Comparing the benefits and drawbacks of the EnjinX NFT marketplace:
Pros:
• It was designed specifically with gamers in mind. Enjin’s ecosystem places an emphasis not just on fungible tokens (FTs), but also on nonfungible tokens (NFTs), and the majority of the projects featured on the platform come from blockchain-based games.
• Complete support for all assets. The value of non-fungible tokens (NFTs) is derived from the fact that all tokens generated on Enjin are backed by Enjin coin. This allows users to convert their assets into cryptocurrency and also gives NFTs value.
• It is simple to use. Beginners should have no trouble navigating the Enjin ecosystem because it is intuitive, well-organized, and simple to utilize.
Cons
• Requires Enjin app. Although it is a really remarkable software, users are need to utilize the Enjin wallet app in order to purchase and sell assets on the marketplace. This is an additional step.
• Some of the most popular NFT projects are missing. Due to the fact that the Enjin marketplace places its emphasis on gaming assets, well-known NFT collections such as CryptoPunks and Bored Ape Yacht Club are not available there.
• Multiple costs. There are a number of NFT marketplaces that charge a marketplace cost in addition to a gas fee; however, Enjin has a number of fees that users should be aware of.
Explore the vast Enjin ecosystem to investigate and evaluate tens of thousands of NFTs. Discover NFTs hidden throughout Lost Relics, Nestables, and Age of Rust, among other places. If you like Enjin projects, you should check out EnjinX Marketplace, which focuses largely on gaming NFTs and FTs and is a convenient location to visit.
Our analysis of the Enjin market for non-fungible tokens
The Enjin ecosystem includes the NFT marketplace known as EnjinX Marketplace. This marketplace is powered by Enjin. The market places a significant emphasis on blockchain gaming non-fungible tokens (NFTs) and fungible tokens (FTs).
Enjin’s goal of an open ecosystem is made manifest in the Enjin Multiverse, which connects a variety of game worlds and provides a marketplace for players to meet and buy, sell, or trade the one-of-a-kind items they have collected.
The marketplace platform makes it simple to search for projects and assets that match specific criteria. The entries are packed with a wealth of information, including the views, holders, properties, the name of the creator, the date the coin was created, the total supply, and a great deal more. We’ve seen listings on other markets, and the ones on Enjin’s marketplace are clearer and more transparent than those on other marketplaces.
The Enjin blog offers helpful guidance for game developers working on independent blockchain projects, as well as advise for game producers and collectors. Collectors have the opportunity to read step-by-step guidance on how to stake tokens, the most recent news around Enjin projects and applications, and recommendations on how to optimize the minting of batch NFTs.
In general, it’s really easy to use, and it’s been streamlined so that there are many different methods to discover what you’re looking for. The lack of advertisements in the marketplace is a handy feature that contributes to the platform’s uncluttered appearance.
Enjin was established in 2009 by Maxm Blagove and Witek Radomski, and the initial public offering of the Enjin cryptocurrency, known as Enjin Coin (ENJ), took place in 2017.
Regarding the NFT marketplace provided by EnjinX.
You can look through the collections and NFTs that are available for Enjin blockchain games on the Enjin marketplace. You are not required to be logged in to conduct a search, browse NFTs, or compare prices offered by different merchants.
Your search can be narrowed down by sorting the results by transaction, address, block, coin, assets, or projects. In addition, there is a drop-down menu that shows the Rankings, Activity, and Marketplace.
You will need the Enjin wallet in order to complete any purchases. It is a mobile application that can be downloaded for free on Apple and Android smartphones. It is a wallet that does not store user funds and supports Bitcoin, Ethereum, and the majority of ERC-20 and ERC-721 tokens. Additionally, it supports ERC-1155 tokens, which are a one-of-a-kind token standard developed by Enjin for the purpose of enabling game creators to produce fungible and nonfungible tokens for use within their games.
The application enables you to trade non-fungible tokens (NFTs), claim NFTs by scanning a QR code, and link your wallet to a wide variety of blockchain games and decentralized services (dApps). It provides a streamlined method for interacting with the NFT marketplace on Enjin as well as the broader gaming ecosystem.
Make use of the app to generate several wallets, which will enable you to organize your assets in accordance with various categories, such as trading, collecting, and gaming. The program allows you to import wallets from other services and keeps track of hardware wallets.
Blockchain technology and money for the EnjinX Marketplace.
The Ethereum blockchain serves as the backbone for the Enjin ecosystem, and ENJ tokens are ERC-20 compliant. It is possible to acquire monetary units as well as tokens by utilizing various exchanges. The cost of the gas is paid for in ether (ETH).
In the one-of-a-kind marketplace that Enjin provides, ENJ is the currency that is used to mint nonfungible tokens (NFTs) on the platform. This is accomplished by utilizing the ERC-1155 standard, which is applicable to both fungible and nonfungible tokens.
It’s noteworthy to note that this process can be reversed by melting the NFT back into Enjin currency, therefore each digital item that may be produced with this method will have a predetermined quantity of Enjin coin embedded within it. Because of this, NFTs now have instant liquidity, and it also means that every item in the game has some worth in the real world.
Another perk is that certain games give players the opportunity to earn Enjin coins as a tokenized reward. These coins can then be spent at in-game shops to purchase further virtual items.
In 2021, Enjin made public an announcement stating that it would launch a parachain on the Polkadot network referred to as Efinity. This new ecosystem will most likely contain an increased number of games and applications that are built on blockchain technology; however, its primary focus will be on the metaverse.
