Enjin Coin – Cryptocurrency for Gaming
Coin is called: Enjin Coin (ENJ)
ENJIN Coin is a product developed by ENJIN based out of Singapore but team spread throughout the world. ENJIN originally was launched in 2009 as a community for gamers. ENJIN Coin is ERC-20 based token. ENJIN Coin has raised total of 23 million$ through its ICO back in November 2017 and other investments. ICORating gave this ICO a “medium” risk assessment. ENJIN platform provides both ERC 1155 non-fungible token and fungible tokens on Ethereum platform for game developers to use. There are few companies in blockchain/crypto space like DMarket , WAX, Opensea, Rarebits and others, who targeted gaming industry for trading either gaming assets or for game related currencies. Enjin originally was a company for gaming community. They have now got into crypto/blockchain for gaming industry using Enjin coin. The way Engin coin is different from the other companies is that, it has Unity SDK which tightly integrates with the Game to build in-game experiences and virtual good interactions.
You can swap ENJ through Kyber swap here or Bancor or Changelly.
Game developers use their Unity SDK for incorporating the ENJIN coin eco-system in their games. They are planning to build more SDK’s in Java, Php, C#, Node JS etc.
Allocation Only 1 billion ENJ tokens were created out of which approx 20% are held by the company and rest are directly or indirectly released to public. Please check the white paper for the exact distribution.
ENJCoin provides their own wallet integration with the games with useful wallet functionalities and security. This wallet also allows gamers to trade or send their virtual fungible or non-fungible assets directly.
- Enjin coin got a big boost with partnership with Samsung for its crypto wallet for Galaxy S10.
- The Unity SDK is right strategy. They are working on multiple other SDK’s.
- There are already multiple games using ENJCoin. Thats a great head start.
- The team has been working on this product for more than 1 year, so they do have a first movers advantage.
- Enjin has raised significant round of funding through ICO, this gives them muscle power to build team and execute.
- Enjin token can open up the gaming industry with new avenues for user growth , interaction and monetization.
- Enjin coin is traded on exchanges, this is a problem, because the value of fungible enjin token can vary. That might create uncertainty for gamers trading their virtual assets.
- Adoptability of game publishers to use Enjin in their existing game might be tough and complex.
- Ease of integration of SDK is still not established as the product is still not public.
- The way Enjin coin is planning to make profits is through exchange value, which is a problem for the eco-system.
- How many Enjin coins are pre-mined are not clear.
- Regulatory issues based on countries. Most of the game developers do not want country based customizations.
- Complications of the Apple / Google commission for iOS or Android Apps.
- Enjin as a company hold more than 20% of the Enjin tokens, this along with ICO makes it beneficial for the company through coin price.