Founded in 2009, Enjin began as a gaming community platform. Recognizing the potential of blockchain technology, it transitioned its focus to bring fairness and purpose to gaming. Today, Enjin is a comprehensive ecosystem designed to facilitate the creation, distribution, and integration of non-fungible tokens (NFTs). It offers a suite of integrated products that make NFTs accessible for individuals, businesses, and developers. Enjin’s platform is trusted by millions, with over 2.3 million wallet installs, 1.2 billion created assets, and a marketplace volume of 10.3 million ENJ.
Non-Fungible Tokens (NFTs)
What are NFTs?
NFTs, or Non-Fungible Tokens, are unique digital assets created on the blockchain. They can represent a wide range of items, including gaming items, digital art, sports collectibles, and real-world assets. Each NFT is distinct, emphasizing the “non-fungible” nature of the token.
Characteristics of NFTs
- Ownership: NFTs provide true ownership, ensuring that no one can take them away from the holder.
- Utility: They can be utilized in various applications, including apps, games, websites, and even in real-world scenarios.
- Real-World Value: NFTs created with Enjin are backed by ENJ, a cryptocurrency, giving them tangible value.
- Trading Fees: Creators can earn a portion of the fees whenever their NFT is sold.
- Rarity: Each NFT is unique, emphasizing its rarity and distinctiveness.
- Blockchain: NFTs are stored on a decentralized ledger known as the blockchain.
Enjin for Businesses
Enjin provides businesses with an end-to-end solution for launching NFT projects. This includes a platform for creating NFTs, a marketplace for listing them, and a wallet for users to trade and manage them. The goal is to generate new revenue streams and accelerate company growth.
Applications and Use Cases
- Gaming: Enjin allows game developers to create games where players can earn real-world value.
- Art: Artists can tokenize their creations and sell them as NFTs.
- Collectibles: From sports memorabilia to unique digital assets, collectibles can be tokenized and traded.
- Music: Musicians can tokenize their tracks or albums, providing a new avenue for revenue.
Various businesses have praised Enjin’s platform:
- TouchHour: “Enjin’s platform is exactly what we needed to enable us to innovate at the forefront of play-to-earn blockchain gaming.”
- Pandemic Games: “The usability of Enjin’s API is tremendous. We managed to completely integrate JumpNet before we even had time to reach out to the team.”
- Jade Stems Studios: “Enjin has provided us more than just the technology we needed to integrate NFTs without any blockchain code—their loyal following has helped us foster a community of incredible supporters for our game.”
Migration to Efinity
Enjin’s transition from the Ethereum blockchain to its proprietary Efinity platform is a monumental step in its journey.
Reason for Migration: The move to Efinity is driven by the need for faster transactions, reduced fees, and enhanced NFT functionalities that the Enjin Blockchain promises.
Token Migration: The ENJ token will transition from an ERC-20 token on Ethereum to the Enjin Blockchain. This migration is a 1:1 swap. Additionally, Efinity Tokens (EFI) will be exchanged for ENJ at a 4:1 ratio. The ERC-20 tokens will be sent to a burn address, making them inaccessible post-migration.
Migration Process: Enjin has provided comprehensive FAQs and guides to facilitate the migration. Users can use the Enjin Wallet for this process, ensuring they have the latest version of the app. The migration, once started, is expected to complete within 24 hours.
Efinity Integration: Efinity’s Matrixchain will be integrated into the Enjin Matrixchain. All data from Efinity will be inherited, with Substrate EFI automatically converted to native ENJ. Post-integration, Efinity will stop producing blocks, leading to a unified chain for Enjin.