Enjin is revolutionalizing blockchain gaming experience, enabling users the ability to create, integrate, trade, and manage custom NFTs or digital assets in blockchain games. In the article, we discuss the Enjin ecosystem and project and other blockchain platforms that are also pushing to improve gaming experiences.
Enjin’s Gaming Mission
Enjin is a blockchain-based platform that allows developers to create, distribute, store, trade, and also integrate tokenized digital assets, including non-fungible tokens, in video games. Not only does Enjin supports gas-free in-game assets transactions, it recently enabled a scalable network – Efinity – that will allow players and developers to trade digital assets from the platform across other chains.
So far, more than forty blockchain games have been launched on the Enjin network, which includes 9Lives Arena, Age of Rust, Cede, Crystals of Fate, and several others. These varieties of games on the platform possibly explain why the network’s native token ENJ now has over $1 billion market capitalization, given the assets created on the platform are backed using the token.
Developers can create and earn NFT tokens for games items in just five steps. The first approach is known as Acquisition, where developers are required to hold or buy Enjin native coins in their native wallet. This leads up to the second stage, where the developer proceeds to create and mint their asset, which will be backed in ENJ.
The third step requires players to obtain and integrate tokens that can be used for gaming and other activities available on the product’s platform. Step four involves players trading tokens among each other. It could be trading one game for another or a game item like “sword” to another player on the same network. Melting is the last step that allows players to sell their tokens for ENJ. This process is also known as destroying.
Why Enjin Stands Out
Thanks to Enjin’s Software Developer Kits (SDKs), developers can easily create digital assets like NFTs and easily integrate them into games and applications. Users are attracted to NFTs that have Enjin games in them because they have higher liquidity rates since they can be traded across games within the same product platform. The JumpNet functionality attracts zero to fewer transaction fees when compared to trading games across networks.
Another reason that stands Enjin cryptos out from the rest is that the coin has a maximum supply of one billion, meaning there won’t be more ENJ in circulation beyond that. This will eventually result in a scarcity of ENJ amid the presence of market demand, which will potentially raise the price of ENJ-backed NFTs and digital assets as well.
Meanwhile, competition is not new in the crypto industry, likewise the NFT space. Although Enjin is hard at work to stand out, others are also on the move to come up to speed with the trend. We will take a look at a few of Enjin’s crypto rivals.
Ultra blockchain is one of the biggest competitors to Enjin, and it has been gaining traction lately. Ultra is a scalable blockchain-based gaming platform that aims to allow gamers and developers a suitable environment to discover, buy, play and sell your games and in-game items, including NFTs.
Similar to Enjin, Ultra offers NFT technology and cross-chain asset transaction. Its native cryptocurrency UOS also plays a significant role in the operation of the network. However, it has a market capitalization of $196 million, which is very low compared to ENJ’s.
Phantasma is another blockchain network designed for gaming. Its 5,000 TPS allows for faster and cheaper distribution of next-generation content for gamers and developers. Phantasma allows trading and swapping of in-game NFT on-chain and across other blockchains like NEO and Etheruem.
Transactions on the network are powered by the native token SOUL and also the energy token which is dubbed KCAL. At the time of writing, SOUL had a market capitalization of $68 million.
Xaya is another big competitor in the blockchain gaming sector. It’s a purpose-built blockchain network basically designed to facilitate the hosting of complex decentralized games. Xaya relies on Polygon layer-two solution to provide a highly scalable environment for developers to build their decentralized games. The activities on the network are powered by the native token CHI, which has a market capitalization of $13 million.