Crypto Academy Week 10 - Homework Post for [levycore] (100% powered)

What is Non-fungible token (NFT)?

Non-fungible token can be describe as a unique digital and unreplaceable token, one of a kind assets which you can buy sell similarly like other assets. It could be any kind of digital media work such as drawings, music, games and any digital collectibles. You can also say that NFT is a piece of data that is found on a digital ledger and is representing a unique digital art work. Each NFT can't be interchange with other tokenize digital media, hence the name non-fungible, it is not like fungible token or digital assets that you can interchanged.

Due to its nature of not interchangeable and yet unique, It is now use in a decentralized platform to buy and to prove your ownership of digital assets, in a secured system using blockchain technology. Various digital artists, influencers, game developers have adopted it as a system for monetizing digital assets.

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Having explained Non-fungible token (NFT) in a way that any newbies will be able to understand what we are talking about. I would now focus on the assignment at hand, which is on describe a popular NFT project. I will be describing ENJIN.

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ENJIN

Enjin can be describe to a platform that provides an ecosystem with integrated digital products, which now makes it easier to trade and monetize your gaming products. This have become an opportunity for game developers to use and tokenize their in-game products on the Ethereum blockchain and it is supported by Enjin coin. ENJIN with a Market capitalization of close to 2.03 billion dollars and is among the highest market capitalization of NFTs.

Enjin is among the best blockchain for non- fungible token, it's scalable, decentralized and has capabilities for cross-chain network to provide non-fungible tokens for all users. Enjin with the revolution of NFT on Ethereum platform, by building next-gen ERC-1155 token standard, and also putting it into implemention with a unique token system which is been used to power billions of digital assets on the blockchain.

Enjin was created on the Ethereum ecosystem and it started an ICO which raised $18.9 million towards the ending of 2017. Enjin started it's gaming platform in 2009, which is 8years before the lunching of the Enjin cryptocurrency. It created cryptocurrency project as an ecosystem that will provide users a huge products designed to enable anyone enter into blockchain very easy, without having to get vest knowledge of blockchain ethics.

How Enjin Works

Been an ERC20 token that is built on Ethereum blockchain, it means that Enjin's project gives you transactions and smart contracts. Enjin was among the first platforms to start the testing of the Raiden Network, this is Ethereum’s version of the Lightning Network but later took the decision to switch to custom scaling solution, which is called Efinity.

Enjin provides you an interesting list of features from its API and Enjin software development kits (SDKs). There are

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Virtual goods creation and management

This feature offers you the the ability to create and to manage your virtual goods. By this, developers now has the opportunity to launch their own cryptocurrencies that will be backed by Enjin Coin. This now makes adding cryptocurrencies into your games and gamification more easier. This also means that developer that mint with the Enjin platform will have to make use of the Enjin Coin. The amount of Enjin coin required for their project will be removed from the developers wallets and it will be now locked in the assets the developers created. By locking the token, it Will eliminating the tokens from the market place and there by causing the scarcity of token.

Multiple SDKs

The Enjin platform offer developers software development kits for Godot, Unity, Java, etc. This is a great opportunity for many developers, because it give them an easy route for integrating old projects, or even new projects.

Marketplace
This is Enjin online marketplace with more than 10 million digital assets that give you the opportunity to discover, buy or sell unique blockchain items.

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Enjin Beam

This is a platform that allows developers to distribute digital asset such as NFTs/FTs to users with just QR code scan.

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Smart wallet

This is the Enjin assets wallet that are linked with games and apps. It already have more than 1 million downloads and it’s among the most digital wallets with features.

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Efinity

This one of the upcoming Ethereum scaling product that will provide users with fast and free transactions for ERC-20 and ERC-1155 tokens.

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Enjin Founders.

Enjin remains one of the fastest growing project and it is co-founded by Maxim Blagov, who is Enjin CEO, and Witek Radomski, who is Enjin CTO.

Why Enjin is Unique.

Enjin Coin is unique because all coin minted with Enjin Platform is backed by ENJ, which is the project's digital token. It offers you with in-game assets real-world liquidity, and it turns out to be a good opportunity for crypto-powered and blockchain games and also gamified platforms. The scarcity of ENJ token, develop great value proposition for the entire project.

Enjin Value

In Enjin platform, as a developer, you are suppose to lock ENJ tokens for you to be able to mint virtual items. Now when a user buy these items, the will now be able to use it in games, trade them, or can sell it for ENJ. It's has also a limited supply, which 1 billion is it maximum supply and is locked to that 1 billion.

Enjin (ENJ) Coins Circulation

With a maximum supply of 1,000,000,000 ENJ tokens but with only 934,313,756 ENJ now tokens now circulating. Currently there are only 65,902 Enjin Coin holders and more than 10 million ENJ tokens is already out of circulation and have been locked in ERC-1155 tokens been held by 127,616 collectors.

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Conclusion

Enjin platform has been cooperated with many renowned multinational corporations, such as Atari, BMW, Microsoft, Samsung, Unity, Aave Protocol, etc. This makes the project one of the most interesting platform. Its ways of providing user with many options towards gamification is unique. The platform unique ways has attracted many adoption, this adoption will continue to grow in popularity. It's mother platform will help to Clement Enjin token's place as one of the top and up coming cryptocurrencies in the industry.