Non Fungible Tokens (NFTs) are being considered as the next big thing in crypto. The easiest way to understand them is to imagine “digital assets on blockchain”. NFT’s name come from the fact that these tokens are non fungible – meaning that they can’t be exchanged equally with any other asset or token directly, since they are unique. This can include all cards, collectibles, stickers, badge, in game characters, items, arts, awards etc. Non Fungible Tokens (NFTs) are a means to create digital scarcity and rarity.
Enjin Coin (ENJ) is a cryptocurrency operating on the Ethereum blockchain. The project aims to allow any developer to create, manage, integrate and distribute blockchain assets (non fungible tokens). The protocol is in the top 100 cryptocurrency by market volume category and actively works to promote NFTs. Thus, Enjin Coin (ENJ) is currently the leading blockchain suite for Non Fungible Tokens (NFTs) with tools and protocols in place to allow developers to mint and monetize digital intangible assets with relative ease. Enjin Coin (ENJ) primarily deals with ERC-1155 standard in Ethereum.
What Is Non Fungible Tokens (NFTs) Centered ERC-1155 Standard?
The existing Ethereum token standards weren’t optimized enough for Non Fungible Tokens (NFTs). This problem was first highlighted when the digital cats service CryptoKitties was introduced on ETH blockchain and clogged the network causing it to run on full capacity, therefore increasing fees and transaction processing times. ERC-1155 was proposed and introduced by Enjin developers.
ERC-20 and ERC-721 token standards require the introduction of a new smart contract, each time a new class of token is introduced. On the contrary, ERC-1155 allows a developer to use a single smart contract to allow minting of countless tokens. ERC-1155 allows a single contract created for let’s say a game to contain a wide variety of in-game items, something which wasn’t possible with previous Ethereum token standards. This function results in significant cost savings since deploying new smart contract each time, results in high fees. This property allows creation of items with unique parameters, features and history.
ERC-1155 standard also allows multiple tokens or digital assets to be sent in a single transaction, again saving fees and processing times. With this standard, rules and conditions can be programmed, which a digital asset (or token) has to follow. It means that digital assets can be converted, crafted or held, depending upon their properties defined in a smart contract also. Plus developers can actually earn some fees, if they desire and program, every-time their created items are used or moved.
Why Enjin Coin (ENJ) Is Better Positioned To Take Advantage Of Emerging Non Fungible Tokens Market?
Enjin (ENJ) is most likely to be the project to acquire major share of the emerging digital assets market. The team proposed, executed and refined the NFT standard on Ethereum blockchain. The Enjin suite for NFTs include service to create and monetize digital games, wallet to store and trade virtual assets, mint-shop to create unique objects, blockchain to explore intangible items and a huge network to connect and collaborate with other developers.
Enjin has also secured partnerships with Microsoft, Samsung, Ubisoft, Unity, HashPort Accelerator, Integrated Engineering Blockchain Consortium etc. The team has high clout in the Ethereum community for further development and advancement of its interests and plans. It is worth noting that dozens of games have already been developed on the platform. Enjin Coin (ENJ) is traded on all major exchanges, has excellent trading volume and thus liquidity. Binance, LATOKEN, Upbit, Bithumb, Bittrex etc all trade this emerging token.
Enjin Coin (ENJ) enables decentralized and transferable ownership of Non Fungible Tokens (NFTs), the value of digital assets by the value of ENJ token, which can even be melted back to it. The NFT market is slated to develop tremendously over the coming years, judging from the consumer spending on digital game asset, project spendings and ENJ token will likely grow with it.