Hello guys, today I am going to talk about our assigmenment given by professor @levycore on the topic Non-Fungible Token (NFT). Thanks for the good lecture.

NON-FUNGIBLE TOKEN (NFT)

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These are unique type of cryptographic tokens that exists on a blockchain and are non-identical to each other. They are built on blockchains with unique different kinds of code, as a result they are not interchangeable. NFTs can be used to represent real life materials such as artworks (photos, music and videos) and other assets.

NFT prevents piracy, copying and reproduction of an original work. Because of this uniqueness in each token, it allows content creators to be the owners of the original content even though there might be some other copies. This actually saves them the originality of their work and they are able to earn from it.

Some popular NFT projects are; Enjin, Cryptokitties, Decentraland, and Digibyte. For my assignment task, I will be talking about Enjin

Enjin

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Enjin is a blockchain platform which focuses much on the gaming center. It allows users to create games and tokens which can be traded outside or inside of the game. The tokens can be traded across different multiple games, either on PC or mobile. The Enjin Network gaming community platform was founded in Singapore and launched in 2009, it has been a great success since it as surpassed over 20 million users.

Not only gaming companies, other companies of all size can use the platform to digitize assets and products.
The platform uses an Ethereum based cryptocurrency, Enjin Coin (ENJ) to support all assets or products on the network. As of today Enjin coin (EJN) has a market value of $2.29. Meaning, 1EJN is equivalent to US$2.29.

How it works

1. Acquisition: In this step you are basically going to learn how you get into the Enjin ecosystem. To get yourself into the ecosystem, what you have to do first is get yourself an Enjin coin. This can be done in two ways.
   Firstly, if you are a developer and you seek partnership with the blockchain, you have to go in for an application. With this application, if your work looks interesting or good enough, you get a reward of Enjin coins to start your work on the platform
   On the other hand, you can acquire the Enjin coin on an exchange platform such as Binance.
   After acquiring your coins, the next thing to do is set up a wallet and then registering your platform to the Enjin blockchain

2. Minting: This simply means fusing Enjin coins into your customized tokens. In this stage you will then set the value of each token in Enjin. That is, how much Enjin a token can hold. Each token has a minimum value based on how much Enjin was used in creating them.

3. Earning: Users are able to earn Ejin coins by purchasing tokens in game or from the developer. The tokens may come in the form of in-app-purchases which can be used for their various features.

4. Trading: The Enjin coins gained from purchased tokens are safely kept in the users wallet. It can either be traded peer-to-peer or on a market platform. This also allows developers to charge transaction fees out of the Enjin coins that are being traded since it is being locked in escrow.

Another important feature is that, users are able to recycle unwanted game tokens into Enjin coins. With the recycled token, 50% of it goes back to the developer.

Summary of How Enjin works

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Advantages and Disadvantages of Enjin

Advantages	Disadvantages
It is secure	It is closed source
Ad free	Mobile wallets may be exposed to hacks
Supports multiple wallets	Unavailability of fiat-to-crypto conversions
Advanced way of transactions

Conclusion

From my research I think Enjin is the best gaming platform for developers all over the world. And I recommend it to any developer looking to digitize his game tokens and earn something from it.
Thank you professor @levycore for the lecture.