Enjin is the largest gaming community creation platform online, with 250,000 gaming communities worldwide, 18.7 million registered gamers, 60 million views per month around the world, and a forum creator and gaming-focused content management system. Millions of USD are transacted monthly across Enjin community stores.
The Developer team of Enjin put together a White Paper where they detailed the characteristics of the platform. Some of the major characteristics described in it are as follows:
The token of the Enjin environment is the Enjin Coin (ENJ), an ERC-20 based smart contract platform and a token that allows content creators, gaming communities, and game developers to acquire the value and tools needed for the implementation and management of virtual goods. Enjin aims to offer wallets, game plugins, item management apps, open-source software development kits (SDKs) and a payment gateway platform.
The Enjin platform aims to address several challenges such as:
Payment Fraud: It is estimated that on average, around 7.5 virtual items are lost to fraudsters in every virtual transaction. Assets that can be stored and managed online are subject to manipulation. Merchants take the impact of these malicious practices, and scammers damage the game's reputation.
Slow Transactions and High Fees: Gaming communities and game publishers rely on third-parties to process virtual transactions, which are often slow, making fund flow difficult, and resulting in high transaction fees.
Lack of True Rarity and Ownership: Virtual items are often only available for use on proprietary platforms and are licensed to the gamer. They can be manipulated, lost, or taken back with little possibility of recovery by the user.
Centralized: Digital currencies and items are usually limited to a game and are not transferable. Trading them outside of the game tends to be difficult. Players can lose all of their in-game value if they are the subject of a ban.
There are no open standards: Standards for decentralized in-game assets are non-existent. The user experience is relegated to the background.
Temporal and monetary costs: Developing a platform for managing virtual goods takes time and money. The complexity of the management of virtual economies implemented on proprietary infrastructure introduces convenience and security concerns.
Lack of value gamification: Value gamification features are currently not available in forum software or content management systems. Users cannot convert their in-game value to real-world value.
Enjin PTE LTD is headquartered in Singapore and was founded by Maxim Blagov (CEO / Creative Director) a creative director with 15 years of expertise in project management, and UX design. He is an Expert in concept and development of large interactive apps, specializing in the video game industry; and Witek Radomski who has been the head of technical engineering for Enjin for almost ten years focused on the implementation of best-practices in software security, testing, and design. He is the leader of the ENJ integration within the online gaming ecosystem and implementation.
As of November 2017, Enjin’s market cap was at $17.245.046, representing around 13.7% of GameCredits, (Enjin’s current competitor) market cap of $125.769.021.