enjin's native cryptocurrency, and it functions as the central utility token powering the Enjin ecosystem. Developers who use the Enjin Platform to mint their virtual collectibles need to lock ENJ to back the value of each NFT before launching it in web3. ENJ is also used to pay transaction fees within the Enjin ecosystem when exchanging or minting cryptocurrencies. For extra incentives, Enjin offers ways for game developers to incorporate ENJ token rewards into their games to drive loyalty and provide more opportunities to earn from in-game tasks.

As Enjin grows in the web3 sector, it's easier to find the current Enjin price on a real-time Enjin price chart using crypto price aggregators or exchanges.  

What is Enjin Beam? 

Enjin Beam is a feature offered in the Enjin Wallet that helps developers and users send NFT collectibles swiftly and securely via QR codes. Games using Enjin Beam in their design can distribute NFT collectibles with scannable QR codes rather than manually entering blockchain addresses, dramatically streamlining the transfer of virtual assets within online games. 

Is Enjin only for web3 game developers? 

While Enjin focuses on helping blockchain video game developers, it's not exclusively for the development community. Enjin's multiple offerings—including NFT creation, management, and monetization—extend to many other industries interested in crypto integration, including art, virtual real estate, and designer goods. Corporate clients also frequently use Enjin's tools and SDKs to tokenize assets and engage with employees or consumers in new and innovative ways. 

Disclosures

The content of this article (the “Article”) is provided for general informational purposes only. Reference to any specific strategy, technique, product, service, or entity does not constitute an endorsement or recommendation by dYdX Trading Inc., or any affiliate, agent, or representative thereof (“dYdX”). Use of strategies, techniques, products or services referenced in this Article may involve material risks, including the risk of financial losses arising from the volatility, operational loss, or nonconsensual liquidation of digital assets.  The content of this Article does not constitute, and should not be considered, construed, or relied upon as, financial advice, legal advice, tax advice, investment advice, or advice of any other nature; and the content of this Article is not an offer, solicitation or call to action to make any investment, or purchase any crypto asset, of any kind.  dYdX makes no representation, assurance or guarantee as to the accuracy, completeness, timeliness, suitability, or validity of any information in this Article or any third-party website that may be linked to it.  You are solely responsible for conducting independent research, performing due diligence, and/or seeking advice from a professional advisor prior to taking any financial, tax, legal, or investment action.

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