The gaming token Enjin (ENJ) has found a way through the maze of regulations in Japan. As a result it’s now the first gaming-oriented cryptocurrency in the country. Enjin has received the official approval from the Japan Virtual Currency Exchange Association, which is a self-regulatory organization. ENJ will be listed on Coincheck Japan starting from January 26th.
In the past 24 hours the price of ENJ increased 46 percent to $0.41. That’s only 16 percent below the all-time high of 49 cents per token, which they reached in January 2018.
ENJ is an Ethereum ERC-20 token, and it serves as the fuel for ERC-1155 tokens within the Enjin ecosystem. These tokens are made to allow interoperability between different games. As a result gamers can use certain items in their cryptocurrency wallet in multiple games.
The Enjin ecosystem is home to a variety of gaming projects. This year Atari is bringing its classic Kick Off! series to Enjin, while Skymarch Entertainment will integrate the blockchain solution into a variety of projects including Galaxy of Lemuria. Atari, Enjin and The Fabricant have also launched digital fashion on the Enjin blockchain, perhaps cementing the way for interoperable fashion across the ecosystem.
Enjin working on Efinity
Enjin is a platform that uses the Ethereum blockchain. Many games within the Enjin ecosystem, like for example The Six Dragons and Lost Relics, offer a sense of multiverse. Players can use certain items in multiple games, like for example the most recent Binance-sponsored Halloween token.
However, the gas problems within the Ethereum ecosystem also hurt Enjin. Therefore the company is now working on a scaling solution called Efinity. This should allow developers and gamers within the ecosystem to send items and trade assets without the need for gas fees. In addition Efinity will speed up transactions and allow more transactions at the same time.
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Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn and for a variety of third party magazines and websites.