Metaverse First Movers’ Advantage
Metaverse, a digital universe created through the fusion of diverse technologies, is one of the biggest trends in 2022.
Metaverse will undoubtedly lead to new services and business models as companies such as Walmart, Nike, and Hulu hurry to enter the newborn industry.
Over the last decade, the most innovative crypto and gaming companies foresaw this market trend in its infancy and are now developing tools and methods to capitalize on the first movers’ advantage.
Cryptocurrency and Metaverse leader Enjin is one of those companies making big waves.
The Enjin platform is the leading ecosystem for non-fungible tokens (NFTs) that enables the development, exchange, storage, trade, and even integration of decentralized digital assets through its multi-dimensional portfolio of products.
In addition to various gaming apps, Enjin users are utilizing the platform to create Enjin (ENJ) compatible digital assets and put them to creative use.
NFTs (non-fungible tokens), digital vouchers, and various other virtual items that can be used across a range of video games fall under this category. Enjin platform is even capable of tokenizing real estate.
Enjin’s launch on ETH Blockchain
On December 31, 2017, Enjin (ENJ) was created on the Ethereum blockchain and came into existence after raising $18.9 million through an ICO.
Nonetheless, Enjin has been running since its gaming community platform was introduced in 2009.
Programmers can create and manage virtual commodities on the Ethereum network by using Enjin’s software.
By using blockchain technology to manage in-game objects across numerous properties, Enjin aims to remove the high fees and theft connected with the transfer of virtual in-game goods and collectibles.
Moreover, Enjin has also developed software development kits (SDKs) that allow users to generate and incorporate digital assets from Ethereum into games and apps.
Using Enjin’s community management tools, over 20 million Minecraft players formed robust networks of like-minded gamers.
The User-Comes-First Concept
Utilizing this end-user-centric approach, they developed the ultimate all-in-one tokenizing platform based on blockchain technology.
The Enjin platform provides users with a powerful suite of products to use as part of their ecosystem. No matter what a user’s previous experience with blockchains is, the platform is designed to help anyone dive into the world of blockchains effortlessly.
Enjin Founders and History
Enjin was founded in 2009 by Maxim Blagov and Witek Radomski. Over the next decade, they organically grew their first product, the Enjin Network, to over 20 million gamers worldwide.
In 2017, the company hosted a successful ICO of Enjin Coin and began pioneering a vision for NFTs, building an ecosystem of user-first products that make it easy to develop, trade, monetize, and market with blockchain.
Enjin kickstarted the NFT movement on Ethereum, creating the advanced ERC-1155 token standard, which is implemented alongside a unique token infusion mechanism that now powers billions of digital assets on the blockchain.
Blockchain Software Products & Solutions
The company has released a full ecosystem of blockchain software products and solutions that enable developers, businesses, and individuals to create, manage, trade, distribute, and integrate NFTs.
This integrated ecosystem is comprised of an NFT minting platform, wallet, marketplace, SDKs and plugins, a robust API, and a QR code asset distribution service.
Forged in gaming, Enjin’s technology has enabled developers to integrate blockchain into games and apps without any blockchain coding experience—some in under 48 hours.
In 2018, this tech supported Enjin’s announcement of the world’s first blockchain gaming multiverse, a collective of games which agreed to integrate a shared set of NFTs across their virtual worlds.
Enjin currently works with over 100 game and app developers in an official capacity through its Adopter Program, from open-world fantasy RPGs and trading card games, to augmented reality apps and Minecraft servers.
Enjin: How Does It Work
The Enjin Coin is an Ethereum-based token built on the ERC20 standard, meaning it is designed for smart contracts and transactional purposes.
Enjin has also been one of the first projects to experiment with the Raiden network, Ethereum’s version of the Lightning Network, before eventually deciding to work on its custom scaling solution named Efinity.
What is Efinity
Efinity is being developed by Enjin, a blockchain-based ecosystem built on Polkadot.
Efinity, a next-generation Substrate-powered blockchain for NFTs aims to serve as the infrastructure for a decentralized, cross-chain metaverse.
As a cross-chain NFT blockchain, Efinity offers interoperability between ecosystems, rewards for interacting with NFTs, and a smooth user experience.
With Efinity, NFTs from any chain (such as Ethereum) can be ported and enhanced with next-generation capabilities.
The Metaverse is live on @Polkadot.— Enjin (@enjin) March 12, 2022
After years of intensive research and development, #Efinity has launched!
A historic milestone for the Enjin community and wider NFT ecosystem.
