Enjin Coin (ENJ)

Enjin is a company established in 2009 when it launched its gaming platform Enjin Network.

Since then, the Enjin ecosystem has expanded to include a marketplace and a collection of smart contracts and “smart” wallets to make it easier to own and manage virtual goods backed by real value.

Individuals and companies can use Enjin’s range of products to easily create custom tokens and digital assets (ex: in-game products, NFTs) that they can trade, distribute, and manage within and outside Enjin’s network.

How does Enjin work?

Enjin uses a series of smart contracts to which game developers send ENJ tokens to mint new, unique fungible, or nonfungible ERC-1155 tokens.

Businesses can use these tokenized digital assets as part of their acquisition, engagement, and monetization strategies.

When transactions are made on the Enjin platform, an off-chain backend service called Trusted Cloud gathers requests from users and game servers and interacts with the Ethereum blockchain.

The game or website can then be updated immediately with a placeholder item or non-tradeable version of the asset until enough confirmations are reached to allow full ownership of the item.

Enjin is currently working on Efinity, an NFT-focused blockchain on the Polkadot network that can interact (read: exchange assets and data) with other blockchains.

Team background

Enjin was founded as a gaming community platform in 2009 by software project manager Maxim Blagov and blockchain enthusiast Witek Radomski.

Radomski not only pushed for Enjin to accept bitcoins as payment before it was cool, but he also authored the ERC-1155 token standard used to mint fungible and non-fungible tokens.

Blagov is currently Enjin’s CEO and Creative Director while Radomski is the company’s CTO. Caleb Applegate, a strategic advisor, is the COO while angel investor and CFA Oscar Franklin Tan are the CFO and Chief Legal Officer.

What is the ENJ token?

Every digital asset created on the Enjin platform is an ERC-1155 token that’s backed by ENJ, Enjin’s ERC-20 utility token.

Developers will need ENJs when they mint new custom tokens or digital assets (including NFTs).

Users will also directly or indirectly own ENJs when they buy/sell/trade gaming items on marketplaces or receive community rewards.

Last but not the least, users can “melt” their digital assets back into ENJs via the Enjin wallet.

ENJ is currently ranked as a top 10 metaverse token by market capitalization. It’s available on major crypto exchanges and can be stored in any ERC-20 compatible wallet.

Token Metrics:

  • Holders Addresses: 183,632 holders (updated October 2022)
  • Circulating Supply: 1.0B ENJ
  • Max supply: 1.0B ENJ
  • ENJ is arguably deflationary because as new NFT and game tokens/products are created on the Enjin platform, ENJ will be removed from circulation

Notable Projects Using Enjin:

  • Azure Heroes
  • Lost Relics
  • Age of Rust
  • 9Lives Arena
  • Efinity: NFT bridge