With the recent News on Playboy and Gamestop looking at NFTs I wanted to write up a piece on #ENJ is an intriguing play with the recent coinbase listing. Check out the following two pieces for background.
- https://decrypt.co/66122/gamestop-seeks-analyst-trained-in-nfts-crypto-and-blockchain
- https://hypebeast.com/2021/4/playboy-nft-nifty-gateway-partnership-announcement
This is extremely bullish for the crypto sector to see mainstream companies jumping into the NFT space. Who knows with this we may even see VR and AR companies get into the NFT space for custom virtual environments and that will be the game-changer. If you question this try out the new Microsoft HaloLens if you can get access and you will see what I am talking about. For those that don’t have access check out https://www.microsoft.com/en-us/hololens to get some background.
Enjin is perfect for this space and the concepts that could come for this. Enjin is in their words on a “Quest to Create Better NFTs”. So let's dig into Enjin and what they bring to the table. Enjin offers the following products.
- A platform to create and integrate Next-gen NFTs with games, websites, and apps
- A wallet for their coin
- An NFT Market Place
- A Blockchain Marketing platform called Beam (this is still in development and not live yet)
An excerpt from their whitepaper site shows the potential here “ Today, there are over 40 game developers utilizing our platform to create everything from next-gen fantasy RPGs to post-apocalyptic sci-fi games.
Forged in gaming, Enjin’s blockchain ecosystem has also attracted attention from some of the world’s leading brands.
Microsoft and Enjin teamed up in 2020 to create Azure Heroes, a user engagement project that made the distribution and acquisition of tokens something that anyone, regardless of experience with blockchain, could participate in.”
This concept shows a lot of promise for the future with the growth projections for augmented reality and real-world use cases for augmented reality training in virtual environments. This will take some time for the technology to show promise to the common person vs just the tech sector but the potential is definitely there currently demonstrated in many studies and experiment-type projects for skills training, connected group gaming experiences, and other areas.
The problem sets for the NFT space that Enjin tackles are as follows:
- Fees. Enjin’s goal here is to keep the financial structure in the background where it belongs where you don’t all of a sudden in a virtual NFT based gaming environment see a $350 eth charge pop up. Think reverse monopoly. $200 to pass go.
- Efinity rewards all network participants with the EFI token this enhances engagement for the network.
- Cross-chain data sets for NFTs are accepted this eliminates the walled gardens that compete for liquidity and hurt the growing digital metaverse in the siloed ecosystem some projects are still playing in.
The tokenomics link on their website was not active when reviewing so I will provide what is available on Coinmarketcap. There is a total supply of 1B tokens of which 834M are in circulation. There is no staking or burning discussed on their website or Coinmarketcap. They do have some token pools and the potential for smart contracts. The main ways to earn with the coin include marketplace fees, developer fees, and governance participation.
Overall based on my review I find it an interesting and innovative project and one I will watch to see what plays out. It has had quite the run with the recent interest in the NFT space and Coinbase listing so it looks due for a pullback and a little bit of a calm down in pricing but that may present some good entry points for those interested. As Alway remember this is not and should not be taken as financial advice this is just an opinion piece.