• A diverse selection of currencies that can be traded
• User friendly
• Incentives for first-time residents
• Protection for balances of up to $250,000 in foreign currency
• Interest may be accrued on balances
• Exorbitant prices for mobile applications
• Not including several notable currencies within the top 20
There are no debit cards that can be linked.
Instructions for Purchasing NFTs on the EnjinX Marketplace
You can access the marketplace by going to enjin.io, selecting Products from the main navigation bar, and then selecting Marketplace from the drop-down menu that appears. Or go to enjinx.io/eth/marketplace.
You will need the Enjin wallet app in order to purchase NFTs from the marketplace. When you have the wallet and have arrived at the marketplace, proceed with the following steps:
1. Choose the NFT that you want, then touch the Buy button. A new window will appear with the listing price, seller, and quantity displayed in it. The payment for NFTs must be made in ENJ; nevertheless, the price of ENJ is also displayed in US dollars.
2. A QR code will display on the window; to validate and finalize the transaction, you will need to scan the code using the Enjin wallet software on your device.
There may be more than one seller for some types of NFTs. This is how it should go down:
1. Once you’ve located the NFT that you’re looking for, pick the Buy button, and a window will display with the various listings and the pricing to buy them.
2. After you have decided on a vendor, you can move forward with the transaction by scanning the QR code and completing the purchase within the Enjin app.
The marketplace on Enjin features a variety of creators and collections.
Enjin is a game ecosystem, as was previously mentioned by us. The majority of the non-fungible tokens and fungible tokens available on NFT marketplaces are for blockchain-based games. The following are examples of projects now available on the market:
• The Rusting Age.
• AlterVerse.
• Banksy.
• Rio’s Hunting Party.
• Lost Relics.
The Battle of the Ants.
Use the search box on the marketplace to locate the project you’re looking for, or pick Projects from the list of options on the main navigation bar.
How to market and sell non-fungible tokens on the EnjinX Marketplace
Using the Enjin app, perform the following steps in order to sell an NFT that you already own:
1. Navigate to the collections you have created and choose the NFT you wish to sell by clicking the Sell Item button.
2. Provide the required information for the listing, including the sale price in ENJ, and select a shipping fee.
3. Verify that the listing is correct.
At any moment, you are free to revoke or make changes to the listing that you have posted.
The following steps need to be taken in order to develop and mint an NFT in order to list it on the market:
1. Create an account by going to https://cloud.enjin.io/login and following the prompts.
2. Make a new project and give it a title, an image, and a description of what it will do.
3. Connect your wallet to the blockchain by copying a connecting code or scanning a QR code that will be provided.
4. Mint tokens.
The Enjin team has made it easy and straightforward to mint NFTs. Be advised that minting NFTs requires you to pay gas fees, and that in order to power the transaction, you will need to have ETH and ENJ in your account. ETH is used to pay for interacting with the blockchain, while ENJ is used as minting material; all NFTs on Enjin are backed by ENJ. ETH is used to pay for interacting with the blockchain.
EnjinX Marketplace unique features
The ability for owners of non-fungible tokens (NFTs) to convert their NFTs back into ENJ at any moment is one of the most notable features offered by EnjinX. All NFTs have value because the ENJ guarantees them, and you can turn that value into cash at any time.
Enjin desires for ENJ to be comparable to the gold standard for US dollars as a means of assisting users in developing faith in the value of their assets.
On Enjin, you can melt an asset by going to your owned assets, selecting the item you want to liquidate, and then selecting the Melt Item option while viewing the asset in question. After that, select the amount of the transaction fee that you want to pay, then enter your password, and finally retrieve the ENJ coin that was backing the asset. Keep in mind that melting an asset means that it will never be recovered.
Is Enjin’s NFT marketplace a legitimate business?
EnjinX is an authentic decentralized exchange for NFTs. However, considering that the use of an Enjin wallet is required in order to participate in the EnjinX Marketplace, safety is probably on the minds of many individuals.
Enjin does not store the private keys to your wallet on its servers, and the application itself includes safety precautions. Because your private keys and recovery phrases are saved on your device, it is up to you to ensure that they remain secure at all times.
Even though Enjin has its own security measures, it cannot absolutely guarantee that your personal data will remain safe. The transmission of any data is done at your own peril.
To our great surprise, we were unable to locate any evidence of a site-wide hack on Enjin. The only incidents that we were able to find were individual users falling prey to phishing NFT scams. These scams involve a con artist posing as a member of Enjin’s customer support and tricking the victim into divulging personal information such as private keys to cryptocurrency wallets.
Although Enjin seems to be a trustworthy marketplace, you should still take precautions to protect your private information.
Bottom line
Enjin is hard at work developing an impressive NFT marketplace that will be centered on the blockchain games that are its area of expertise.
The ecosystem provides educational materials, a vast marketplace for gamers, and the capability to view or send gaming NFTs with QR codes using the Enjin wallet. Additionally, the ecosystem has something to offer everyone.
The team is working hard to build exceptional products by utilizing its native wallet, which features a seamless integration with its platform. Enjin is currently in the process of causing a disruption in the gaming industry by capitalizing on its dominant position in the blockchain gaming space and integrating it with NFTs. In order to encourage widespread use of its platform and wallet, the company is streamlining the onboarding process for crypto novices and users who are unfamiliar with the technology.
Enjin has you covered with a sizable assortment of tokens and NFTs to choose from if you are an experienced user of cryptocurrencies. It is too early to tell, but there are some exciting projects in the works for Enjin’s creators, gamers, and developers.
