Today, developers the world over are increasingly looking for a blockchain capable of offering a modern experience in NFT management. For several years now, Ethereum has been one of the most widely used blockchains by developers. It has become a benchmark for building infrastructures and tokenisation. But the Ethereum blockchain does have its shortcomings.
Developers are forced to work with crippling fees, inflexible smart contracts and almost non-existent interoperability. As the vast majority of NFTs are created on Ethereum, this greatly limits their adoption. Hence the growing demand from developers for a better blockchain solution. To meet this demand, Enjin, known as one of the pioneers of NFT adoption in video games, has developed a next-generation blockchain. Based on Polkadot, it is entirely dedicated to NFTs and is called Efinity.
Introducing Enjin: the successful company behind Efinity
Enjin was founded in 2009 by Maxim Blagov and Witek Radomski. Two experts in the management and creation of software projects, specialising in the video game and blockchain industries. Based in Singapore, the company’s aim is to offer developers the possibility of integrating blockchain and other blockchain-related functionalities into video games and applications of all kinds. This was done in the simplest possible way, so that blockchain technology would be accessible to everyone.
Then in 2017, following a successful ICO, Enjin established itself as a leading developer of blockchain ecosystems. These tools and services are used by companies of all sizes and in all sectors. Looking to create blockchain products or use tokenised digital assets as part of their respective strategies. This has enabled the company to forge prestigious partnerships with leading companies over time.
Finally, since its inception, the company has launched a gaming community platform called Enjin Network and has grown it to over 20 million users across 250,000 gaming communities. The company also works with over 100 developers in the video game industry.
Collaborations with giants
Microsoft
In 2020, Microsoft and Enjin joined forces to create Azure Heroes. The aim of this programme is to reward developers with digital badges based on blockchain. The badger-shaped badges are NFTs.
These rewards are given to developers for achievements of all kinds, verifiable acts of impact and significant contributions to the community. In total, 32, 000 Azure Heroes NFT badges have been created and distributed to over 6,400 Azure community members worldwide.
BMW
In October 2020, German car manufacturer BMW officially partnered with Enjin. The aim is to develop an application called BMW Vantage, which will incorporate the Enjin Coin token. A token we’ll be looking at later in this article. Users of the application will be able to earn BMW Coins as rewards for various missions and exchange them for Enjin Coin tokens.
You don’t have to own a BMW car to use the app, although there are some advantages to owning one. For example, users will be able to pay for petrol or parking with BMW Coins. But for now, the BMW Vantage application is still in beta.
Labs Group
In February 2021, Labs Group, one of the largest blockchain-based real estate investment platforms, is partnering with Enjin to incorporate its NFT creation and management ecosystem. Owners, property groups and developers will be able to create NFTs representing fragments of flats, residences, hotel rooms or entire buildings.
These can then be traded via a market place regulated by Labs Group. Investors will be able to store and manage their properties in an Enjin Wallet. They will also be able to use the blockchain to verify the ownership, uniqueness, origin and authenticity of NFTs.
Samsung
In January 2021, the famous brand Samsung, made its partnership with Enjin official. This partnership is a sign of an effort by the tech giant, to increase its participation in the crypto-currency market. Since the Samsung Galaxy S10, features a crypto-currency storage solution in which it supports Bitcoin, Ethereum, Cosmos and Enjin Coin.
Atari
In December 2020, legendary video game company Atari entered into a partnership with Enjin due to its particular interest in NFTs. The company had been back in the spotlight since its launch into the world of crypto-currencies, through the creation of its own token.
A true innovator in the early days of video games, Atari owns and manages a portfolio of more than 200 games and franchises, including world-famous brands. These include Asteroids, Centipede, Missile Command and Pong. As a result of this partnership, all games in theEnjin ecosystem will be able to use Atari’s extensive intellectual property portfolio.
Until now, NFTs have taken the form of collectibles, which are usually static in nature. They do not yet have the dynamic and useful nature that many had hoped to see in the world of video games. This collaboration with Enjin, therefore, enables Atari to usher in a new era, through the creation of future decentralised games and NFT.
Users will have access to a whole new world of digital property, enabling them not only to collect rare and unique objects, but also to use them. Digital assets will no longer just be a feast for the eyes, but will have real applications that users can experience and enjoy.
Unity Technology
In 2018, Enjin partnered with Unity. A multiplatform game engine (smartphone, computer, video game consoles and web) developed by Unity Technologies, a famous video game software development company based in San Francisco.
This game engine is one of the most widely used in the video game industry. Well-known games such as Pokemon Go, Among Us, PC Bulding Simulator, Call of Duty Mobile, Fallout Shelter and Fall Guys have all used Unity for their implementation.
