Drops & Enjin: Adding Utility to ERC-1155 NFTs
The Drops team is pleased to announce a partnership with Enjin to enable staking and borrowing by Drops users against Enjin-powered non-fungible tokens (NFTs) and in-game assets.
Enjin is a pioneer in the NFT space, having authored the ERC-1155 NFT standard and launched the first NFT minting platform, which features a unique token infusion mechanism that now powers billions of blockchain assets. Every NFT minted with the Enjin Platform is an ERC-1155 token infused with Enjin Coin (ENJ), giving the items real-world value, unique identities, and verifiable scarcity on Ethereum.
ERC-1155 & ENJ Support
Drops is pleased to give new utility to Enjin-powered ERC-1155 tokens by supporting them with a specialized integration in the Drops protocol.
Drops users will be able to utilize their NFTs and in-game items without having to sell them, in order to borrow a range of popular Ethereum-based assets, including stablecoins. Borrowed funds can be used for a multitude of strategies such as yield-farming, a feature which will eventually be streamlined in the protocol via Drops Vaults.
The ENJ token will also be whitelisted for use as collateral within the Drops loans protocol, allowing users to borrow a range of supported assets against their ENJ holdings, including USDC, ETH, and WBTC.
As a multi-chain platform, future plans for Drops include integration of Efinity, Enjin’s upcoming Polkadot-based blockchain for NFTs. Drops also plans to enable Loans product access via the Enjin Wallet, a leading crypto & NFT app which has been downloaded over 2.3 million times.
Founded in 2009, Enjin grew it’s initial product, the Enjin Network, to 20 million users. In 2017, the team expanded into the blockchain realm in 2017, and began pioneering a vision for NFTs fueled by the ENJ token. Enjin offers a robust suite of user-first blockchain products for developing, trading, monetizing, and marketing with NFTs. To date, more than 1.14 billion blockchain assets containing ENJ have been created.
If you’re interested in learning more or creating your own eco-friendly NFTs, you can get started with the Enjin Platform for free.
Drops brings DeFi-style liquidity to NFTs, adding much-needed utility to idle NFT assets. Users can use their NFTs to access liquidity, create NFT leverage, obtain trustless loans and earn yield, reducing the opportunity cost of holding NFTs long-term.
This Drops infrastructure will become increasingly important as we witness the rise of “financial” NFTs, an expansion of the space beyond digital artwork into more tangible financial instruments.
Drops will offer gasless transactions and a smooth user interface by leveraging the layer-two platform Polygon, enabling fair and frictionless participation for all users.