➡️ https://t.co/3IgU2ZZPcV #Enjin $ENJ $EFI #Polkadot pic.twitter.com/0T0A7Gfbvl
Efinity Metaverse Fund
To formalize support for the ecosystem partners and help make the decentralized Metaverse reality, Enjin launched a $100 million Efinity Metaverse Fund.
“At Enjin, we believe the Metaverse should be decentralized”,
explained the company.
“While the primary way we’re trying to make that happen is to build Efinity, as a team of NFT pioneers and industry veterans with an established global network of adopters, we have also been informally supporting select partners by purchasing the native tokens of their games and projects.
It is now time for us to turn this into an official, public, and conscious piece of our growth strategy, and support a free, open, and decentralized Metaverse.”
Introducing Metaverse Fund
The Efinity Metaverse Fund will aim to support Enjin and Efinity adopters, and other organizations working on:
- Enjin Ecosystem Integration: Integrating with Efinity, the Enjin Wallet, NFT.io marketplace, and the rest of the Enjin ecosystem.
- Metaverse Projects: Building collaborative NFT projects on Efinity and Polkadot, featuring assets usable across multiple projects and chains.
- Gaming: Enjin was forged in gaming, all the way back in 2009. We’ll support gaming projects on all platforms, as well as projects in adjacent spaces like mixed reality (AR/VR), esports, immersive entertainment, virtual events, and similar.
- NFT DApps & Projects: Applications such as collectibles, digital art, music, tokenized data apps, and Web 3.0 and cloud applications.
- Decentralized Infrastructure: Building cross-chain and multi-chain infrastructure.
- Pioneering Projects: Going boldly where no one has gone before, and building in other areas related to the Metaverse, NFTs, and Efinity’s core infrastructure.
The Efinity Token (EFI) is the first paratoken ever created. Besides paying transaction fees and voting in governance events, it will also be used to ensure liquidity of the two billion tokens on the network, fungible and non-fungible.
The Efinity Marketplace aims to provide buyers and sellers with all the tools necessary to create and fulfill orders for tokens of any type.
Efinity is the world’s first trustless token exchange, rewarding anyone who provides liquidity for NFTs.
Efinity Polkadot Parachain Auction
Polkadot’s parachain auction was won by Efinity on December 30, 2021.
Congratulations to @efinityio on winning Polkadot's sixth auction!— Polkadot (@Polkadot) December 30, 2021
Enfinity will be onboarded at block #9,388,800 [roughly March 11,2022] at the beginning of lease 7 with the other winners from auctions 6-11. Over 8.6K network stakeholders locked up DOT in favor! pic.twitter.com/vTKqR3XyhX
Efinity will operate as a parachain within the Polkadot ecosystem, with the network being implemented as a parachain in March 2022.
Polkadot’s interoperability technology makes it possible for Efinity to be among the hundreds of blockchains that can interact with each other.
In that way, developers of other blockchains can integrate Efinity NFTs into their ecosystem and know that they will work in other blockchains as well.
Paratoken for Polkadot & Kusama
Enjin is developing a new token benchmark called Paratoken that will be compatible with the entire Polkadot and Kusama platforms. Its first paratoken will be Efinity (EFI). With a confirmation time of six seconds, the Efinity blockchain can handle around 700 transactions per second.
As part of the Efinity project, the following will take place:
- Working on the technology, running benchmarks, developing the Paratoken Standard.
- Over 75 developers and partners have already committed to developing games and apps on Efinity;
- Once Efinity is live, users will be able to transfer NFTs across parachains and other blockchains.
- Version 2 of the Enjin Wallet. The team is already testing the app in alpha.
- NFT.io is Efinity’s primary NFT marketplace which is also coming up, providing a cross-chain version of OpenSea — but broader. It’ll be for everything, from gaming to art NFTs and beyond.
- Users will be able to stake ENJ to nominate Efinity collators (and earn EFI rewards for their efforts!), and use EFI for governance of the network.
Efinity Unique Feature
The Efinity ecosystem has the unique quality of rewarding all actors in the network, not just validators. Bidding on NFTs, for example, lets users earn $EFI regardless of winning the auction.
Enjin & Efinity
As integral parts of the Enjin NFT ecosystem, Enjin and Efinity are designed to complement each other.
It helps integrate digital assets such as NFTs. All digital assets minted contain ENJ, which gives them an added value that can be regained at any time by “melting” these digital assets.
Originally released to the Ethereum community in 2017, ENJ is a utility token for minting, infusion, and nomination of collators on Efinity.
Designed to pay for transaction fees, EFI facilitates liquidity, rewards communities, and provides governance on the Efinity network. By utilizing a bridge, tokens made on other chains can also be imported into Efinity.
Through its open API and software development kits (SDKs), Enjin provides an extensive list of features. Enjin’s main feature is the ability to build and handle virtual assets.
