Enjin Launches NFT-Focused Blockchain, Migrates Native Token and Merges Efinity Token

Singapore-based Enjin, a pioneer in the blockchain ecosystem for Non-Fungible Tokens (NFTs) and digital assets, has launched the Enjin Blockchain. The innovative new blockchain, dedicated to NFTs, is built on the open-source Substrate framework, distinguishing it from others by integrating NFT-related transactions directly into its foundational code, rather than relying on smart contracts.

Incorporating NFT transactions at the protocol level enhances scalability and prepares projects for future-proofed digital assets. Notably, Enjin Blockchain features like Fuel Tanks and Discrete Accounts simplify end-user interaction by subsidizing transaction fees and eliminating the need for specific wallet software.

In the proposed restructuring, Enjin Coin (ENJ) will transition from the Ethereum network to become the native token of the Enjin Blockchain’s Mainnet on a 1:1 basis. Furthermore, Efinity Token (EFI) is suggested to merge with ENJ, further promoting decentralized governance and participation.

Efinity, the Polkadot parachain, has successfully forked to the Enjin Blockchain, now known as the Efinity Matrixchain. The Matrixchain preserves all data from Efinity, ensuring seamless user transition and data integrity. A flagship Matrixchain, the Enjin Matrixchain, is due to launch, utilizing ENJ as the native currency and primary platform for NFT creation.

Enjin plans to deploy additional Matrixchains tailored to meet the specific needs of enterprise and large communities, extending the opportunities for digital ownership and interaction.

Enjin’s existing community projects will utilize the Enjin Blockchain, inviting all members to participate. The Enjin App Layer, essential for low-cost NFT integration, will be readily available for developers to incorporate into their projects.

The Enjin Blockchain and the Enjin Matrixchain will be secured by Substrate’s robust Proof-of-Stake system, powered by ENJ, promising maximum security, reliability, and sustainability.

Since its inception in 2009, Enjin has remained at the forefront of blockchain innovation, continually seeking to revolutionize the landscape of digital items and NFTs. With its dedicated community and cutting-edge technology, Enjin is poised to shape the future of digital ownership and blockchain technology.


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Square Enix to Launch Final Fantasy VII NFT Collection

Final Fantasy game creator Square Enix has announced plans to launch a non-fungible token (NFT) project related to the game franchise.


A collection of Final Fantasy VII NFT will be created and launched in collaboration with NFT marketplace Enjin. The collection will feature the 25th Anniversary cards and figures on Enjin’s Efinity blockchain.

The company has also announced that buyers will be able to purchase a commemorative action figure with a code that will help redeem an NFT version of the figure.

Interested buyers can start checking out the NFTs as pre-orders for the figures are already available, while trading card pre-orders will be available only later in 2022. Further announcements regarding the pre-order is yet to be revealed.

However, gaming fans have not reciprocated the inclusion of NFTs into the traditional gaming environment. GSC Game World, a Ukrainian game development company behind the S.T.A.L.K.E.R franchise, cancelled its plans to include NFTs in its S.T.A.L.K.E.R. 2 release when fans pushed back on the decision, The Block reported.

Square Enix is possibly plotting an upgrade to its gaming experience as the company’s president, Yosuke Matsuda, previously teased about the allocation of more to blockchain technology in 2022. 

In a letter on Jan 1, Matsuda said Square Enix was looking into issuing its own tokens. However, he tempered those comments by saying it was seeing examples of overheated trading in the NFT space, according to The Block.

“This, obviously, is not an ideal situation, but I expect to see an eventual right-sizing in digital goods deals as they become more commonplace among the general public, with the value of each available content corrected to their true estimated worth, and I look for them to become as familiar as dealings in physical good,” Matsuda said in the letter.

Particularly from that incident onwards, Square Enix showed more interest in blockchain technology. It sold $300 million in intellectual property and studios to invest in the technology along with artificial intelligence and cloud investments.

Image source: Shutterstock


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It’s Like Email on the Internet: Enjin’s CTO Talks About Blockchain Gaming (Podcast)

Enjin is one of the leading projects involved in the currently booming play-to-earn and metaverse space.

In Layman’s terms, Enjin helps teams tokenize all aspects of their digital journey. In essence, the project provides an ecosystem of blockchain-based gaming products that are interconnected. Its flagship offering is the Enjin Network.

With this said, the entire project is garnering massive attention and is coming to serious prominence as of late because of the recently booming play-to-earn space, as well as all the hype surrounding the metaverse concept.

In this interview, we sit with Witek Radomski, the CTO of Enjin – a long-term cryptocurrency proponent, an early adopter, the author of Ethereum Improvement Proposal 1155. We discussed many exciting topics, including Enjin’s focus, the current hype behind the P2E space, and what’s the metaverse all about.

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From Bitcoin to Ethereum and Enjin

Radomski revealed that he first heard about Bitcoin back in 2011-2012 from a friend who “is a sort of futurist guy.” Ironically, he shared how his friend was all fired up about its whitepaper and how “one day it will be on par with the dollar.”

The price back then was a lot less. It’s funny how things progressed in retrospect. At this point, he checked it out but wasn’t really impressed with the overall UX.

