Efinity will supercharge the utility of Enjin Coin by incentivizing minting and providing rewards for staking ENJ. The Efinity network and the native EFI tokens mean a lot for their loyal community of ENJ hodlers.
Enjin claims to be re-defining the virtual worlds. Enjin powers a lot of projects like pioneering games, apps and projects, which are created by talented developers and companies that are forward thinking from across the world. This is a new Game Development Frontier making it possible to build a decentralized gaming world without having to write a single line of blockchain code.
The multi-token standard of Enjin makes it possible to mint an infinite number of both fungible and non-fungible tokens using just a single deployed smart-contract.
Claiming to create the next-generation blockchain assets, Enjin points to how ERC-1155 is the only token standard, which makes it possible for users to create every type of asset, ranging from currency and real estate to digital art and gaming items.
Users will thus be able to cut down on their gas fees by 90% when they are minting new tokens. When it comes to advanced features, owners will be enabled to use, trade, destroy, upgrade, combine, rent, loan and even lose their assets.
Atomic Swaps, enables any amount of tokens in just two simple steps. When it comes to adoption, it is very obvious that ERC-1155 is getting used by several types of games and projects in the Ethereum Ecosystem. Batch transfers make it possible to send multiple tokens in a single transaction.
For those who do not know, ERC-1155 is a new standard which represents virtual items on the Ethereum blockchain which permits the creation of several types of tokens using the same contract. It is very particularly used for items which are used in games, several of them come in numbers. In the Sandbox, a user-generated content platform makes use of the blockchain technology, it permits creators to mint several copies of the same items/assets.
Enjoin Coin gets infused into NFTs by making use of a process called minting. Further, this process can be reversed and every NFT can be melted back into coin.
Since Enjin Coin has real value all the NFTs that are created with it have real-life value too. Since these NFTs exist on the blockchain it makes them very powerful. For instance, the entire gaming inventory can be in your phone, featuring a sword which can be used in multiple games, which in turn can be sold to anyone, anytime. All these have been made possible by the product ecosystem which is powered by the Enjin Coin.
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