Enjin

Enjin is a prominent blockchain project and a pioneering NFT/metaverse project that has built an extensive ecosystem of products that cater to individuals, businesses, and developers involved in the development, trading, monetization, and marketing of NFTs. Enjin’s main products include 

1) The cryptocurrency Enjin Coin 

2) Enjin Wallet for managing NFTs and cryptocurrency

3) An NFT platform for integrating NFTs with games and apps

4) An NFT marketplace for trading NFTs 

5) JumpNet

ENJ (Enjin coin) distinguishes itself by having multiple use cases within the Enjin ecosystem, making it a viable option for long-term cryptocurrency investment compared with many other popular cryptocurrencies.

Enjin's NFT platform was introduced in 2020 and is a blockchain development platform and API that lets developers mint and integrate NFTs into their games and apps. It offers the functionality to generate custom coins and ensures gas-free transactions for NFTs and ENJ through JumpNet, which is a fast bridge network designed to facilitate cost-free on-chain transactions of ENJ (introduced in 2017 and through which all ecosystem transactions are made) and ERC-1155 tokens (introduced in 2021). Integration with other Enjin products, such as Enjin Beam, Marketplace, and Wallet, further enhances the overall ecosystem.

This followed the introduction of the Enjin Wallet in 2018, which allowed users to manage their NFTs and cryptocurrencies, facilitated the sharing of NFTs through QR codes, and granted access to a dedicated marketplace for trading and collecting rare NFTs. In addition to its core function, ENJ can be used like any other cryptocurrency and traded on different crypto exchanges. With its strong presence in the gaming industry, ENJ serves as a means for gamers to store unique in-game items, including characters and accessories, in the form of customized tokens. 

On Enjin’s NFT marketplace, creators can earn revenue as a percentage of peer-to-peer trade, with a certain percentage being paid to Enjin. It also levies network fees.

Key customers and partnerships

In collaboration with Efinity, a Polkadot-based parachain, Enjin enables creators to mint tokens on specialized blockchains focused on core functionalities and exceptional chain stability. Notable integrations include those with companies like Microsoft (2021) to introduce a new digital badge rewards program called Azure Heroes and Samsung (2021) to grant support for Enjin Coin on the Samsung Galaxy S10. In 2020, Enjin formed a partnership with Minecraft to create "Enjincraft," the world's first blockchain-powered Minecraft server.  

Funding and financials

Enjin’s last funding round was in March 2021 when it raised USD 18.9 million to migrate its public blockchain Efinity to Polkadot. The funding was raised in a private token sale led by Crypto.com Capital, DFG Group, and Hashed.