๐ผ๏ธ Understanding NFTs ๐ผ๏ธ
A fungible item is just something that is perfectly interchangeable with another item in its class. A classic example of that would be currency. A dollar is the same as any other dollar. Something is non-fungible if itโs not interchangeable and it's unique. An example of that would be your pet dog. Yes, there are many other dogs out there, but there is only one good boy! Other examples of non-fungible items include the likes of Pokemon cards and sports collectibles. I explain in the vid, how humans have been collectors since the dawn of time and how NFTs ushered in the world of digital collectibles and why they have value.
โ What is Enjin? โ
The way I like to describe Enjin is that it is an NFT issuance platform and ecosystem with a focus on gaming. But how do NFTs tie into video games? Well, a ton of games have two main objectives and that would be survive and get awesome loot! All those legendary items can be issued as NFTs that the player actually owns and controls. Thatโs a game changer as traditionally games were walled gardens controlled by game developers. NFTs open up that gaming ecosystem. It also means that in-game items could be transferred from one game to another. Enjin basically provides game developers with all the tools they need to build these games with in-game NFT items. It also gives gamers everything they need to discover, trade and store these blockchain assets.
๐ฐ ENJ Coin ๐ฐ
ENJ is used to pay for the creation of NFTโs on the platform. That could literally be any non-fungible item like a special weapon or a collectible card. Each digital item created with the Enjin minting system contains a certain amount of Enjin coin within it. Whatโs awesome is that you can melt that NFT item down and get ENJ coin back.
๐ The Enjin Ecosystem ๐
The Enjin platform is basically a toolkit to help game developers integrate blockchain gaming into their games and a way for people like us to mint their own NFTs. The project also has a top-notch NFT wallet that supports several major cryptos. An NFT marketplace and a system for game developers and marketers to embed NFTs in QR codes. Perfect for NFT Easter egg hunts.
๐ Problems Enjin Are Solving? ๐
Most NFTs are on Ethereum and currently that means really high gas fees, which makes trading and transferring NFTs very expensive. Enjinโs JumpNet aims to allow free instant on-chain transactions of Enjin Coin and ERC-1155 tokens, whereas Effinity is all about multi-chain interoperability for NFTs.
๐ ENJ Tokenomics ๐
Watch the vid to hear my take on ENJโs tokenomics!
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๐ Disclaimer ๐
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
