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What Is ENJ Coin?
ENJ coin is a project initiated by Enjin, an organization that offers ecosystem of interlinked, gaming products based on blockchain. Enjin’s principal contribution is Enjin Network, a social gaming project where folks are able to create clans and websites, chat and host digital item stores.
It enables gaming devs to tokenize in-game products on the blockchain of Ethereum. It utilizes Enjin Coin (ENJ), an ERC20 token, to support virtual assets delivered utilizing its platform, which means they can be sold, purchased and traded with tangible world value.
The coin was initially outlined in July 2017, and got released on the mainnet of Ethereum the following year.
Arrington XRP Capital, Crypto.com Capital, DeFi Alliance, Blockchain.com ventures are among the investors of Enjin Coin.
What is the Enjin Ecosystem?
The blockchain ecosystem envisions providing software, making it more straightforward for folks to trade, monetize, develop and market with blockchain.
Enjin was established in 2009 and has its roots linking to the gaming sector, with the organization’s initial product, the Network — a gaming community platform, that has evolved into a 20 Million user community during the decade.
In 2017, following an initial coin offering, it settled as a top-notch blockchain ecosystem developer, creating a cluster of software items, allowing everyone to trade, disperse, manage, mint, and thoroughly combine blockchain assets.
Developed on grounds of an on-chain framework, its universe allows gaming devs and businesses, of all shapes and sizes to utilize tokenized virtual assets as an element of their engagement, monetization, retention, and acquisition plans. The ecosystem is driven by ENJ coin, which is utilized to support blockchain assets values.
Who Are The Brains Behind Enjin Coin?
Witek Radomski and Maxim Blagov set up Enjin back in 2009 as a community gaming project, where Radomski acted as platforms Chief Technology Officer, and Blagov as Chief Executive Officer.
Radomski gave the notion to initiate blockchain to Enjin after developing his interest in Bitcoin in 2012, ultimately convincing the organization to adopt is as a payment option.
How Is Enjin Coin(ENJ) Unique From Others?
Enjin coin is distinct in that each token minted with Enjin Platform — organization’s blockchain asset development platform released in 2020, is directly supported by its indigenous token ENJ, offering in-game assets physical world liquidity.
The organization is centered on adoption, where the organization sees a myriad of gamers using virtual assets supported by ENJ without even knowledge regarding its existence.
Enjin coin utilizes a sequence of smart contracts to which game devs sends the coin to mint latest, distinct fungible or non-fungible ERC-1155 tokens. The tokens can be utilized on Enjin Marketplace for trading, which got its release in 2019, or interchanged for their backing anytime.
More minting of tokens will result in elimination of ENJ coins from ecosystem, to make them deficient in supply.
ENJ Coin utilizes a sequence of both off-chain as well as on-chain mechanisms. Upon successful transaction inside ecosystem, a Trusted platform connects to folks’ smart wallets, upgrading the website or game within a blink of an eye with a non-tradable version or placeholder of virtual product until Ethereum blockchain verifies the transaction.
Enjin Coin (ENJ) Tokenomics
Enjin Coin has a maximum supply of a Billion coins. However, more coins will be locked upon the ecosystem’s growth.
ENJ was initially available for acquisition in September 2017, during a presale event, where the coins got sold for 38,800 ETH, equalling $12 Million at that moment, with another 100 Million coins were offered as bonuses. Presale was accountable for its 50% supply.
Following next month, an ICO was organized, accounting for 30% of its supply made accessible for sale, raising 75,041 ETH at that moment.
10% of supply is held by organization for community initiatives, marketing, strategic collabs, beta testing, with rest 10% given to the counsel and team members.
What is Enjin Wallet?
Enjin wallet is a safe, feature-filled, and convenient blockchain and crypto-asset wallet developed for gamers, devs and traders.
Kusama, Polkadot, Dogecoin, Litecoin, Ethereum, Bitcoin are among some supported crypto assets on this virtual wallet. It also supports ERC-721 and ERC-1155 blockchain assets as well as ERC-20 tokens.
Where to Buy Enjin Coin?
There are several crypto exchanges to buy Enjin coin, such as, Balancer, Uniswap (V2), Bithumb, Binance and many more. ENJ can be traded in exchange of fiats like EUR or USD, stablecoins like USDC, USDT as well as cryptocurrencies like ETH and BTC.
What are the Use Cases of Enjin?
Through smart artwork, folks can transform their art into something that can be easily programmable and can be integrated with virtual items. This artwork can be displayed into digital galleries or at any place in Metaverse.
Sports personalities can utilize this tech to meet and connect with fans in meaningful ways. They can develop virtual collectibles to be utilized by fans, with easily verifiable authenticity.
Enjin offers a new means to disperse and monetize music to develop an engaged fan base. Folks will keep entire portion of sales, and can monetize secondary sales, kicking out the third parties.
Gaming NFTs on Enjin ecosystem that are independently tradable, and are entirely owned by gamers and are interchangeable among games.
It allows folks to add utility to physical world assets, and delight the possessors with accessibility to exclusive content in games, applications and websites.
What Are the Products Offered by Enjin?
The platform is suitable for all, it does not matter if you are associated with sports, gaming, music or whatever NFT project is in your mind, Enjin platform can offer them wings.
Its marketplace lets folks discover evolving blockchain projects, featuring rare virtual assets. By utilizing Enjin Wallet, folks can trade gaming collectibles and products, and grow their digital armory.
What Is Enjin’s Efinity?
Efinity is a Next-Gen blockchain for virtual assets under development by Enjin, based on Polkadot.
Efinity will solve the problems like delivering a modern, acceptable, and dev-friendly Non-Fungible Token experience.
Creators are stressed to operate with sabotaging fees, unbending smart contracts, and disjointed interoperability. NFTs relying on blockchains doesn’t provide any incentive to folks because miners bag all the portion yielded through producing NFT.
Many other issues that cannot be discussed in this section still persist, which will ultimately be solved by Efinity.
Enjin is developing while joining hands with web3 foundation and developing Efinity on Polkadot. Efinity blockchain is actually a parachain utilizing Polkadot Relay Chain verifiers for its consensus algorithm, enabling Efinity to have an open economic structure, state and data.
Enjin Roadmap
Right now, as per its roadmap, Enjin is working towards Enjin Explorer and marketplace, is latest and better wallet, Daemon is also under development. It is making updates in its persisting API, and including WalletConnect support to its ecosystem.
Apart from that, it has planned more developments like bringing in Fiat on-ramp, ERC-721 support and many more/.
Enjin Coin Price Live Data
As of this writing, Enjin coin (ENJ) was trading at a market price of $1.82, bullish by 6.04% in past 24 hours. Contrasting this price at its initiation, Enjin has returned a whopping 7358.84% to its holders (who acquired the coin upon its launch). It reached its all-time high back in November 2021, when it was trading at a market value of $4.85.
Enjin Coin Price Prediction
As per WalletInvestor, it is anticipated that its price may reach $10.6 by 2027. This would result in 483% growth in its price in upcoming years. Current investment of $100 may transform into $583 by 2027.
Another Enjin coin price prediction by crypto forecasting organization, DigitalCoinPrice, it may reach $10.29 by the year 2029.
Is Enjin Coin A Good Investment?
Its ecosystem is definitely one of the most interesting projects to date. This project is particularly beneficial and fun to use for artists looking to monetize their creations. No matter if they are musicians, sportspersons or anyone.
Another point of focus is that, more minting of tokens will result in elimination of ENJ coins from the ecosystem, to make them deficient in supply, which will eventually increase its market price naturally.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
