Enjin is a cryptocurrency that was created to revolutionize the gaming industry. According to an article published by MarketWatch last year, the video game industry surpassed both film and sports industries combined in North America. Perhaps this increase can be explained by the large number of youngsters and adults who had empty time on their hands after governments compelled businesses and classes to close due to the COVID virus.
This topic will help you get a clearer picture of the technology behind Enjin, the coin that powers Enjin, and its potential future.
As always, this article is not financial advice.
How Does Enjin Work
Unlike sports or film, games make sense since games can produce unique and distinct personal moments that provide a psychological escape for individuals who have lost their jobs or been cut off from physical contact. Alternatively, gaming evolved from an obscure pastime into a mass-market industry.
Regardless, many individuals who were once unemployed are now playing online games in hopes of earning currency by farming fictional plants, breeding 3D monsters, and killing virtual enemies. You can exchange this currency for real-life goods, which helps promote entrepreneurship within the gaming industry itself.
As a result of this increased attention, the table is set for the arrival of blockchain technology such as Enjin.
Enjin offers a platform for gamers to create guilds and communities but, more importantly, develop games and assets that anyone can use within Enjin’s ecosystem – and these assets will get minted on their very own ENJ blockchain.
With some of the top video game companies globally, such as Activision Blizzard, Ubisoft and Microsoft (to name a few), to name a few, backing the Enjin coin, we can say that we have all reasons to be excited about its future.
Enjin is by far the most popular content management service for gaming-related websites and provides gamers with simple widgets and tools such as calculators, inventory managers and character profiles that they can use in their games.
The vision of Enjin Coin is to revolutionize the gaming industry by bringing cryptocurrencies into mainstream video game culture. It may be cumbersome to purchase or trade cryptocurrencies in today’s market, especially for someone who doesn’t have much experience with them. The purpose of Enjin Coin is to ease the process of introducing players and game developers to this new, exciting world.
Utilizing blockchain technology for their currency will introduce transparency in transactions, which is an advantage for both gamers and game developers. They can trade assets directly with one another and play games together without a third party.
The major message is that Enjin technology converts low- or no-real-world value digital goods into rare, non-fungible collectibles independent of the games they’re utilized and may be exchanged for crypto or conventional money.
This has far-reaching effects on the gaming business in the future, since it essentially opens a new avenue of game monetization. Developers may now sell not just the game itself but also all of the goods inside it, opening up a significant new source of income in an already massive and swiftly developing sector.
Partnerships with High-Profile Names in the Gaming Industry
Enjin has confirmed a partnership with Unity, a leading open-source software development kit that powers various popular games, including Rust, Escape from Tarkov, Kerbal Space Program, The Forest, Hearthstone, Cuphead, and Cities: Skylines. As of right now, Enjin has revealed an agreement with Unity – the largest open-source game development platform in the world.
“Unity was quick to recognize that Enjin’s solution for virtual goods and real value was a perfect fit for their platform,” said Maxim Blagov, Co-Founder at Enjin Coin. “The potential use cases for Enjin Coin on the new Unity Platform are vast. From enabling game developers to integrate tokenized, asset-backed content from the Enjin Coin blockchain into their gameplay, to allowing independent game servers and communities to reward players with tokens that can have a real monetary value. Our technology is opening new horizons in a billion-dollar industry.”
The partnership allows many developers using Unity tools easy access to a powerful framework for implementing smart contracts and custom blockchain systems.
While the notion of in-game items having real-world value isn’t entirely new, the distinction in 2021 is that game players now have a greater sense of genuine authority and actual ownership over their digital assets thanks to blockchain technology. Tokens like Enjin allow gamers to create gaming NFT objects that they may buy as legal investments and trade across many games.
Leading the Blockchain Gaming Industry
So, let’s speak about a few of Enjin’s current blockchain games. Today, the phrase “blockchain games” refers to video games that take advantage of decentralized blockchain technology in some manner. In layman’s terms, blockchain games are located on a separate network that is considered more private and secure than traditional gaming systems.
