Blockchain and Cryptocurrency Beginner - Non Fungible Tokens (NFT) and Enjin (ENJ)
NFT simply means Non Fungible Tokens. Anyone who has been in the crypto space for a few years now have already come across NFT on different mediums as it is one of the trending topics recently. We have all seen the success of NFT arts, selling thousands of dollars per NFT art piece and millions of dollars in NFT art auction. NFT has grown so popular now that it has gotten a lot of attention from top institutions who are already seeing the benefits of blockchain technology and NFTs.
NFT which means Non Fungible Token is basically means a token that represents the unique identity or certification of a digital asset on the blockchain. This means that NFT certifies the ownership and authenticity of each NFT piece. Any digital asset can be turned into an NFT to give it its unique identity and certify the ownership and authenticity on the blockchain. NFT runs on the blockchain and harnesses all the benefits of blockchain technology.
NFTs work by giving any digital asset or file into its unique identity on the blockchain. The most popular blockchain for NFT at the moment is the ethereum blockchain because of ethereum’s features and smart contract functionalities. When a digital content creator creates a file… this can be anything from digital arts, pictures, images, music, video, gif, or any digital file… that digital file can be turned into an NFT and stored on the blockchain. By being on the blockchain as an NFT, it proofs the authenticity or ownership of the digital file and adds uniqueness to each digital file as a token on the blockchain. NFTs especially digital arts have become successful in the NFT space as the success hugely comes from the digital art creator and how much people are willing to pay for the NFT digital art.
Enjin (ENJ)
When it comes to the top NFT projects and platforms, enjin is definitely one of the top NFT projects and an industry leader in the NFT crypto space at the moment. Enjin is a blockchain and cryptocurrency platform with main focus in the gaming industry. The Enjin platform is an ecosystem of products that is tailored towards the creation, distribution, storage, trading, integration of non-fungible tokens assets and tokenized digital assets on the blockchain and also products that makes it easy for anyone to use NFTs.
The Enjin Coin also known as ENJ is basically a coin of the Enjin platform. It was first announced in 2017 and launched in 2018 on ethereum. The Enjin Coin or ENJ is the native token of the Enjin ecosystem. ENJ is an ERC-20 token used to back the digital assets issued on the enjin platform. This means that digital assets can be bought, sold and traded with real-world value attached. The Enjin Coin (ENJ) is used across the Enjin
