"It's good to be the King" (Kingdom Borkanistan / Enjin)

The ERC-1155 token standard, an alternative to the ERC-721 standard that is widely used for non-fungible tokens (NFTs), is quietly gaining steam with the support of its creator, Enjin (ENJ).

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.

As highlighted by Enjin this week, “It’s good to be the King” is now the highest-value ERC-1155 token in terms of ENJ reserves backing the NFT.

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.

Top Enjin NFTs
Top ERC-1155 tokens by ENJ reserve value (Enjin)

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.

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More: Top ERC-1155 Tokens by ENJ in Reserve
Related: Non-Fungible Token (NFT) Market Projected to Reach $315 Million in 2020

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.