Token Name: ENJIN
Token Symbol: ENJ (ERC-20)
Token Contract Address: 0xf629cbd94d3791c9250152bd8dfbdf380e2a3b9c
Token Website: https://enjin.io/
Quick History & Thoughts on the Enjin Token
In 2017, Enjin announced an ICO – having played on Minecraft servers that were hosted by them, I recognized the name and decided to buy in after dong some research. The ICO price was right around $0.03/token, so it seemed like a decent investment.
That year, after a few developments and market listings, Enjin token jumped to $0.45 – followed by the crypto crash of 2018, tanking the price. Since 2018, the price wavered between $0.06 and $0.25 – until 2021; where it got listed on Coinbase and jumped to just under $4/token. As of this writing, Enjin is sitting right at $1.60/token.
Having hit its’ new All Time High (ATH), and settling about halfway below [the ATH], I think Enjin still has room to go above $4. The reason I say this is because of the development of their Efinity blockchain (which will be based on Polkadot) and their NFT.io project.
Enjin is not only doing some amazing things, but also pushing forward in the right direction to make the token cheaper, faster, and more convenient to use – all while making it work across multiple blockchains and use-cases (via SnowFork’s bridges, if anyone’s interested in researching further).
This is definitely a project that rewards long-term holders, and I will continue holding ENJ long into the future.
Enjin’s goal is to allow game developers to turn [rare] in-game items into NFTs – this will give developers (and gamers) the ability to transfer / sell those items to other players and potentially carry them into other games.
Originally, designed to run on the Ethereum Network as an ERC-20 token, Enjin has started developing their Efinity Blockchain which will run on the Polkadot Parachain system. This will allow the Enjin token (and subsequently the NFTs minted into/under it) to be transferred to a blockchain that isn’t limited by Ethereum’s transaction speed (or fees).
What’s the big deal in NFT-Backed items?
Turning rare items into NFTs makes the rarest of items more valuable and un-hackable.
Let me give you an example;
About 4 years ago, I was playing an MMO in which the world bosses dropped super rare (and powerful) weapons – the bosses were on a server-wide cooldown period, which made it impossible to farm those weapons in bulk – making the progression of the game more evenly balanced.
In the time that it took for the world boss to respawn, other players were able to farm / build / regrade gear that would put up a good fight against the few top-tier weapons that were being dropped into the game every few weeks.
Fast forward a few weeks, and a player/hacker in the game figured out how to “trick” the server during the process of upgrading basic weapons – forcing the server to return whichever weapon he wanted it to return. This player then went on to sell the weapons to the highest bidder (for cash), crashing the server’s progression.
Eventually, the developers of the game discovered what was being done and banned the player, but they had no way to see which weapons were created by him, and which were actual boss drops.
With NFT-Backed rare weapons, something like this might still happen, but if the NFTs are minted when the weapon drops organically, the developers would have been able to delete any weapon that was not bound to an NFT, saving the server from collapsing in on itself.
Additionally, there are the benefits of transferring your NFT-backed items across different games; imagine being able to move nft-backed Skins, Weapons, and Items from one game on to the next.
Like I said, I believe that Enjin is NOT a short term hold project, but I do believe that it will see a new ATH before the end of the year, with their Efinity and NFT.io products slated for sometime later this year:
Efinity will supercharge the utility of Enjin Coin by incentivizing minting and providing rewards for staking ENJ.— Enjin (@enjin) April 5, 2021
🧲 Here’s what the Efinity network and its native EFI token mean for our loyal community of $ENJ hodlers: https://t.co/CQ7mYUiXin#NFTs #EnjinCoin pic.twitter.com/5Q01regbqZ