Enjin: An Entire Ecosystem for NFTs
Anyone who wishes to participate in the fast-growing world of NFTs can now do so thanks to the Enjin ecosystem.
Enjin is a complete ecosystem of tools that makes it easier to create, distribute, store, and integrate fungible and non-fungible blockchain assets.
Businesses and individuals can create blockchain assets without coding using Enjin’s tools, whether they’re entrepreneurs looking for a new promotional option, software developers looking to integrate blockchain-based digital assets into their projects, or hobbyists looking to try out new technology.
When you consider your assets, you’ll see that many of them are non-fungible — anything from your car and home to your smartphone and documents have unique changes, features, and data that are unique to you.
Each of these assets is unique in that it cannot be traded 1:1 with another asset of the same type. You can’t just hand over your driver’s license to a friend and expect to be able to use it as legitimate identification.
While cryptocurrencies must be fungible (same) to serve as a currency, the non-fungible token (NFT) is the best solution for anything that isn’t convertible 1:1.
The Enjin Marketplace had launched over 2.15 billion tokens as of April 2021, the majority of which were unique, programmable assets that could be used in virtual gaming worlds. However, the application of NFTs is rapidly expanding outside of the gaming industry.
Developers can design NFTs with in-game or in-app usefulness using the Enjin Platform API.
NFTs can be programmed to do anything, such as summoning a unique creature in a video game, sending a promotional gift or a voucher, or providing a tradable, yearly software subscription.
The Three Pillars of Enjin’s NFTs
The fundamental problem that most NFTs face today is establishing tangible value — ensuring that NFTs are more than just photographs or trinkets. Enjin makes it possible to create NFTs that meet these criteria by focusing on three basic tenets: identity, utility, and investability.
Identity: Every NFT has a unique ID embedded into its composition. It’s what makes them non-fungible in the first place. People can give NFTs personalities, in-depth details, and backstories by giving them names, autographing them, and giving them personalities, in-depth details, and backstories.
NFTs can represent humans in ways that no other form of digital thing has ever been able to, transforming them into next-generation vehicles for defining digital identity. NFTs are also physical, transparent, and immutable because they reside on the blockchain.
Utility: Utility is one technique to increase the original value of a digital asset, in addition to rarity and history. A token with a built-in function is by definition more useful than one without. Anyone can add real-world or digital functionality to any NFT using the Enjin Platform.
Investability: The explosive expansion of digital assets, along with stock market volatility, suggests a shift in the underlying asset and market forces paradigms.
The increasing digital ecosystem has redefined blockchain assets as more than just a store of wealth, whether it’s the worth of cryptocurrencies like bitcoin and ether or headline-making purchases of NFT-based digital art.
Fungible and non-fungible tokens allow us to invest in humanity’s future and culture as a whole, and Enjin is developing an NFT ecosystem to support the development of advanced virtual economies using blockchain technology.
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