If you haven’t been paying attention in the past month, NFT coins or non-tangible coins have rapidly become a focal point for investors due to user demand for transacting digital goods. Blockchain is becoming more intertwined with creating a secure marketplace to transact digital assets such as collectible or digital art pieces. Enjin coin has rallied to a new all-time high of $0.68, rallying over 52%, according to CoinMarketCap.
NFT tokens had first become popular in 2018 when Dapper released CryptoKitties, a popular blockchain game that happened to clog the entire Ethereum Network for the first time in 2018. With the continual emergence of virtual goods and unique collectibles in the blockchain space, Enjin seems to be at the forefront of it. In the past month, Enjin has announced they’ve created over 2.15 billion assets on their network, including assets for the popular game Minecraft as a plug-in.
Enjin Coin and the future of blockchain games
Founded in Singapore in 2009, Enjin owns multiple assets such as Enjin Network, Efinity, and ultimately Enjin Coin, which was released to create one-of-kind tokens that store unique value. Built on the Ethereum blockchain, the ENJ token is an ERC20 token used across multiple online games and websites.
ENJ is used in the gaming ecosystem to create unique in-game economies, and they can be traded, swapped while recording a unique ID for each token released. In short, Enjin provided a safety net for games to prevent fraud when transferring assets and digital goods and was the first tokens to use Ethereum’s Raiden Network.
Enjin is one of the only blockchain companies that bypassed Japan’s strict regulatory system and became the first gaming cryptocurrency used in the nation. With an imminent listing on January 26th on the Japanese Coincheck exchange, being the only gaming cryptocurrency listed on the exchange, users can purchase the token in Japanese Yen and help increase adoption in a country that is well versed in pop culture gaming.
The company has been very active at the start of 2021. They integrated the Enjin token into Minecraft and spawning one-of-a-kind Amazon Azure heroes supported by the Enjin blockchain. Amazon AzureScrolling through their Twitter page, it’s easy to understand why NTF completion with games like Minecraft where users can earn ENJ coins.
The token integrated with the Binance Smart Change, becoming available on the DeFi Swap, and has became part of the Binance NFT education campaign. They’ve recently launched an AMA with Binance teaching users about NFT coins, their usage, and clarity to anyone interested in learning about token security.
Digital goods on the blockchain
In 2018, CryptoKitties was the first blockchain game that highlighted the bottlenecks in the Ethereum network. Blockchains have worked to decrease latency work on increasing transaction speeds. What also happened was that developers and entrepreneurs discovered a new way of using blockchain to aid the growing digitalization.
Gamification and the need to transact unique virtual assets are becoming more appealing to everyday users. The same developers of CryptoKitties, Dapper Labs, partnered up with NBA and published collectible cards in the form of short video clips using NFT tokens.
Collectors and everyday users jump on the NFT bandwagon and crash websites before releasing their virtual collectibles. It shows that digitally secured goods are becoming a necessity, and blockchain solutions such as Enjin can benefit from the growing demand. If you’re still not convinced, a unique piece of Lebron James just sold for $208,000.
On the Flipside
- Digital goods will lose interest once the bull run is over, and people will fear blockchain once more.
- Enjin coin can face backlash if the gas price continues to increase and won’t scale quickly enough.
The Enjin token future
Looking at the price increase and the growing demand for NFT tokens, Enjin has a bright future seeing how it entered a market where games are part of the everyday culture. Their market appreciation is linked to their progress and the growing demand for integrating games with the blockchain.