Enjin Marketplace Review
Enjin was founded in 2009 and has evolved into a leading social gaming platform. It is based in Singapore and operates under the name of Enjin Pte Ltd. Enjin Pte Ltd is a distributed company which spans across five continents and has a presence in many countries.
Enjin Marketplace is built on the Ethereum network and the company behind the marketplace also launched its own coin in June 2018: Enjin Coin.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFT. So far so good. But what is an NFT?
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.
Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
Enjin Marketplace Focus
Enjin claims on its website that it has created 2.1 billion assets until now on its blockchain, powered by the Enjin Coin.
Multiple projects are listed on the Enjin Marketplace. This includes projects with Microsoft (Azure Heroes), Binance and CoinMarketCap. On the day of first writing the review (31 March 2021), there were 287 projects listed on Enjin.
Enjin Marketplace Fees
When you make a trade at an NFT marketplace, they charge you with a commission. The commission is normally a percentage of the sale amount in the relevant trade.
Unfortunately, we have not been able to find what fees that Enjin Marketplace charges a buyer when purchasing an NFT. We have asked the marketplace about this and we will update this review with the correct information as soon as we have received it from them.
Layout of Enjin Marketplace
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from Enjin Marketplace:
Enjin Marketplace Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits.
Enjin Marketplace does however not any fiat currency deposit method. The marketplace relies on you using the Enjin Coin. The Enjin Coin can be bought from most of the crypto exchanges out there, one of them being the industry giant Binance.