TimeX has added EnjinCoin (ENJ), the native token of the Enjin platform for blockchain game developers. Users can now trade ENJ/USDT on TimeX and enjoy the benefits of owning the currency that powers NFT creation in an increasing number of games – thereby buying into a booming segment of the blockchain space.
NFTs and gaming: the next frontier for blockchain
Non-fungible tokens, or NFTs, have proven one of the hottest blockchain trends over the past year. These indivisible, unique or limited-edition tokens have enabled the creation of whole new markets, including the digital art sector. Previously, it was effectively impossible to trade digital images because – unlike a physical painting – there was no way to track who the creator and legitimate owner of an artwork really was. By linking an unforgeable digital fingerprint of a file to a token, and recording the creation and sale of that token and its associated virtual object on the blockchain, NFTs have facilitated the rise of a huge new market for digital art and other collectibles.
The idea of digital collectibles has, in turn, driven the evolution of a new sector within the gaming industry: play-to-earn games, which reward those who take part in them with cryptocurrency. Integral to play-to-earn games (like Axie Infinity, Gods Unchained, The Crypto Prophecies, and other titles) are NFTs, which are used to represent different items and characters – meaning players can securely transfer and sell these whenever they want to, often on built-in marketplaces and auction houses. It’s a fast-growing sector, and popular games like Axie Infinity have hundreds of thousands of players and highly active NFT trading scenes.
Announced in 2017 and launched in 2018, Enjin is a platform that provides users and developers with tools to create and monetise their games using NFTs and blockchain technology, reducing the time and expertise needed to break into this exciting new area of the gaming world.
About Enjin (ENJ)
Enjin is a blockchain-based gaming network that specialises in the creation of NFTs. The platform allows developers to integrate NFTs into their games quickly and easily, whether or not they have specific blockchain coding experience. By targeting gaming studios and developers, rather than simply end users, Enjin offers a powerful model for getting its ENJ token out into the world.
ENJ is an ERC20 token with a fixed supply of 1 billion. ENJ tokens are used every time an NFT is minted on the Enjin platform, with the ENJ tokens being locked in the NFTs. There is no set amount: any number of ENJ can be locked when NFTs are created. This not only removes ENJ from active circulation, reducing supply while maintaining demand, but has a series of other advantages for stakeholders of the Enjin ecosystem.
- All NFTs have intrinsic value, since they are backed with ENJ
- NFTs have known scarcity, and can easily be compared against other NFTs, since the amount of ENJ they embody is transparently recorded on the blockchain
- This helps create liquid NFT markets, since there is always this ‘backstop’ value to the tokens
NFTs can be ‘melted’, releasing the ENJ they hold, at any time, allowing users to redeem their NFTs for ENJ if market conditions dictate that it is worthwhile, or if they need the funds they previously locked.
Enjin’s gaming development ecosystem includes diverse functionality including a wallet and built-in exchange, and a layer 2 solution to make creating and using NFTs more gas-efficient. The platform has attracted attention from some major players in the wider tech space, including Microsoft and Minecraft.