Talking about cryptocurrencies is endless, many new crypto assets have sprung up, some have been around for a long time but the popularity has only emerged recently, Enjin Coin is one of the old crypto assets, but its popularity is still far behind Bitcoin or Ethereum.
Even though the Enjin coin has been around since 2017, its value has started to appear to increase only since 2021. The value of ENJ at the time of writing is $1.34 with a market cap of over $1 billion, ranking #70.
- 1 Enjin coin explained
- 2 How does Enjin coin work?
- 3 Enjin coin founder
- 4 Is Enjin coin metaverse?
- 5 What is the Enjin coin used for?
- 6 Enjin coin token
- 7 Wallet
- 8 Enjin products and feature
- 9 Can Enjin coin be staked?
- 10 Where to buy Enjin Coin?
- 11 Enjin coin price prediction
- 12 Enjin competitor
- 13 Final thought
Enjin coin explained
Enjin is a platform that offers developers the ability to create, manage virtual items on the Ethereum blockchain.
While, Enjin itself is a gaming company that was founded in 2009, with its flagship product Enjin network, and managed to become the largest online game with more than 20 million users, at that time.
Enjin coin is a product of Enjin which mainly focuses on games. The Enjin network allows developers to create websites and clans, chat, or manage virtual goods stores.
Enjin Coin with ticker ENJ is an ERC20 token built on the Ethereum network, meaning that this project provides not only transactions but also smart contracts.
Enjin coin uses the ERC-1155 protocol, which is a game token on the Ethereum network, and all items can be traded. It also includes an NFT version that can be exchanged across platforms.
When was the Enjin coin launched?
The engine coin itself was announced in 2017, July 24 to be exact, but launched on Mainnet in 2018 June on the Ethereum blockchain.
Enjin is a platform for the gaming community, which is an all-in-one content management system. Which is generally to build a clan community.
Some of the popular gaming communities using the Engine are Minecraft, World of Warcraft, Guild Wars, Rust, etc.
Enjin Coin is a project from Enjin that offers a solution as a common currency on several games that implement it.
Enjin coin in the Enjin environment serves to trade items in a game that are the same or different in liquidity. ENJ is also a reward in the in-game community on the server or game.
It is also for creating new virtual currency tokens, game items, or privileges. Setting up virtual goods for trading in the game environment.
How does Enjin coin work?
Enjin coin is more useful for managing in-game items where users can create virtual items and put games on the Enjin network.
Items in the game can be a sword or a unique character from a game player. To create an item or to destroy an item in the engine network goes through several stages using software developer kits or SDKs.
- The developer bought ENJ to initiate the acquisition.
- Next, the developers designed an in-game item called Minting. It uses ENJ, so the first step for the developer is to own the ENJ token.
- Third, the developer will get tokens which he then uses in the game.
- In the game, developers can trade the token with each other just like in the real world.
- Developers sell tokens for ENJ which is called melting.
The Enjin Network works as a platform where game publishers, game servers, and communities are on one platform. They can manage in-game virtual assets for many platforms.
Enjin coin founder
Talking about Enjin coin cannot be separated from the figure of Maxim Blagov who serves as CEO and CTO of Witek Radomski. Enjin is a company in the gaming community since 2009 is a profit company.
Besides these two names in the Engine team, there is also Josh Woelfel who acts as a full-stack engineer, and Lilia Pritchard in the field of marketing and operations.
Historically, the company held an ICO to raise funds and managed to raise $18.9 million in 2017. Then in 2018 Enjin was operating live.
Is Enjin coin metaverse?
Enjin coin is one of the platforms in the Metaverse as is Decentraland MANA, and Axie Infinity. Although Enjin coin oni is in the general ranking at #70, in the metaverse category it is ranked fifth after the Theta network, but this ranking may change in the future.
What is the Enjin coin used for?
The engine is a platform designed to integrate with games where game developers and players can sell or buy NFT in the marketplace.
Meanwhile, the Enjin coin is a digital currency used on the Enjin platform for use in making in-game items, and it requires an Enjin wallet.
Enjin coin token
In the Enjin platform, there are two types of tokens, namely ENJ and EFI. The ENJ token is the standard token used in the Enjin network, while the EFI token is the token that fuels to open the Metaverse.
Enjin Coin (ENJ) which is the standard Enjin token is an ERC-20 token, which has a maximum supply of 1 billion tokens. Currently, the circulating ENJ tokens have reached 87% or more than 870 million tokens, so the remaining 13% has not been minted.
This ENJ is the parent currency in the Enjin platform that is useful for minting in-game products. Anyone with tokens can create virtual items for the game and re-melt them into ENJ equal to the number of items they made.
To create an asset the user takes out a certain amount of ENJ from their wallet and it is locked into the created asset. If the developer removes the token from the market then it can create an enabling anti-inflation ENJ value.
This condition was triggered by the limited ENJ that was created by only one billion tokens. What makes ENJ unique is that the created NFT can be destroyed at any time.