“I went on and installed the Bitcoin QT and it was that really crappy experience. I thought – who’s going to use? It looked like just another one of these digital cash coins.”

Radomski admits that back then, he didn’t really read the whitepaper – admittedly, a mistake. However, even at that time, he noticed that many people were buying graphic cards to mine Bitcoin, which is when he started learning more about it and becoming a part of the community.

Even then, though, he expressed interest in capabilities that are really similar to what Ethereum smart contracts are now. It wasn’t until 2013 that he got really involved, and he revealed that the concept of Ethereum was particularly mind-blowing to him.

“Ethereum’s concept was pretty mind-blowing when I first heard about it. I still didn’t understand ICOs.”

The Enjin CTO said that he was thinking about writing smart contracts and what Ethereum did was revolutionary. This seems to be the reason for which the transition towards the smart contract community happened seamlessly. However, he also told us that Enjin back then was a company trying to put interconnect gaming guilds and online clans, providing server solutions, and whatnot, and were among the first the introduce BTC payments.

Enjin and Efinity: A Foray into Blockchain Gaming

As explained earlier, Enjin’s goal is to enable anyone to tokenize every part of their digital journey without hiring an entire team to do so.

“Our end goal is for when people go into a virtual universe or the metaverse or a game, they can send and receive tokens, they have a digital identity that will have their assets and they can persist this for thousands of years because blockchain is not going to shut it down.” according to Radomski.

He also gave a very clear and painful (for many gamers) reference where a lot of the games that he played back in the days are already shut down.

“All that time I spent in the games – all that is deleted, it’s gone. I would love to have, even just for nostalgia value, but to have my whole digital history persist with me… […] Blockchain lets you have that kind of thing and it gives you full control over your assets. All that time and effort and money you put into the game stays with you.”

As CryptoPotato reported earlier in November, Enjin launched a $100M fund to tap into the Metaverse realm and support teams building in it.

Speaking on it, Witek said:

“We want game developers who are experimenting with interesting ideas, anyone who wants to go into the metaverse, to have some support.” According to Radomski. “A lot of the times, if someone has an interesting and experimental metaverse idea it might be difficult to get funded with traditional means.”

The Trending Metaverse and P2E

Regarding the current state of play to earn (P2E), while it is undoubtedly one of the hottest current trends, it also can’t go without saying that the UX and overall gameplay of existing games are just… scuffed, to say the least.

Amongst the many things that Radomski said on this topic in our interview was the fact that the current games are still rather experimental and are in no way capable of competing with the gameplay of legacy games from triple-A developers: “It’s Like Email on the Internet,” according to him.

However, he also added that “it’s all about inspiring game developers on how they can use blockchain in their current games. I’ve been speaking to the larger game developers across the space for the last few years, wondering how this could fit into their games… […] Now they are actually really starting to take this seriously.”


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Cointelegraph Consulting: Gaming tokens usher in altcoin season

While Bitcoin remains in a cool-off period after thrusting to its all-time high in early November and the decentralized finance (DeFi) sector in an apparent dry spell, gaming tokens seem to have taken the spotlight as massive gains are seen across the industry. 

The Sandbox’ SAND captured headlines as it spearheaded the enthusiasm for gaming tokens, with over 340% gains in the past month. Another one is GALA, with a similar 300% rally in November. Such coins, including those under the metaverse sphere like Decentraland’s MANA and Illuvium’s ILV, gained momentum after Facebook’s rebranding to Meta, suggesting that gaming tokens could be preceding a new altcoin season.

An altcoin season is defined as when a majority of the top altcoins outperform Bitcoin (BTC) over a set period. For example, Cointelegraph Markets Pro uses two weeks in its algorithm, and it currently broadcasts a 40% reading in favor of altcoins. This means altcoins have fared better than BTC over the two-week time period.

However, the top 10 cryptocurrencies by market capitalization had mixed results against BTC over the past month, and it is the leading tokens in the gaming sector that outclassed Bitcoin. SAND, of course, has been the frontrunner since October, but Axie Infinity Shards (AXS), Enjin Coin (ENJ), ILV and Ultra’s UOS had better gains compared with Bitcoin throughout November.

An investment in ILV back in September would be up by more than threefold and one in SAND by at least sevenfold. Overall, most of the tokens in the gaming sectors have appreciated by more than 100% against Bitcoin in the last month.

Why did gaming tokens take off?

The apparent popularity of gaming tokens stems from the marriage of cryptocurrencies and gaming. The two are forging a new ecosystem where crypto enthusiasts and gamers intertwine. Most are aware of Axie Infinity by now, as the Pokemon-like game exploded in popularity due to its play-to-earn (P2E) model. Initially, players breed monsters called “Axies” using experience points rather than a “currency” within the game. The Smooth Love Potion (SLP) token was not introduced until the release of the Community Alpha on Dec. 19, 2019. From there, the game picked up steam, particularly among developing countries like the Philippines since it provided a way to earn income amid the pandemic last year.

Moreover, nonfungible tokens also play a part in the success of the sector. The NFT hype was hot on the heels of 2020’s DeFi summer, and 2021 has been its breakout year. While artworks and collectible items gained the most publicity early on, games like Axie Infinity and Dark Country buffered the industry in May’s market downturn.