These days, you simply can't talk about cryptocurrencies or blockchain without NFTs making their way into the conversation. For all the great things that blockchains have given us, from meme tokens to DeFi, or even global trade and supply chain management, it's those non-fungibles that resonate well with a lot of people. Among the biggest players in the NFT game right now is Enjin, the so-called “gold standard for digital assets.” In our Enjin Coin review, we'll look at whether or not this is the case.
Indeed, Enjin is more than just creating bare NFTs, as its immensely powerful network has marked the advent of a new era of fun and interactable non-fungible tokens, as well as its seamless integration in starting the next stage of evolution for good old video games. Naturally, the thought of allowing once digital-native assets a sense of scarcity and real-world value is quite an attractive proposition. So, read along our Enjin Coin review to learn if they really are a future champion of the NFT space.
What Is Enjin?
Enjin is built and powered on the Ethereum blockchain and is based in Singapore. It has been online since 2009 when it originally launched as the Enjin Network, which was a community gaming service. In the following years, it's evolved into a massive player within the blockchain space and later held an ICO for its ENJ tokens in 2017 that raised $18.9-million. Enjin is more than an NFT creation platform, as its network has created and offers a suite of development tools and an expansive marketplace.
Not only does Enjin enables regular creators to create and market their NFTs, such as collectible art or merchandise that has provable scarcity, authenticity and is backed by ENJ tokens, but it is a platform where game developers could create games with them. These games could thus utilize NFTs that are made on the Enjin platform through tokenizing in-game items and inventories. More than 1.1-billion NFTs were made as of this Enjin Coin review, with a marketplace volume of over 44.3-million ENJ.
What Sort of Solutions and Services Could Enjin Provide?
Enjin's network has opened up the doors for developers, users, gamers, creators, and everyone else to experience its technology first-hand. There is, of course, the most basic form of entertainment where you can mint both fungible and non-fungible assets (more of that later on in our Enjin Coin review), such as rare collectibles, digital artwork, or even awards and achievements that you win in a game. One of those partners was Binance, which has branding and merchandise made as NFTs on Enjin.
With a huge array of games and an entire community built around Enjin, developers and companies could better market this through using some of Enjin's built-in services. One example is how one could disburse NFTs as a giveaway or reward on social media and better engage with their audience. In the years that followed, partners and brands that are building on Enjin have distributed more than 189,000 unique NFTs, through over 1,500 marketing campaigns. No doubt, Enjin's USP is its games.
How Could Enjin Revolutionize Gaming?
As we've mentioned thus far in our Enjin Coin review, they have ideas and concepts which we think could very well show off the future of how games are to be. Currently, games are centralized into huge server farms that could hamper or confine the potential for how their virtual worlds could be designed. Moreover, many games rely on players buying up valuable in-game items and digital assets, which become completely worthless once the game is out of date and the player earns nothing.
This is not to mention the egregious practices of some game developers and companies that inspire a pay-to-win mechanic, where players are encouraged to buy up loot boxes and microtransactions to gain a competitive edge. This isn't the case with Enjin, where games are built on a decentralized network, and the idea of tokenizing game assets would enable game developers to imagine new ways in which players can interact with their games by freeing items and assets from centralized control.
Some examples include players being able to learn the entire history of how a particular item came to be and has been owned up to you, thanks to records kept on the Enjin blockchain. Your heroes and characters could be moved across and leveled up between completely different games. There are new methods for crafting, fair monetization, in-game storefronts, and more. Not to mention, these items and inventories have valued backed by ENJ, so they will always carry monetary value for the player.
What Is the Enjin Multiverse, and What Does It Do?
Our Enjin Coin review has looked at how individual games built on Enjin could be evolved through the use of NFTs, by tokenizing everything from character models, weapons, armor, potions, upgrades, in-game real estate, and virtual worlds, or even achievements. For the players, that game and developers, as well as brands that need to market and sell those games, Enjin's network and tech is a win-win. If you thought this was massive, then wait until Enjin's ‘Ready Player One'-style Multiverse comes along.
Instead of creating individual games on Enjin, the Enjin Multiverse is an ecosystem in which games – even those made by completely different studios and teams altogether – could seamlessly be bound and interact with one another. Therefore, there could be immense collaboration and adventures set across separate games, where players could seamlessly move around between them. Imagine, for example, how a player could bring their fully beefed-up pirate character into a space-bound sci-fi game.
Where Can You Find the Best Projects and Games On Enjin?
The possibilities, as we've discovered in our Enjin Coin review, are practically endless as far as designing and creating a game onto the Enjin network. But, what are these games and various other projects on Enjin, and what are they all about? For our Enjin Coin review here, we'd like to give you a sampler of the best that we've found.
Go! By Health Hero – This is the newest collection to join the Enjin family and is perhaps the most wholesome project with a plan to bring awareness towards healthy living to the masses. This is done with a ground-breaking concept called Well-Being NFTs – or W-NFTs – and is designed to motivate its users of the Health Hero app. Taking data from health tracking services like your Apple Watch, FitBit, or Garmin, it can generate playing cards to reflect your lifestyle and immortalize that with an NFT.
Age Of Rust – This is a single-player, first-person, sci-fi adventure game set in a seemingly cyberpunk-Esque and post-apocalyptic outer space. You awaken on a colony ship, where machines have gone rogue and are taking over. A full AAA experience, Enjin's tech has enabled Age Of Rust to build a wide-open world with immersive 100+ hour player-driven story, detailed puzzles, and the player has free reign to explore ruins, caverns, abandoned space stations, with NFT bounties and treasure hunts.