EFI ( Efinity token)
If the ENJ token is an ERC-20 token based on Ethereum, Efinity which is a resource to enter the world of Metaverse is an EFI token based on the Paratoken Standard. Which is a standard to allow tokens to operate on cross-chain tokens in environments across the Polkadot ecosystem, and external blockchains.
The EFI token is used in the Efinity platform which is a product of Enjin. Efinity is decentralized for Metaverse. EFI is useful for bridging, transferring, and trading tokens within the Metaverse.
Besides that, EFI is also a reward in the Efinity environment for collators who participate in the network. EFI tokens are also useful for network governance.
Enjin wallet is one of the products from Enjin that not only functions for storing Enjin coins. but more than that, it functions for storing hundreds of cryptocurrencies. Collecting collectible NFT tokens.
Using Enjin wallet allows users to import old wallets and also link in Trezor Ledger wallet which is a hardware wallet.
The Enjin wallet feature can be used for Dapps and swaps, users can trade their assets with a few steps in using the wallet.
Enjin Wallet is available for android and IOS operating systems, which can be downloaded on the google play store and app store.
Enjin products and feature
- Wallet. Enable to manage crypto and NFTs/
- Efinity. Bridge blockchain for NFT.
- Platform. Integrated NFT with games and apps.
- Marketplace. Trading, or buying and selling NFTs.
- Jumpnet.Ethereum scaling.
Can Enjin coin be staked?
Staking Enjin coin can be through the Banchor network which in its announcement in 2020 that ENJ became one of the whitelisted tokens in Banchor 2.1.
Staking ENJ on the Banchor network offers protection against impermanent loss. Which is what distinguishes better results when compared without protection.
To start staking ENJ through Banchor with the following steps:
- Go to the Banchor network page then look for the ENJ token.
- View key metrics and add symbols for added liquidi Then click Stake and Protect.
- Click the dropdown menu to choose if you want to be liquidity for ENJ or BNT.
- Enter the amount to be staked.
Where to stake Enjin coin? Meanwhile, information on where to staking ENJ is via the Banchor network.
Where to buy Enjin Coin?
Several exchanges have traded ENJ on their platforms including:
Binance, as the largest exchange this platform provides the pair ENJ/USDT.
A cryptocurrency exchange that provides hundreds of cryptocurrencies, users can find ENJ on the OKX exchange.
It is a crypto derivatives exchange that trades a wide range of cryptocurrency assets.
This private crypto trading exchange is a company based in Seychelles, which started to open for trading in 2020. Users can find ENJ on this exchange on the pair ENJ/USDT.
Exchanges found in Singapore, also providing ENJ in their trading platform, can be found on the pair ENJBTC.
Does Enjin coin have a potential future?
It is difficult to determine the Enjin coin in the long-term future is a good investment asset or not. A forecast is just an assumption that uses some basic analysis to predict the probability that it will happen in the future.
Moneyinc predicts that the Enjin coin is a solid asset for the long term. If according to the company Enjin, which has experienced since 2009 and managed to show its reputation by being the largest gaming community, this is the reason that it can become a solid crypto asset in the future.
Meanwhile analyzing historical price data, ENJ token has experienced increased volatility since 2021, and in 2022, price volatility is still in high intensity. Investors will be like with volatility even though there is an element of loss due to volatility.
Enjin coin price prediction
Price Prediction dot net forecasting ENJ will gradually rise from year to year, where the prediction 2022 price average reaches $1.85, rising again in 2023 to an average of $2.69. Until the end of the prediction in 2031 the average price is predicted to reach $53.37
CryptonewsZ also predicts the same thing with ENJ. Where it is an asset that will reach value in 2023 to $5.6. The forecast for the next year is in a rising trend. And at the end of the prediction in 2026 the price of ENJ will reach $9.5
Coinquora predicts the value of ENJ by the end of 2022 to reach $4,711. Where this value is still possible to increase in the following year. And the forecast closes in 2026 with the ENJ price forecast to reach $80.
Wallet investors predict ENJ by the end of 2022 to reach $2,879, with forecasts for the next five years or 2026 to reach $8,960
From a discussion in the Reddit community, Enjin’s competitors have not emerged as a game developer platform. And some of them are satisfied with the SDK which makes developing games easy. While from the Craft site, Enjin’s competitors are Ethereum, Trustology, Lisk, and Waves.
While the competitors in Coinmarketcap there are more competitors including Decentraland MANA. Theta Network, Axie Infinity, the Sandbox, and there is Stacks STX.
Engine coin for game developers and game players may be a very familiar name. Meanwhile, investors, try to see the engine from the investment side.
Some analyzes by forecasting sites are just predictions that cannot be 100% correct. Looking at Enjin’s reputation since 2009, no doubt the company’s experience in this field.
Note: this article is for informational purposes only and does not constitute investment advice or solicitation. Forex and crypto are risky assets. Each investor is responsible for his investment.
You may like