Based in Singapore, Enjin was established in 2009 when the Enjin Network was launched. It is a community gaming platform that enables individuals to build websites, forums, and apps for gamers. The platform offers methods for creating digital assets that can be used across multiple video games. The Enjin platform uses the Blockchain technology for certain key benefits like a convenient exchange of value and ERC-1155, a superior version of the token ERC20 and ERC721. It is important to note that Enjin is not a blockchain but a built-on project on Ethereum. To transfer non-fungible tokens, one will need to use the Ethereum. It’s working methodology is similar to that of the ERC20 tokens.
Enjin claims that it has more than 1 million user downloads, and more than 3000 projects have been created on the Enjin platform. The Enjin Coin was developed in 2017 and now has more than 1 billion digital assets. The assets that are minted with the Enjin platform have real value as players can sell them on the Enjin Marketplace and get Enjin Coin as payment. Enjin Coin is popularly known as the Gold Standard for digital assets.
Digital Entertainment Asset or DEA is another Singapore based blockchain-based entertainment platform that emerged in August 2018. In April this year, the originally developed cryptocurrency of the company, DEAPcoin, got listed on OKEx.
DEA has recently announced that Enjin Pte Ltd has started discussions on the viability of business collaboration with DEA. It is an excellent indication because blockchain in the entertainment business will help augment the quality of the asset and interaction of digital items. Both companies will consider the development of new games that will showcase their respective secure areas. The Non-Fungible Token system could be used to issue digital items and thereby create new value in the industry.