These NFTs, which are often backed by ENJ tokens to help establish their real-world value, can be used across a number of applications including games, art and simply as collectibles.
Such ENJ. Much wow.
NFTs can take a multitude of forms, from gaming assets to art and even memes—including the new King at the top of the ERC-1155 assets list, backed with a whopping 1,155,777.1 $ENJ reserve!
— Enjin (@enjin) March 2, 2020
Minted by Kingdom Borkanistan a little over a week ago, the NFT is backed by a reserve of more than 1.1 million ENJ, worth roughly $130K. “It’s good to be the King” pays homage to the long-running doge meme, which is usually associated with Dogecoin (DOGE) in the crypto space.
The NFT is among a growing list of high-valued ERC-1155 tokens, which mostly consist of in-game items or NFTs that have unique applications across the Enjin Multiverse.
Given the fact that ERC-1155 tokens can be quickly melted down into part or all of the ENJ reserves, creators don’t have to worry about liquidity of the underlying ENJ, meaning this is essentially a cool way of HODLing some ENJ.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.