The Little Enjin That Could

The "metaverse" is a shared digital space that seamlessly integrates aspects of the real world — specifically things like ownership, identity, and financial value. - Enjin

NFTs have been the biggest craze in crypto this year. Seemingly overnight the mainstream media, Instagram influencers, and major corporations have adopted the technology. The Metaverse, a digital universe that couples social elements with free markets and ownership, is one section of the NFT market that exploded this past quarter.

While Enjin sales are not included in the above chart, Enjin's definition of the Metaverse is more expansive and quickly gaining mindshare among individuals outside of crypto. As a result, the category will only grow over time and will come to represent unique environments like the Enjin ecosystem.

Despite the sudden spotlight, the technology remains in its infancy. As blockchain technology becomes further integrated into business applications, NFTs will eventually be omni-present across a myriad of industries. Perhaps the industry most poised for integrating non-fungible tokens is the gaming industry.

Enjin, founded in 2009 and headquartered in Singapore, is at the forefront of bridging blockchain technology with gaming. Enjin offers users of all technical-skill levels a suite of integrated products to develop, trade, monetize, and market with blockchain. To date, 2.1 billion assets have been created on Enjin’s platform. Each asset follows the novel ERC-1155 token standard and is infused with the ENJ token. Recently, Enjin revealed two major scaling solutions that will make NFT transactions free. In this report we will cover ERC-1155 tokens, the ENJ token, the Enjin ecosystem of products, and its upcoming scaling solutions.

ERC-1155 - A New Standard