Enjin (ENJ): An Entire Ecosystem for NFTs

Equipped with Enjin’s tools, businesses and individuals can create blockchain assets without coding — whether it’s entrepreneurs in search of a new promotional option, software developers looking to implement blockchain-based digital assets into their projects, or hobbyists interested in experimenting with new technology. 

If you think about the assets you own, many of the important ones are non-fungible — everything from your car and your home, to your smartphone and your documents feature distinct modifications, details and data that’s specific only to you. 

Each of these assets is unique in the sense that it can't be traded 1:1 with another of its kind. You can't swap a driver's license with your friend and expect to use theirs as valid identification.

While cryptocurrency needs to be fungible (identical) in order to function as a currency, the non-fungible token (NFT) is the ideal technology for everything that isn't interchangeable 1:1. 

As of April 2021, the Enjin Marketplace has launched over 2.15 billion tokens — most of which have been unique, programmable assets usable in virtual gaming worlds. However, the use case of NFTs is quickly growing beyond gaming to other industries. 

Using the Enjin Platform API, developers can create NFTs that have in-game or in-app utility. 

NFTs can be programmed to do anything, like summoning a unique creature in a video game, providing a tradable, yearly software subscription, unlocking a night mode inside an app, or distributing a promotional item or a voucher.

The Three Pillars of Enjin’s NFTs

The main challenge faced by most NFTs today is creating tangible value — making sure that NFTs are more than simple pictures or collectibles. Enjin enables the creation of NFTs that achieve this with a focus on three core tenets: identity, utility, and investability. 

Identity: Every NFT has its own unique ID coded into its makeup. It's the basis of what makes them non-fungible. People can give NFTs names, autograph them, give them personalities, in-depth details and background stories. NFTs can represent people in ways that have never before been possible with any other form of digital item — making NFTs into next-gen vessels for defining digital identity. Furthermore, the existence of NFTs on the blockchain makes them tangible, transparent, and immutable. 

Utility: One way to improve the initial value of a digital asset — going beyond rarity or history — is through utility. A token that has a built-in function is inherently more useful than one that does not. The Enjin Platform allows anyone to add real-world or digital utility to any NFT.

Investability: The tremendous growth of digital assets alongside volatility in the stock market signals a shift in the paradigm of underlying assets, and of market forces at large.

Whether it’s the value of cryptocurrencies like bitcoin and ether, or headline-making sales of NFT-based digital art, the expanding digital ecosystem has redefined blockchain assets as more than just a store of value.

Fungible and non-fungible tokens allow us to invest into the future and culture of humanity as a whole, and Enjin is building an NFT ecosystem that will support the creation of advanced virtual economies through the power of blockchain technology.