What is Enjin? Enjin is a software built on the Ethereum blockchain which allows developers to create and manage virtual goods or NFTs. By using blockchain technology, they allow developers and gamers alike to manage in-game items from multiple properties, reduce high fees and fraud that exist within video game ecosystems and allow individual assets to be customizable and recorded with smart contracts. This gives the assets the benefits of crypto- speed, low cost and security. The company was founded in 2009 as a community gaming platform and helf their ICO in 2017 raising$18.9 million and went live in 2018.
JUMP Net: Launching April 6th
– private version of ether blockchain
-using the consensus Proof of Authority
-instant, secure and gasless transactions
On Enjin’s blog they list the following features:
In its first iteration, JumpNET will launch with all of the core mechanics for a great blockchain experience:
-Move Enjin Coin from Ethereum to JumpNet
-Send and receive Enjin Coin and ERC-1155 tokens for free
-Mint ERC-1155 tokens for free
-Trade ERC-1155 tokens for free
-Distribute Enjin Coin and ERC-1155 tokens via QR codes for free
-Automatically distribute ERC-1155 tokens from your app or game for free
Second Event: Efinity
Set to launch in 2021, Efinity will be a decentralized blockchain for NFTs with interoperability features that will support assets from any blockchain and next gen token features. The TLDR of Efinity is the ability to support tokens from any blockchain and next gen token features.
Overall points for why they’re a good short term purchase: Tons of hype around NFTs, with Enjin positioned really well in the gaming market place plus their relationship with Microsoft(Minecraft being one of the biggest games of the past decade) and their upcoming major improvements to the blockchain and business. Definitely a solid buy and hold for 2021 summer. Take profits along the way, don’t overextend!
Chillz is a platform that partners with various sports organizations to provide their fans with tokens. The company announced at the end of February 2021, that it is spending $50 million to expand into the US as it is currently based out of Malta. Currently, the company has been heavily focused on soccer as their main choice, soccer being the biggest sport in the world this seems like a logical business move. With the US expansion underway, they’re looking to partner with 5 different US sport leagues, adding to their roster of 23 organizations in sports and e-sports.
The way I see, Enjin looks to be the dominant player for NFTs in the gaming industry and Chillz has a strong foothold in the sports industry with more expansions to be announced this year as well as their interest in e-sports is very promising. This is definitely more speculative a play compared to Enjin, more risk here but still a very solid hold until summer.
I recommend checking out their website for more info here
Dapper Labs looks to be the Wall Street on NFTs, and so far it has been doing a killer job of accomplishing this. Dapper Labs is the company behind CryptoKitties, the first NFTs to take off and create the ripple effect that we are seeing in full force right now. The platform hosts several NFTs in its marketplace including NBA Topshop, KittyVerse, CryptoKitties, UFC, Dr.Seuss etc. Compared to Chllz and Enjin, Dapper Labs looks to be a broader marketplace for NFTs holding various different brands whereas Enjin is hyper focused on gaming and Chillz is hyperfocused on sports organizations. All three look to be well established for this NFT bull market/ bubble with their individual niches and models to be well positioned to capitalize on all of the hype.
Dapper Labs’ website can be found here
This post is strictly for trading purposes. NFTs are in the beginning of a bubble with hype amassing around all NFTs for no apparent reason. It’s very similar to the dot com bubble where companies and startups were creating websites and internet businesses for the sake of internet business. The ones that created internet business for the short term hype got crushed and the ones that positioned themselves for the long run like Google and Amazon multiplied early investors money exponentially. It’s hard to determine who are the winners in the NFT space right now as it’s very early but riding the hype through one of the three NFT tokens listed above looks to be very profitable this year. *Not Financial Advice*.
If you would like more info on NFTs and why they’re important, I recommend checking out my NFT explanation post here.