Enjin: Creating Videogames on Blockchain
November 24, 2021
Enjin is an ecosystem that offers all the tools to create and launch games on blockchain.
- The functions of the ENJ token
- Enjin use cases
- What the Efinity project is all about
Video games are perhaps the most interesting field of application for NFTs.
In a game based on blockchain and NFTs, it is no longer a company that decides, makes money on the game or blocks users or features. It is not even the intermediary of an unofficial marketplace that makes money. On the blockchain, it is the code that rules.
Thanks to NFTs and blockchain-registered transactions, the items you earn and the victories you achieve are always yours, and no one can take them away from you unless they buy them.
Creators and developers are also freer, and can sell what they create directly in marketplaces or create an internal economy for the games they develop.
In short, you no longer pay to play and you no longer waste time levelling up without getting any real value. What you earn now has a value outside of the game as well.
ENJ: value on Enjin
The ENJ token is fundamental to the circulation of value on all applications and tokens developed with Enjin.
This is made clear by its functions:
Minting – ENJ is used to create NFTs. A quantity of ENJ is in fact “infused” into each NFT by its developer.
Melting – when you want to destroy an NFT, you “melt” it and recover the ENJ tokens that were locked in it. A percentage of these recovered tokens is given to the developer of the NFT, as per code.
So ENJ backs NFTs created with Enjin, thus making them convertible and valuable.
Infusing ENJ into NFTs is also part of its tokenomics, in fact this mechanism allows the token to remain scarce, as long as part of its supply is locked within the numerous NFTs on its blockchain.
ENJ can do this because it is a token based on the ERC-1155 standard. This is a standard created by Witek Radomski, Co-founder and CTO of Enjin, which allows for the issuance of both fungible and non-fungible tokens. A fundamental invention in the age of the Metaverse!
ENJ was approved by Japan’s financial regulators and listed on CoinCheck in January 2021, making it the first gaming token approved for use under the JVCEA.
What can you do on Enjin?
All the answers can be found in the Enjin Wallet, an application available on the main app stores, which is used to store cryptocurrencies and NFTs, but not only.
The wallet serves both creators and users to be able to use ENJ and manage NFTs. The application supports Ethereum’s ERC-20, ERC-1155 standards of course, and others such as Bitcoin or Dogecoin.
Game developers, who don’t have to be programmers, have at their disposal a number of tools such as APIs and SDKs, and a simplified design interface.
Enjin also features a Marketplace, where NFTs related to Enjin-based games, but also artwork and music can be exchanged.
The Enjin Wallet, through Enjin Beam, also allows users to redeem NFTs or Airdrop by simply scanning QR codes.
Choose your blockchain
Enjin is a protocol and network developed on the Ethereum blockchain, which remains a valid basic blockchain for the development of smart contracts.
However, it is well known that Ethereum’s fees are volatile and generally very expensive, which affects simple transactions, but even more so the costs of developing smart contracts and dapps.
This is why Enjin first launched JumpNet and then Efinity.
JumpNet is a blockchain based on Ethereum, with minimal transaction costs, instant confirmation, but with a maximum number of transactions per user. The network is only meant to allow game creators to develop at low costs, and create NFTs easily, while waiting for Efinity, the real solution.
In order to make JumpNet sustainable, Enjin decided to buy carbon offset credits from Beyond Neutral, making the network carbon negative.
What is Efinity?
Efinity is a blockchain, or rather a parachain built on Polkadot, and is therefore scalable, Proof-of-Stake and interoperable with other blockchains.
These features are key to the adoption of blockchain and cryptocurrencies:
- Interoperability between blockchains facilitates use cases, and in particular switching between different services in a decentralised way. So for example it would facilitate the transfer of tokens between Ethereum, JumpNet and Efinity, as well as between all Polkadot parachain.
- Scalability is the ability to handle increased volumes without congesting the network or increasing costs and time. This has an impact on the ease of access and use of the ecosystem.
- The Proof-of-Stake consensus mechanism is currently the most scalable and sustainable
Efinity will also have its own cryptocurrency, EFI, making Enjin an ecosystem based on two complementary tokens.
While ENJ will be needed for NFTs and to nominate Efinity’s network nodes by staking, EFI will allow to pay network fees and participate in decentralised governance.
The game gets serious
Enjin wants to foster the adoption of blockchain and cryptocurrencies starting from the video game industry. Video games today lean more and more towards being metaverses, parallel realities where creativity, growth, an economy and a market exist.
If the Metaverse is the new frontier of the internet, and if video games are becoming an increasingly serious issue between eSports and entertainment, Enjin has realised this very early on.
Big companies like Microsoft have started to believe in Enjin, developing the Azure Heroes incentive programme with its tools, as have Samsung and BMW in Korea.
Starting with Efinity, Enjin still has a lot in store for the future, and could attract more and more value into its multiverse.