Enjin Coin's robust suite of smart contracts are now live on the mainnet!
— Enjin (@enjin) July 28, 2018
According to its announcement, video game developers can now mint ERC-1155 tokens to power in-game items, collectibles and currencies without needing to write a single line of code.
ERC-1155 tokens are a step beyond the ERC-721 token, a Non-Fungible Token standard which allows each unit to be a unique collectible item with its own serial number. Digital assets built on the ERC-721 token standard, which is most well-known for being used in the CryptoKitties collectibles game, are largely limited as each new item requires deploying a separate contract.
ERC-1155 tokens, on the other hand, enable items to be stored on a single contract with the minimum possible amount of data needed to distinguish that item from others within the contract. This ultimately allows for a more scalable blockchain ecosystem, ideal for creating a large gaming platform.
We think that it’s bound to replace them, due to its superior technological features — ERC-1155 enables the bundling of complex transactions and creation of fungible, semi-fungible, and non-fungible tokens using a single set of smart contracts.
Enjin has reportedly used over 3.8 million ENJ to mint the first thirty ERC-1155 items into the Ethereum blockchain and states that War of Crypto and 9Lives Arena have already announced plans to adopt the ERC-1155 token standard.
ENJ’s price has been in a steady downtrend over the last three months, dropping from a peak of $0.176 in May to $0.062 today. ENJ currently holds a $47 million market cap.
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.