A year after announcing its partnership with Unity, Enjin has launched its development kit(SDK), enabling the 4.5 million developers in the Unity ecosystem to easily integrate blockchain into their applications and video games.
The Skymarch Entertainment studio
In November 2020, Enjin teamed up with Canadian games studio Skymarch Entertainment. Skymarch Entertainment has over 30 years’ experience in the video game industry and works with renowned companies such as Riot Games, Ubisoft and Electronic Arts. The aim of this collaboration is to integrate NFT into their games The Galaxy of Lemuria, Zeal and Crystals of Fate. As part of the partnership, the Skymarch studio will participate in theEnjin Multiverse, a connected gaming network of more than 30 projects that allows players to use the same object in a variety of different games.
Following the partnership, Skymarch CEO Jonathon McKay said on Twitter: “We see blockchain technology at the forefront of what will become mainstream in the future. Enjin’s focus on creating a more scalable and user-friendly blockchain ecosystem has reinforced our company’s decision to join forces and give our players true ownership of their assets.”
Ubisoft
In August 2019, Ubisoft, a French video games company behind some of the world’s most played and popular titles, such as Assassin’s Creed, Far Cry and Watch Dogs, entered into a partnership with Enjin. This collaboration followsUbisoft ‘s growing desire to adapt to blockchain technology. The aim of this alliance is to change the traditional video game industry by developing a whole range of new functionalities linked to blockchain.
Yves Guillemot, CEO ofUbisoft, is quoted by Puck News as saying that “blockchain technology would be a potential revolution for the video game industry in the future”. He also reportedly highlighted the company’s interest in developing applications based on the technology in 2018.
Ubisoft‘s CFO Frédérick Duguet is also reported to have commented on the potential that blockchain technology could have on the video game industry: “Blockchain will allow more play-to-earn which will allow more players to earn content, own content, and we think that’s going to develop the industry a lot. We’ve worked with a lot of small companies that are using blockchain and we’re starting to get a good know-how of how it can impact the industry, and we want to be one of the key players here. “
The Enjin token
The Enjin Coin (ENJ) is a utility token based on Ethereum. TheEnjin ecosystem is essentially powered by the ENJ token. Since it is used to directly support the value of digital assets on the blockchain. For example, when a player obtains items, they can use them in-game, trade them or even sell them for ENJ. The total supply is limited to 1 billion units and the token is worth €0.66 at the time of writing.
Introducing Efinity: a blockchain reserved for NFTs
The birth of Efinity
Efinity is an ecosystem that offers developers a whole range of tools for creating, storing, exchanging and distributing NFTs, as well as integrating them into Metavers. It raised $18 .9 million to develop this blockchain. Enjin has received backing from a number of investment funds and players in the cryptosphere, including Defi Alliance, Blockchain.com, Crypto.com Capital, Hashed and BlockTower.
Technical features
Efinity is based on Polkadot, a blockchain known for its high scalability. In other words, it is capable of maintaining its functionality and performance in the event of high demand. And it does this with a higher-than-average transaction throughput. Polkadot’s transaction fees are renowned for being extremely low.
The desire to make NFTs more accessible, thanks to the Polkadot blockchain, was expressed by Caleb Applegate, Enjin’s Chief Operating Officer. He said: “NFT should be available to everyone. By partnering with Polkadot, we will be able to offer an accessible and scalable solution that will allow everyone to participate in the emerging NFT economy. With the end user in mind, Efinity will offer a fun, simple experience that is suitable for everyone”.
But Efinity goes even further, by aiming to be fully interoperable. Interoperability is an IT term for systems that are capable of adapting to and collaborating with other independent systems. This means that any NFT based on any blockchain (Ethereum, Binance Smart Chain, Flow, Solana, etc) can be transferred to Efinity. This in itself is normally impossible for an NFT that does not have the same underlying blockchain as Efinity.
Efinity token (EFI)
The important role played by the Efinity token (EFI) within the ecosystem makes it both a utility token and a governance token. In other words, it is used primarily to pay transaction fees, but also to take part in certain decisions on behalf of token holders. The Efinity token has a total offer limited to 2 billion units and is worth €0.23 at the time of writing.
Should I invest in Efinity / Enjin?
Given the price of ENJ and EFI tokens, it is clear that their value is still undervalued by the market. Especially when you consider the solidity of their project. This is something we’ve been able to observe throughout this article, particularly through the partnerships and fundraising that have taken place. This lends further credibility to the relevance of their project. It therefore seems a good idea to invest your money in these tokens, which are still relatively unknown to the general public. However, caution is advised. No matter how reliable or innovative they are, crypto-currency projects are not immune to risk. So if you want to invest, it’s best to do so in moderation, to keep your risk-taking to a minimum.
