MARKETPLACES February 2022

What you need to know about Enjin marketplace and coin

NFT marketplaces are constantly evolving and Enjin is one of those initiatives that surprise everyone with its versatility. Enjin offers a complete ecosystem of tools that allows you to develop, distribute, store and integrate fungible and non-fungible blockchain assets. Best of all, you can create blockchain assets without coding.

Enjin was created in 2009 and has become a major social gaming platform. It operates under the name Enjin Pte Ltd, headquartered in Singapore. Enjin Pte Ltd is a dispersed company with a presence in a large number of countries, spread across five continents. Enjin Marketplace is part of the Ethereum network and the company created its token in June 2018 behind the marketplace - Enjin Coin.

It doesn't matter if you are a contractor looking for new promotional opportunities, or a software developer looking for the introduction of blockchain-based digital assets in your projects, or hobbyists interested in experimenting with the new technology - this project is for everyone! However, let's see how the Enjin marketplace works.

How does Enjin marketplace work?

Enjin marketplace places the NFTs facilitator for each new generation. Its goal is to empower the creation of products to take advantage of the NFTs of the future, both for individuals and for companies and brands. So far, Enjin has utilized the number of customers managing, building, and trading fungible tokens with over 2.3 million portfolio installations. They also manage 44.6 million ENI in market volume and over 1 billion in assets.

Some of Enjin's pioneering blockchain initiatives include Go! By Health Heroes, Azure Heroes, Rust Age, Lost Relics, Utility, Game TalkTalk, MyMetaverse, etc. However, its flagship asset is Effinity.

Effinity is Enjin's product that offers a scalable, decentralized, cross-chain network intended to give everyone non-fungible tokens. Ethereum has become expensive leverage as blockchain. If a token is moved, the user can command a price over $7. To solve this obstacle, Effinity wants to be an NFT way and not a general computing blockchain.

Effinity emphasizes token creation, transfers, and purchases as a network. Effinity keeps transaction charges in the background and allows consumers to experiment with their favorite items. The network's operating mechanism does not require the user to worry about because it is so intuitive.

How Effinity works in the Enjin marketplace?

In terms of compensating network participants, Effinity's incentives go far beyond Ethereum and Bitcoin. Bitcoin and Ethereum miners are rewarded with coins exclusively for the network.

Effinity, on the other hand, rewards a broader number of participants with its EFI token. It contains breeder nodes that operate the network, users that control the direction of the network, buyers and sellers that promote price discovery, developers that propose Effinity-based applications, and early adopters and creative partners for community grants. All of these, including the prominent ERC-721, ERC-1155 and ERC-20 standards, tokens from all other chains can be accepted.

What is the orientation of Enjin Marketplace?

One of the first projects to test Raiden Network, the Ethereum version of Lightning Network. The Enjin Coin platform provides a full list of features through its public API and SDK.

The biggest value that Enjin cryptocurrency brings to the gaming community is creating and managing virtual assets. Developers of each platform can easily create a unique currency for their community, backed by Enjin Coin as the main currency. This gives the coins all the benefits of the Blockchain (speed, cost, security, etc.) while still being customized for their respective platforms. Since each asset is registered under a single, smart accounting contract, all Enjin smart wallets recognize them. And you can exchange virtual assets for Enjin coins at any time. This creates an interconnected ecosystem of games and communities where you can even transfer assets between platforms.

NFT assets on the Enjin marketplace.

Enjin boasts on its website that it has so far produced 2.1 billion assets on its blockchain, powered by the Enjin Coin. The Enjin Marketplace has several projects. This includes initiatives from Microsoft (Azure Heroes), Binance, and CoinMarketCap. Trading and exchanging virtual goods on Blockchain is another major advantage of Enjin Coin.

With this, Enjin Coin offers a new virtual model that can be used to manage, earn, and exchange virtual products as a decentralized platform. It also supports a multi-language SDK and enables online players with monetary support options.

All of these assets are unique in the sense that you cannot exchange 1:1 with any other of its kind. You cannot exchange your friend's driver's license and expect their identity to be legitimate.

