Coincheck collaborates with Enjin to enable the handling of NFT

Coincheck collaborates with Enjin to enable the handling of NFT
Written by:
Jinia Shawdagor
10th September, 12:49
  • Coincheck has been working on an NFT Marketplace since August 2020.
  • NFTs are popular with the 'Minecraft' game and can be exchanged for collectibles and movables.
  • The collaboration with Enjin will open up companies dealing in NFTs to over 2.8 million users on Coincheck.

Tokyo-based crypto company, Coincheck, has announced that it will carry out NFT marketplace business in collaboration with Enjin, a blockchain issuing platform. The announcement made on September 9 by Coincheck revealed that through Enjin, they would provide a marketplace for NFT that’s used in the popular game’ Minecraft’.

In the statement, Coincheck stated that it was looking for companies that will participate in the NFT marketplace that will be available on the platform’s robust crypto trading network. The statement read,

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“We are preparing for the “NFT Marketplace” business with the aim of starting the service provision by the end of fiscal 2020, and we are continuously looking for participating companies.”

NFT Marketplace

Coincheck began studying the NFT Marketplace in August 2020 to deploy it on the platform. The NFT marketplace will provide an environment where companies dealing in NFT can interact easily and transparently with customers. Companies that enroll in the marketplace will have access to over 2.8 million registered users on Coincheck, which will help with further distribution of the NFT token.

Coincheck stated,

“By deploying the “NFT Marketplace” on our cryptocurrency trading service “Coincheck,” we provide an environment where customers can trade more easily and safely in the marketplace of companies that issue NFTs.”

Popularity of NFT

Non-fungible tokens (NFT) allows for the non-substitutable right of ownership and is powered by the Enjin platform. With the thriving gaming industry, users can exchange NFTs of characters with crypto assets or movables such as artwork or cars. NFT has also been used for distribution and lending services.  Every NFT usually has a varying level of requirement for eligibility.

About Enjin

Enjin was founded in 2009, and its an issuance platform for the ERC-1155 token standard. Developers can use the platform to issue NFTs and feasible tokens. Its gaming platform has over 20 million users and managed to raise $18.9 million in 2017 through an ICO. The platform is not limited to gaming companies, but it’s open to all blockchain enthusiasts.

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