Therefore, developers can create their own cryptocurrencies backed by the Enjin Coin, making gamification and the addition of cryptocurrencies much easier. Enjin Coin is also required by developers using the Enjin platform.
Some of other Enjin’s key features include:
- Various SDKs: Enjin offers software development kits for Unity, Java, Godot, and others. Millions of developers can easily integrate their existing projects, or create new ones.
- Marketplace: Provides users with easy access to over ten million digital items to buy, sell, and discover rare and exclusive blockchain digital goods.
- Enjin Beam: A system for sending digital assets to users by scanning QR codes, allowing developers to distribute thousands of NFTs/FTs.
- Smart wallet: A cryptocurrency wallet that syncs seamlessly with games and apps. This is one of the world’s most feature-rich digital wallets, with over 1 million downloads.
- Efinity: Ethereum scaling product that enables fast and free transactions of both ERC-20 and ERC-1155 tokens.
Why does Enjin stand out?
A unique aspect of the Enjin Coin, according to cofounder Witek Radomski, is that all tokens created with the Enjin Platform are directly backed by $ENJ, the platform’s native token.
That means that in-game items will have real-world value, which opens the door to gamified real-world platforms and crypto gaming.
Why is Enjin valuable?
To mint virtual goods, developers need to lock $ENJ tokens. When players gain access to these items, they can utilize them in-game, trade them, or sell them for $ENJ.
Enjin (ENJ) Basic Tokenomics
$ENJ is a limited-supply cryptocurrency with a maximum supply of 1 billion tokens and only 823,130,411 ENJ tokens in circulation.
Though Enjin’s principal use case is in the gaming industry, delivering tokenization of the value of in-game assets, it is also exploring use cases in loyalty rewards and real estate.
With BMW, for example, loyalty points are being tokenized and can be used to pay for fuel, road tolls, and parking fees or exchanged for $ENJ.
As part of Enjin’s partnership with LABS Group, fractionalized deeds will open up a huge market for retail investors.
By integrating Enjin with Ethereum-based DeFi platforms, the service provides additional functionality, allowing users to earn interest by depositing ENJ and allowing others to borrow them via Ethereum smart contracts.
Moreover, $ENJ can also be added to other liquidity pools on decentralized exchanges in order to benefit from further yield farming opportunities.
Enjin Use Cases
Several well-known multinational corporations have participated in the Enjin platform, for instance:
- Microsoft: Enjin’s technology powers Microsoft’s Azure Heroes social rewards program.
- Samsung: Enjin integrated Samsung Blockchain Keystore with the Enjin Wallet on the Galaxy S10.
- BMW: Enjin and BMW partnered to enable users of the BMW Vantage app to exchange their BMW Coin reward points for $ENJ.
- Atari: Enjin teamed up with Atari to incorporate the legendary video game company into its ecosystem of blockchain games.
- Aave Protocol: Enjin’s first move into the DeFi space enabled users to deposit their tokens in the Aave Protocol and earn interest by lending them out.
- Unity: Enjin joined forces with Unity to launch an SDK to make blockchain integration easy for Unity’s 4.5 million ecosystem developers.
Bloktopia Metaverse Welcomes Enjin
Enjin has opened its virtual headquarters in the Bloktopia metaverse.
Enjin HQ in the Bloktopia Metaverse is an excellent way to host events and learn new ways to engage with the metaverse community.
Also, Enjin released the Metaverse Fund in November last year to support individuals and companies building Enjin ecosystems, metaverses, video games, and NFTs.
Bloktopia is a decentralized metaverse constructed by Polygon Network that acts as a bridge from the physical to the virtual world. It hosts some of the biggest brands in the Crypto Space.
Uniquely designed in the shape of a 21-story high-rise, paying homage to the 21 million Bitcoins.
Bloktopia’s four main principles
1. Learn: This is the first component and was built on the premise that crypto can be pretty challenging to steer around.
2. Earn: Bloktopia offers opportunities to earn revenue through the many income streams it provides. To build wealth, Bloktopians have many avenues such as Bloktopia real estate, passive earning, staking, and advertising.
3. Play: This is another integral part of any metaverse, and one cannot imagine relaxation, fun, or competition without it. Bloktopia allows users to play interactive games, converse with friends, and network while experiencing a virtual reality world from a first-person perspective.
4. Create: Lastly, development projects will volunteer their users a chance to push the boundaries of their cleverness by establishing scenes, artworks, challenges, and more, applying the simple make tool, and then taking part in affairs to triumph prizes.
Enjin will use its new metaverse HQ for showcasing projects and hosting events in Bloktopia Metaverse.
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