What is Enjin Coin used for?

Non-fungible tokens (NFTs) have seen a huge surge in popularity among the wider populace and investors since 2020. To buy and trade great digital assets, you’ll need a reliable and secure wallet, and Enjin is one of the best NFT wallets available. Read on to learn about the use of Enjin coin and how to use its wallet.

Enjin wallet is a multi-cryptocurrency wallet that may be used by anyone. It has features that allow users to design their own NFTs and provides a full tokenization solution with broad applicability.

What is Enjin Platform?

Enjin is a blockchain platform founded in Singapore that aims to serve as the backbone for the current decentralized gaming boom. Users can build digital assets, stack them onto the Ethereum platform, and embed them into games and applications using the Enjin platform. 

What is Enjin Coin?

Enjin Coin is a virtual currency that was established and built by Enjin, a software business. Enjin’s platform allows users to build virtual commodities on the Ethereum public blockchain, such as non-fungible tokens (NFTs).

While some knowledge of Ethereum’s public blockchain and NFTs is required, you should be aware that Enjin’s software is created to generate and manage in-game commodities and assets. Enjin, in fact, makes it simpler and more convenient for players in particular virtual worlds to develop and trade in-game assets. The Enjin Coin, or ENJ, is the Enjin platform’s native coin.

History of ENJ

Enjin Coin was launched in July 2017 and went live on the Ethereum public blockchain in June 2018. 

The founding members of Enjin, Maxim Blagov, and Witek Radomski were among the first to identify the enormous demand for and promise of blockchain gaming. Since 2009, the initiative has been in development. In 2017, the company held an initial coin offering (ICO) that raised $18.9 million. This money was used to produce the Polkadot network’s first specialized non-fungible token (NFT) blockchain.

Enjin Coin Historical Data 

Check out the table below to find the historical data since 2020.

How to use Enjin?

Enjin is designed to work with video games; you may use Enjin Coin as an in-game currency to buy, sell, and trade the NFTs in the network with the Enjin wallet.

What is Enjin Wallet?

The Enjin Wallet refers to a multi-currency mobile wallet that you can use to transact cryptocurrencies, NFTs, and other digital assets. It is suitable for both Android and Apple devices and can support over 700 digital currencies and various wallets. 

Enjin wallet has a simple user interface designed to make your crypto holdings easy and in one secure place. Enjin also allows you to store ERC1155 and ERC721 blockchain-based game items support. 

Enjin wallet is built with a focus on security and aims to convert your smartphone into a hardware-like wallet. With the Enjin wallet, you can retain full control over your private keys and harness a large number of its additional features.

Enjin Wallet Supported Currencies

• Ethereum (ETH)
• Bitcoin (BTC)
• Litecoin (LTC)
• Enjin Coin (ENJ)
• ERC20
• ERC721
• ERC1155 tokens
• ERC223 tokens

How to use an Enjin Wallet?

Collectibles

Enjin has its own digital token protocol, ERC-1155, which you can use to make the following:

• Fungible assets
• non-fungible assets

These NFTs can be sent, received, or melted using the Enjin Wallet.

The wallet also allows you to transmit these collectibles to multiple people at once.

Scan QR

This option enables you to collect free collectibles by scanning any QR code. You can use this functionality to obtain ERC-20 airdrops, cryptocurrencies, or precious ERC-721 and ERC-1155 digital content right now.

Enjin Beam, a QR-powered network asset distribution tool, is another functionality supported by the wallet. 

Exchange

You can swap one token for another using this functionality. The token pair must be filled out and the token value must be entered. The amount you will get as well as the transaction information will be computed and shown automatically.

Marketplace

The Enjin Wallet provides direct access to the Enjin market. Enjin is a virtual collectibles marketplace that enables traders to exchange digital collectibles (ERC-1155 tokens). Users may explore and buy all of the NFTs that are available, and they can make payments from the wallet.

dApp browser

This option enables you to communicate with a decentralized application that is supported by the platform. If you look through the dApp browser, you’ll notice that there are a lot of apps, all of which are divided into five categories:

• Defi
• Exchanges
• Games & Collectibles
• Marketplace
• Others

Linked apps

You can link any game or program to the Enjin Wallet with this setting. Let’s say you wish to link a video game-like Bitcoin Hodler to your website. The game must first be downloaded from the Google Play Store. Get the connection password or QR code to link the application to your Enjin Wallet. To use your Enjin Wallet to enter the game, you must first embed this data into the account.

Settings

Passcode changes, maintaining wallets and connections, wallet backup, language choice, security settings, and many other tasks are all available under the Settings tab.

Conclusion

With the Enjin wallet, you can take your gaming and digital asset transactions to a whole new level. Enjin uses a variety of security features, such as fingerprints and RAM storage, to keep your coins, commodities, and NFTs safe.

Its incredible features, which include multi-lingual capability and double-layered encryption, provide an endless list of advantages. Nothing can restrict you from utilizing the full potential of the cryptocurrency industry now that you’ve seen how to set up your incredible wallet.