Founded in 2009, Enjin (ENJ) is a Singapore-based company focused on the development of products and services for the gaming industry. ENJ was introduced to enable a variety of features related to virtual goods and gaming assets.
One of the primary use cases of the ENJ token is its role in creating and managing blockchain-based gaming assets also known as non-fungible tokens (NFTs). ENJ is often associated with the concept of "melting," where users can destroy their in-game items to retrieve the underlying ENJ tokens locked within them. This mechanism provides a level of scarcity and real-world value to virtual assets.
ENJ is built on the Ethereum blockchain, leveraging its ERC-20 standard. ENJ serves as a means of transaction within the Enjin ecosystem, facilitating the purchase and sale of virtual goods, gaming assets, and other digital items.
