Enjin is a firm that provides a platform of interconnected, blockchain-built gaming applications. The company’s flagship release is the Enjin Network, which is a social gaming platform. Through the Enjin Network, users can create websites, clans, chat, and host virtual stores. The protocol was founded in 2009 by Maxim Blagov and Witek Radomski.
The framework allows game developers to tokenize in-game items on the Ethereum blockchain. The network has its own native asset, "Enjin Coin" (ENJ), which is an ERC-20 token. ENJ is used to back the digital assets issued using the platform. This means that the items have real-world value and can be bought, sold, and traded.ENJ was first announced in July 2017, and launched on the Ethereum mainnet in July 2018, with an ICO that raised $18.9 million.
The digital asset, while being a store of value, is also employed to back NFTS. Minting the tokens helps with in-game items, aids in boosting transparency and turns them anti-inflationary. Also, the coins have a melting mechanism where a user can demolish the blockchain asset and procure the tokens within.