How ENJ Coin Works

ENJ (Enjin Coin) is a cryptocurrency designed specifically for the gaming industry that seeks to promote the creation, management, and trading of in-game assets. ENJ is the core unit of exchange and utility in the Enjin ecosystem, a blockchain-based platform that allows developers to create NFTs (Non-Fungible Tokens) or other digital assets with real-world value.

ENJ's Role in Asset Creation

At the heart of ENJ's functionality is its ability to back digital assets—such as game characters, weapons, or special items—with a tangible value on the Ethereum blockchain. Game and app developers can create digital assets directly within the Enjin platform by "minting" those assets through the Enjin Minting Panel.

When assets are minted on Enjin, the developer locks up a certain amount of ENJ tokens within the item, giving it an intrinsic value. This process ensures two things: first, the asset is unique and securely tied to the blockchain, and second, users or players can always "melt" (i.e., destroy) the asset at any time to retrieve the locked ENJ tokens. This melting process creates a floor value for in-game assets, as it’s always possible to retrieve the underlying ENJ tokens.

Enjin Wallet

The Enjin Wallet plays a central role in the ecosystem by allowing users to store their ENJ tokens, NFTs, as well as other cryptocurrencies such as Bitcoin. More than just a standard crypto wallet, the Enjin Wallet is designed to store blockchain gaming assets, offering users a simple interface to track, send, and receive in-game valuables.

In addition to asset storage, the wallet allows for seamless integration with decentralized apps (dApps) and collaboration with marketplaces where users can buy, sell, or trade digital assets using ENJ tokens as a medium of exchange.

Smart Contracts and Trust

ENJ works within Ethereum’s ecosystem and handles its transactions through smart contracts. By leveraging Ethereum's decentralized and secure methods of value transfer, blockchain-enabled games and applications built with Enjin benefit from transparent and trustless environments. These smart contracts govern the ownership and transfer of in-game assets, totally ruling out any possibility of asset duplication or tampering.

Marketplace and Economy

Once assets are created and tokenized using ENJ, these assets become tradable through peer-to-peer interactions on various platforms and selling portals. Enjin also provides a marketplace dedicated to the buying, selling, and exchanging of these assets. The Enjin Marketplace offers an interface where users can explore assets available across all Enjin-powered games and decide which NFT or digital item is worth purchasing, with ENJ as the currency of choice.