The Enjin blockchain sells itself as the blockchain where video games can be built on top of. The key focus is interoperability between these games. Assets in one game can be transferred and used in another game within the Enjin ecosystem. Enjin is one of the most popular blockchain when it comes to building games in a decentralized ecosystem. The ENJ coin is used to back the value of the items and assets created in this gaming metaverse.
How to buy ENJ in the Philippines
Buy ENJ on PDAX
ENJ is one of the cryptocurrencies launched on PDAX, a leading locally licensed order book crypto exchange in the Philippines in June 2021.
1) If you haven’t yet, sign up for a PDAX account.
2) Verify your account.
3) Fund your account with Pesos.
Go to Funds > Payment In > PHP > Cash In > [Payment Channel]
Once the funds are in the account, go to the order book platform.
4) Find the ENJPHP Trading Platform.
5) Trade your PHP to ENJ
If on the mobile app, the user can trade on Basic Mode, which allows the user to quickly convert Pesos to ENJ.
Buy ENJ on BloomX
- On BloomX’s Facebook page, tell them you want to buy ENJ.
- Follow the instructions of the BloomX staff.
- Make sure you have your own crypto wallet where the BloomX staff can send the ENJ you purchased.
Games on the Enjin Ecosystem
How does Enjin actually work?
As a gaming platform, multiple games can be built on the Enjin blockchain and make them interoperable with each other. This means an in-game asset in one game can be used in another game. In this way, players have “true item ownership” wherein they can do what they want with the in-game items they bought – buy it, sell it, use it in one game, and use it in another one.
What are the uses of ENJ
ENJ’s main goal is to become the crypto of choice across different NFT games and games with virtual items. This is made possible when the NFT when minted is backed by ENJ or when the game is one of the games within the Enjin metaverse.
Some of the uses of ENJ are the following:
- Mint unique in-game assets called NFTs with ENJ. This items can be converted back to ENJ if the player wishes.
- As the currency of trade within the ENJ ecosystem
- In-game merchants can sell digital items payable in ENJ
The economics of Enjin
- Developers by ENJ to back the in-game assets in their games
- Players acquire and trade in-game assets
- Players “melt” the items for ENJ
What is the ENJ Wallet?
The Enjin Wallet (iOS, GooglePlay) is the crypto wallet created by the Enjin built primarily for ENJ users and games in the Enjin Metaverse. It supports cryptocurrencies like Bitcoin and Ether, as well as ERC20, ERC721, and ERC1155 Tokens. The ENJ wallet allows the user to interact directly with the EnjinX Marketplace.
Why are games utilizing the ENJ blockchain?
This is more to escape Ethereum’s transaction fees and lags. Especially in online games where speed is necessary, it will be difficult to sell a game when the game lags, more so if the player has to pay huge transaction fees.
ENJ Use Cases for the Crypto Holder
Users buy ENJ on a platform other than the ENJ wallet primarily to take advantage of liquidity, especially on order book exchanges. After buying ENJ, the crypto holder who is also a player (hence a participant in the Enjin ecosystem) transfers it to the ENJ wallet since it is recommended to interact with the Enjin blockchain using the ENJ wallet. Others are speculating on the future value of ENJ
Things to Consider about ENJ
Along with the growing gaming industry comes the opportunity for some of these games to utilize blockchain, and in particular, become part of the ENJ ecosystem. A lot of blockchain games have instead used sidechains (or create their own sidechains,) which means the growth of Enjin relies on the no. of game studios it can attract and along with them are users playing those games.
This article is published on BitPinas: What is Enjin and Where to Buy ENJ in the Philippines