Enjin Coin

Purpose and Utility

Enjin Coin (ENJ) is the native cryptocurrency of the Enjin ecosystem, designed to support the creation, distribution, and trading of blockchain-based gaming assets. The token serves as a backing currency for NFTs created through the platform, meaning each NFT minted contains ENJ tokens that can be recovered through melting the NFT.

Business Model

The platform enables game developers and content creators to tokenize in-game items, making them tradeable and interoperable across different games and applications. The business model focuses on providing tools and infrastructure for creating and managing blockchain gaming assets, which aligns with halal principles as it involves the exchange of real digital assets and creates tangible utility.

Real-World Adoption

Enjin has established partnerships with companies like Microsoft, Samsung, and BMW. The platform has seen significant adoption in the gaming industry, with numerous games and projects utilizing Enjin's blockchain infrastructure. The Enjin wallet, which supports ENJ and created assets, has over 2.8 million downloads.

Platform Development

Development activity remains strong, with regular updates to the platform's infrastructure. The team has launched Efinity, a Polkadot-based parachain for NFTs, and continues to develop tools for game developers and content creators. The project maintains an active GitHub repository with consistent contributions.

Token Distribution

The initial token distribution included allocations for the team and advisors with vesting periods. While early investors and team members received significant allocations, the vesting schedules were designed to align long-term incentives with platform development.