Enjin Coin (ENJ) is the native cryptocurrency and utility token powering the Enjin Blockchain and its ecosystem of products and services. It was originally launched in 2018 as an ERC-20 token on the Ethereum blockchain, but has since migrated to a Substrate-based Proof-of-Stake (PoS) blockchain for improved scalability and efficiency.
ENJ serves multiple functions within the Enjin ecosystem, including paying for transactions, securing the network through a nominated proof-of-stake mechanism, enabling governance participation for holders, and facilitating the creation and backing of NFTs.
The Enjin ecosystem offers a suite of integrated blockchain products such as the Enjin Platform for developers, the Enjin Wallet for managing digital assets, the NFT.io Marketplace for trading NFTs, Enjin Beam for distributing NFTs, and features like Managed Wallets and Fuel Tanks to simplify user experience. Additional features like On-Chain Metadata and Guaranteed Royalties provide permanent attributes and ensure creator revenue.
ENJ is significant because it provides intrinsic value to NFTs by being locked within them upon minting, allowing holders to recover ENJ by “melting” the NFT. The project aims to integrate blockchain technology and NFTs with real-world value into games, fostering player-driven economies. Enjin has also formed partnerships with companies like Microsoft, Samsung, and BMW, indicating potential for broader use of NFTs beyond gaming.
What is Enjin Coin used for?
Great question! Enjin Coin is the native trading token for NFT.io, Enjin Blockchain’s global NFT marketplace. Collectors use ENJ to purchase NFTs through direct purchases or bidding via auctions.
What is Enjin used for?
It is used for purchasing, selling, and trading NFTs, which can represent unique game items such as characters or accessories. These NFTs can be stored, tracked, and sold for ENJ through the Enjin wallet, allowing gamers to access and manage their digital assets across multiple gaming platforms.
What happened to Enjin Coin today?
I can help with that. Enjin Coin Price Live Data
The live Enjin Coin price today is $0.076516 USD with a 24-hour trading volume of $18,068,449 USD. We update our ENJ to USD price in real-time. Enjin Coin is up 10.56% in the last 24 hours. The current CoinMarketCap ranking is #302, with a live market cap of $143,197,308 USD.