9Lives Arena – A third-person, competitive online RPG, 9Lives Arena focuses on skill-based PvP (player-versus-player) action. There is a permadeath mechanic, persistent progression, alongside resource gathering and item crafting mechanics. You can trade different goods and power-ups to improve your chances of survival, with each inventory making up an NFT. Thanks to Enjin, 9Lives even has a cross-platform companion, Ooogy, to accompany you.
The Six Dragons – Claimed to be the world's first blockchain-powered open-world RPG (role-playing game), The Six Dragons features a massive world that spans more than 256 square kilometers. Here, you can uncover and roam around over 1-billion unique and randomly generated dungeons to explore, where a clever blockchain-powered crafting and the enchanting system has created a vast in-game economy for you to trade inventories with other players.
What Are Enjin's ENJ Cryptocurrency Tokens?
So far, we've dived quite deep into what Enjin can do and its potential to upend the gaming industry as we know it in our Enjin Coin review. This is all thanks to Enjin's powerful blockchain tech and its ability to tie up old-fashioned games with new-age NFTs, which enables all sorts of novel concepts and ideas to be born. Enjin is bringing its innovations to become universal, too, and is displayed in the form of the ERC-1155 token standard. This, as we've highlighted earlier, is a new standard for NFTs.
Compared to the old ERC-721 NFT tokens, ERC-1155 could enable the creation of fungible, non-fungible (as all NFTs traditionally are by name), or semi-fungible assets, and multiple of those tokens could exist within a single, smart contract. There are advanced features such as being able to intelligently set its tokenomics, as well as cutting Ethereum blockchain gas fees by up to 90% using ERC-1155 tokens. All of this is forged or minted and backed fully with Enjin's native ENJ tokens.
What About Its Tokenomics?
NFTs built on Enjin can be burnt (or “melted”) and interchanged with ENJ cryptocurrencies, which is what gives those NFTs monetary value, tangibility, and proven scarcity. The latter is helped by Enjin's deflationary tokenomics with ENJ tokens, and its total supply is capped at just 1,000,000,000 ENJ. As of this Enjin Coin review, the value of one Enjin Coin crypto token is around $1.40, which marks quite a handsome price appreciation of more than 8,800% since its all-time lows back in November 2017.
Then, the price of one ENJ is around $0.0156. Although, today's price is still around 65% down from its all-time highs on April 2021, when ENJ was worth $4.00. Still, there is plenty of room for a further rise in value as NFTs continue to gain in popularity, and Enjin has continually attracted new projects and partnerships. At today's valuation, this gives Enjin Coin a market capitalization of $1,167,217,246, thus making ENJ the 68th-most valuable cryptocurrency on the market.
What Are Enjin's Future Roadmap Updates?
While writing this Enjin Coin review, they don't have a simple roadmap timeline per se, but there is quite a lot of projects and services that are being mapped out for future launch. So far, awesome tech like the Multiverse is still in the midst of rolling out. But other products and offerings are on the way, with the most recent one being JumpNet. JumpNet is a multichain bridging solution where users can port NFTs across to other non-Ethereum blockchains, as well as providing better scalability for NFTs.
Combined with ERC-1155, those NFTs using JumpNet could be moved rapidly and without any gas, fees attached. This update will be paired with Efinity, which is an NFT-focused blockchain that is set to be launched on the Polkadot multichain. This is primed to be a next-generation blockchain made purely for NFTs. It will optimize the whole of the Enjin network, such as interoperable cross-chain NFTs, greater accessibility with lower fees and instantaneous transactions, more customizability, and so on.
Enjin Coin Review – Conclusion
In summarising our Enjin Coin review, we've found it quite hard to pinpoint anything that we didn't like about Enjin and what it's able to do. Perhaps the diversity of its NFT collections aren't as vast or as colorful as some other major platforms, such as WAX, through its many collaborations with A-list celebrities and cult icon brands. Enjin is made mainly for gaming and not much else. But that steely-eyed ambition is also what makes Enjin one of the most compelling blockchain projects in a while.
Mind you, the gaming industry in 2021 is valued to be worth around $175-billion and is on track to go through the $200-billion mark by 2023. With Enjin, all of this value can be unlocked tenfold through powerful games that have seemingly limitless potential with vast open worlds, new mechanics, a wide-open multiverse, and a player-focused approach that rewards everyone involved. How many other platforms out there, barring Enjin, could say that you can actually earn money by playing games?
Enjin Coin Review
- Ease of Use
- Project Values
- Tokenomics Model
- Long Term Sustainability
- The underlying tech is able to bring a lot of innovation to the gaming scene with new mechanics, huge open worlds, a cross-game multiverse, and new ways of monetization.
- Instead of loot boxes and microtransactions, both the players and studios can benefit from play-to-earn with NFTs, as well as secondary markets for NFT items.
- Has a large collection of user and creator-built NFTs within the EnjinX marketplace – 1.1-billion and counting.
- Many games are powered by or are being built on Enjin (Age Of Rust, 9Lives Arena, The Six Dragons, etc.), including support by large companies like Microsoft.
- Tokenomics with ERC-1155 standard could disrupt the NFT market with unique forms of semi- and full-fungible assets, as well as lowering gas fees and fast transfers.
- Very promising future roadmap with the roll-out of the Multiverse, as well as scaling and interoperable tech through JumpNet, Efinity, and more.
- NFT collections are more aimed towards games and aren't as diverse as some other networks in terms of variety – art, collectibles, music, merchandise, etc.