Fuel for
Games & Apps

What is Enjin Coin (ENJ)

First announced in July 2017, Enjin Coin (ENJ) launched on the Ethereum mainnet in June 2018 and migrated to its final home on Enjin Blockchain in September 2023. ENJ fuels all actions, from governance and staking to transaction fees, minting, and trading.

Enjin Blockchain is a Substrate-based proof of stake blockchain custom-built for non-fungible token (NFT) transactions. Enjin Coin acts as the chain’s native token. A sufficient number of ENJ must be staked to ensure security and prevent any single holder from controlling the chain. 

More broadly, an adequate number of ENJ holders must participate in chain governance and validator oversight to ensure its independence and decentralization. You join by staking ENJ, which is subject to specific incentives and penalties.

You also use Enjin Coin to pay for all transaction fees on Enjin Blockchain. 

Whenever you send ENJ from one address to another or teleport from the Matrixchain and Relaychain and vice versa, you pay for fees in Enjin Coin.

Game developers and artists mint NFTs on the Enjin Blockchain with Enjin Coin. A holder can recover the infused ENJ by melting the NFTs. This function allows users to destroy their blockchain assets to retrieve the Enjin Coin value from within.

An NFT creator may also infuse their NFTs with Enjin Coin, creating a reserve value and promoting NFT scarcity. Minting blockchain assets with ENJ provides a variety of benefits to creators and users:

• Infuses NFTs with a reserve value
• Ensures transparency and scarcity
• Provides users with instant liquidity
• Creates utility in games and apps

Enjin Coin is the native trading token for NFT.io, Enjin Blockchain’s global NFT marketplace. Collectors use ENJ to purchase NFTs through direct purchases or bidding via auctions.