Enjin Coin is a key component of the Enjin Network, created by the digital entertainment company Enjin established in 2009. In 2012, the company decided to integrate blockchain into its products, and its plans came to fruition by 2018 with the launch on the Ethereum mainnet.
Enjin co-founder Witek Radomsky also designed the ERC1155 token standard for semi-fungible tokens. With both NFTs and fungible tokens, the Enjin Network enables users to own and trade value and in-game assets without an intermediary. The tokens minted on the Enjin Platform are backed by ENJ and therefore, have the liquidity to back them. In the process, ENJ token supply diminishes, which makes it scarcer and supposedly more valuable.
In the latest Enjin-related news, they secured a partnership with Square Enix, which is going to be using their product Efinity to issue collectible NFTs.