Furthermore, you may use these games to engage in entertainment and profit in cryptocurrency, a system known as “P2E” or “Play to Earn.” This is what game developers like AlterVerse Inc and SpacePirate Games LLC are testing right now. Many gamers have long desired this moment – gaming experiences that give you joy and a chance to earn some money or at least something valuable for your time and skills.
The ENJ Coin
One ENJ coin costs $2 as of this writing. It hit a high of $4.85 in November 2021, but the market has been wavy since then. Its current market cap is at $1,804,495,000 as of February 9, 2022. It’s currently ranked #61 on CoinMarketCap and Binance, with a total supply of 1,000,000,000 ENJ.
The Enjin Network is the world’s largest social gaming network and encompasses over 250,000 registered games and 18.7 million registered gamers. Backed by some big names like Anthony Diiorio (co-founder of Ethereum) and Alex Ohanian (co-founder of Reddit), the Enjin Network is changing the gaming industry one step at a time.
Top 3 Known Enjin Games (as of 2022)
Lost Relics is one of the first decentralized games to utilize the Enjin technology. It’s also one of the rarest games to let you play for free without a catch. You can grind for hours on end in the game and earn rare NFTs which you can sell for ENJ.
You can register and download the game now, but you’ll have to get in line and wait for a confirmation email to play it. Personally, it took me 4 months before the developers let me in on the game. Honestly, I enjoy the game – in fact, it plays more like a hardcore looter RPG rather than something grindy like Axie Infinity. Hopefully, they will add more updates and make the game more known to blockchain gamers in the future.
The story of Space Misfits is remarkable. This is a one-of-a-kind game created by the Enjin team and set in a sci-fi MMORPG. Expect the usual, including earnable NFTs through quests, cool digital assets that you can trade or even meet with the developers in person. To play Space Misfits, you need to register for their Telegram group. I haven’t played the game yet (since I’m still waiting for them to let me join the group) but I’m hoping it’s like No Man’s Sky but with real-life assets.
Age of Rust
In terms of marketing, many consider this as the “Cyberpunk 2077” of blockchain gaming. Age of Rust is a new game from Enjin that takes a more forward-thinking view on what blockchain games will look like in the future. Many people are anticipating Age of Rust to be the next generation of blockchain gaming since it is one of the few multiplayer games based on blockchain.
The game is like Dungeon Crawl but in an old rustic space station. It has these elements that seem almost Tron-esque that you must avoid or use to progress through the game. You can battle other players, solve puzzles and scavenge for loot.
I’m hoping that, after it has a full release on major game platforms soon, it doesn’t disappoint. Pirate Games LLC developers have guaranteed that the game will be released in a highly polished state. So I’m holding my breath for this one to turn out well.
The game was initially downloadable on Steam until the platform removed all NFT-related games there.
As with any cryptocurrency, ENJ holds risks as well – especially with the current opinion of the gaming community. Since the thought of NFTs is still new to society, many people don’t like the change that gaming companies want to add more ways for both players and developers to earn more money.
If the gaming community never changes their negative feedback on blockchain gaming, then NFT video games may perish before they even see themselves grow.
All the while, the marketing for ENJ is relatively quiet. Rarely do you see gamers and well-known content creators out there showing how ENJ has the potential to make a better future for video games.
Above all, ENJ works like any cryptocurrency in the market: it flows in the same direction as Bitcoin and Ethereum. If they go up, so will ENJ and vice-versa. If you do not plan on investing for the long term, I highly recommend you not to buy at the top and wait for a potential dip. Never go all-in with your money; make sure you only spend what you are willing to lose.
Enjin has already proved its worth with its power to enable developers to create a more lucrative approach to video game income. This applies to the gamers, especially now with more P2E games coming to fruition. If this kicks off nicely, Enjin may become the pioneer of gaming NFTs that others will follow.