Enjin Coin (ENJ) is an Ethereum-based cryptocurrency used to back the value of next-generation fungibles and NFTs.
Billions of blockchain assets are backed with Enjin Coin. Here's why:
Owners can melt their NFTs back into ENJ anytime, increasing confidence in the assets and projects that offer them.
When existing NFTs are melted, scarcity increases, thereby lowering the supply and increasing their value.
The ENJ stored within NFTs proves their origin and guarantees their compatibility with the Enjin ecosystem.
Unlike other digital assets, NFTs backed by ENJ are created with something of value and can be destroyed anytime.
Because ENJ is a limited, valuable resource, backing NFTs with it is the only way to regulate asset creation.
The perceived value of NFTs is directly correlated with their ENJ backing, making ENJ an effective gold standard.
ENJ and EFI to work in unison, each serving a core purpose within the Enjin ecosystem.
While ENJ is used to infuse digital assets like NFTs, EFI is designed to pay for transaction fees and facilitate liquidity, community rewards, and governance on the upcoming Efinity network.