Enjin is a software that powers a network of blockchain-based games, the Enjin Network. It allows developers to create digital assets on the Ethereum blockchain with the help of software development kits (SDKs). It was founded in 2009 by Maxim Blagov and Witek Radomski, who programmed one of the first NFTs. Enjin initially started out as a gaming community platform, and only in 2017 was established as a blockchain ecosystem.
ENJ is an ERC-20 token that can be used to purchase, sell and trade virtual goods and possess real-world value. There is a fixed exchange rate that links a game item to a specific amount of ENJ tokens. This solves the issue of centralization of virtual items which lose their value, including in-game tokens, if the game is hacked or shut down. Minting digital assets with ENJ also allows players to destroy their assets in exchange for ENJ tokens, gives liquidity to the assets, and makes them anti-inflationary. The Enjin network also possesses some real-life use cases, allowing its users to tokenize real-world assets by turning them into NFTs and even tokenize sound.
Enjin has announced that it is planning to launch two scaling solutions to remove gas and support NFTs from any blockchain. The first solution, JumpNet, was released in April and the second one, Efinity, is expected to appear by the end of 2021.