The non-fungible token (NFT) is the perfect technology token for anything that can't be 1:1 convertible but has to function as a currency. In turn, we can highlight these 3 assets as an example of the profitability of this Marketplace:

Age of Rust

Age of Rust is a gloomy science fiction adventure game. This game is set in the space theme and has several presentations in Enjin Marketplace. It holds tenth place of the most famous tokens on the platform and has had significant rises. Its volatility makes it one of the most common when buying assets on Enjin, reaching a price of 8,000 ENJ (Origin token).

Lost Relics

Codebit Labs is the firm responsible for the creation of Lost Relics. It is inspired by a hack and slashes action role-playing video game. It is powered by Unity and is supported by Enjin Blockchain products. It is one of the most traditional and, over 2 years, has fluctuated from 6.75 ENJ to 9,000 ENJ. This clarifies that this is more than an interesting form of investment if you are thinking medium to long term.

Ginger Fox

It is a limited collection of 3 assets drawn by the artist Mara Ioana. This collection has not moved much yet, we chose it as an example because we liked the style of the asset.

Enjin Marketplace is synonymous with performance.

As of April 2021, more than 2.15 billion tokens had been released on the Enjin Marketplace. These in the majority of which have been unique, programmable assets used in virtual worlds. However, NFTs are being used in various sectors rapidly and beyond gaming. However, this all rests on 3 fundamentals:

Enjin's NFT's fundamentals.

The main problem facing most NFTs today is establishing real value. That is, ensuring that NFTs are more than just images or collections. Given this, Enjin makes it easy to build NFTs that do this by focusing on three key principles: identity, utility, and investment options.

Identity

Each NFT is encoded with its unique ID. This is the basis of its non-fungibility. Individuals can give NFTs names, autographs, personalities, in-depth information, and backstories. NFTs can represent individuals in a way that no other kind of digital thing has been able to do, transforming them into next-generation containers for establishing digital identity. Moreover, because NFTs live on the blockchain, they are physical, transparent, and immutable.

Utility

Aside from uniqueness or history, one method to increase the initial value of a digital asset is through utility. A token with a built-in function is inherently more useful than one without. Consequently, anyone can add real-world or digital utility to any NFT using the Enjin platform.

Invisibility

The huge rise of digital assets, coupled with stock market volatility, signals a shift in the paradigm of underlying assets and market dynamics in general.

Fungible and non-fungible tokens allow us to invest in the future and culture of humanity as a whole, and Enjin is developing an NFT ecosystem that will facilitate the development of sophisticated virtual economies using the power of blockchain technology.

Given that this is a developing platform, Enjin Coin may have some opportunity to expand with the NFT market. While some of these items are outrageously expensive, others are more realistic. You can consider them gamer art or gamer gear that other gamers or artists might find valuable and useful.

Commissions in the Enjin marketplace

When you make a transaction on an NFT marketplace, you must pay a commission. In most cases, the commission is a percentage of the amount of the sale in the corresponding transaction.

Unfortunately, we have not been able to determine what commissions Enjin Marketplace charges buyers when they purchase an NFT.

Frequently Asked Questions

What payment options are available on the Enjin Marketplace?

Some NFT Marketplaces allow credit or debit card deposits and payments, and some even accept PayPal deposits. Enjin Marketplace, on the other hand, does not accept fiat money deposits.

The marketplace relies on the use of Enjin Coin. Enjin Coin is available for purchase on most cryptocurrency exchanges, including industry leader Binance.

What is the current value of Enjin Coin?

At the time of writing, Enjin Coin is now trading at $ 1.61, with a 24-hour trading volume of $ 122,766,196.19. In the last 24 hours, the price has fallen by (-4.458%).

If you want to know the current price you can go to the following link:

What is Enjin Coin's maximum/circulating supply?

The current outstanding supply of Enjin Coin as today is 834,340,659.568 ENJ. ENJ 1,000,000,000,000 is the maximum total supply of Enjin Coin.

What is the most active exchange for Enjin Coin?

Enjin Coin is available for purchase on the cryptocurrency exchanges CoinTiger and Binance. In a word, it is the basic rationale for Enjin Coin.

They are creating an NFT ecosystem that will provide companies, developers, and the gaming community with everything they need to create, integrate, trade, distribute and use NFTs.

If you create NFTs, you are buying a small amount of Enjin Coin.

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