Enjin Coin is infused into NFTs through the process of minting. Minting is the act of creating an Enjin Coin-backed NFT, either through the Mint contract or via a Mint helper dApp. The Mint contract allows users to create new tokens by inserting Enjin Coins and paying for them with ETH.
The process of minting can be reversed, and every NFT can be melted back into a coin. The Mint contract also allows users to create NFTs from other NFTs, so you could melt a GlitchCat back into ENJ and mint it to another user.
These NFTs exist on the blockchain, which makes them powerful and extremely versatile. These tokens could represent rare items, unique collectibles, special abilities, and even real-world commodities like gold or oil. We can also store metadata via IPFS to provide these NFTs with additional functionality and power that don't exist on the blockchain.
The Singapore-based company was founded in 2009 by Maxim Blagov and Witek Radomski, who have both been interested in gaming their entire lives. The introduction of blockchain to the platform was in 2012, and after learning about Ethereum and smart contracts, Radomski decided to create his own blockchain based software.
The Enjin platform is also a content management system (CMS) for building websites and communities. Enjin launched the concept of “Custom Coins” in early 2017, which allows website admins to add cryptocurrencies as payment options for goods and services online, including virtual goods within the CMS. This was done by adding tokens to an ERC -20 smart contract, whose address is referenced by the CMS server for payments.
There are currently over 1 million websites using Enjin CMS, with 19 million registered users worldwide.
Today, Enjin now powers more than two billion NFTs and users' entire gaming inventory can be in their pockets, on their phone. Enjin aims to create an interconnected digital reality, with realms enabling users to create real-world value, whilst having fun at the same time.
It enables gamers to bring or trade their assets from game to game, community to community, growing their digital wallet with real value as they play. Enjin is creating the blockchain backend for mass adoption of all platforms and technologies in gaming.
The Enjin ecosystem empowers the individual gamer, content creator and developer alike.