Playing games and the earn by playing model are currently in the spotlight in the crypto world, with projects like Axie Infinity, Decentraland, and The Sandbox looking to take center stage. Enjin is a platform that aims to fuel the disruption in the gaming and cryptocurrency industries.
As a programmer, it may appear that transforming your traditional game into one that incorporates NFTs is an impossible task. Enjin provides tools for developers and businesses to create their own NFTs and a trading platform for participants.
If you want to create your own NFT game or if you’re an investor looking to get started trading, enlist us as we look at two main questions: What exactly is Enjin (ENJ), How to Buy Enjin Coin, and how does it operate?
What exactly is an Enjin Coin?
ENJ (Enjin) was designed to be integrated into games. The enjin virtual currency is an ERC-20 token, which was created on the Ethereum blockchain. However, the enjin coin was created for purposes other than investing. Enjin Coin can be used as a currency or traded for NFTs by players.
The NFTs are also made with Enjin (ENJ). Developers must buy enjin virtual currency and create the in-game item. The player can melt the thing back down to its original ENJ. Because players can dissolve the objects at any time, they have real-world value.
ENJ doesn’t just power the platform. Enjin operates on a dual-token basis.
EFI is used for transaction cost, prizes, and governance on the forthcoming Efinity network, whereas ENJ is used to power the NFTs. Efinity is a component of the ‘Enjin ecosystem.’ It is a Polkadot blockchain-based NFT platform. The new platform is intended to avoid Ethereum’s burdensome fees and rigid smart contracts.
Because the site is currently hosting a crowd loan to secure a spot for Efinity on the Polkadot cryptocurrency, the system is not publicly accessible.
Enjin (ENJ) is a type of Cryptocurrency
Enjin did not begin as a cryptocurrency venture. It was, instead, a platform for gaming communities. The Enjin Network was founded in 2009 by Maxim Blagov, the company’s current executive chairman and creative director, and Witek Radomski, the company’s current chief technology officer. This step to developing a massive userbase of more than 20 million users organically across 250,000 gaming communities.
So, what exactly is the purpose of the Enjin coin? Blagov and Radomski noticed an industry issue that the blockchain could solve. Enjin’s vice-president of operations and communication systems, Bryana Kortendick,
An internal knowledge resource is used to depict items for most games. While this is quick and inexpensive, players lose because they do not truly own their gaming objects or the advancement they make in-game. All progress and objects are lost if the game crashes. Decentralized NFT items give you complete control over them.
The team began working on a solution, and in 2017, it initiated its token sale of enjin coin (ENJ). This helped pave the way for the platform to become today: an ecosphere of non-fungible token (NFT) product offerings that make it simple for traditional game developers to create, trade, monetize, and market via the blockchain.
Enjin is a software platform built on the Ethereum platform that sells to developers and individuals. It allows developers to create their own NFT virtual goods and incorporate them into their platforms. To make this easier, it has created a suite of software development kits, which are development tools with an easy-to-use visual interface that assists developers in creating blockchain assets.
It also provides users with a platform for managing, trading, and selling their NFTs. This can be accomplished by selling it to other users on Enjin’s marketplace or melting the NFT, effectively destroying it and converting it to ENJ. Enjin has its smart wallet to view all of its items across various games or systems to make this process easier.
How to Buy Enjin Coin in the Best Way
To purchase an Enjin Coin, you must first create an account with one of the many platforms that sell the coin. Large cryptocurrency exchanges such as Binance and Coinbase support Enjin. Coinbase allows you to purchase Enjin using funds from a bank account and other cryptocurrencies that you may already have on Coinbase. ENJ can be bought on Binance using either Bitcoin or Tether. Tether is linked to the US dollar.
After that, you can keep your Enjin coins on a return or offline. Because exchanges are susceptible to malware, it is suggested that you store your coins inoperable in crypto wallets.
How to Purchase Enjin Coin on Coinbase
When it comes to purchasing cryptocurrency, you have a plethora of options. Fortunately, you can buy Enjin Coin using the Coinbase app from any Coinbase location. It’s quick, simple, and safe. For residents of the United States, here’s how to purchase Enjin Coin using the Coinbase app.
Open a Coinbase account
Install the Coinbase app and begin the sign-up process. You will need a valid ID and possibly proof of address to transact, so make sure you have both on hand. Verifying your ID may take more than a few minutes, depending on where you live.
Include a payment method
Attach a payment method by tapping on the payment method box. You can use a bank account, a debit card, or initiate a wire transfer.
Begin a business transaction
Then, from the list of options, choose “Buy.”
Choose Enjin Coin from the list of assets
Enter “Enjin Coin” into the search bar to find it. When you see Enjin Coin in the outcomes, tap it to open the purchase screen.
Enter the amount you want to spend
Calculate the information you would like to invest in your local currency using the number pad. The application will automatically transform that into an Enjin Coin amount.
Complete your purchase
When you’re ready, tap “Preview buy.” The specifics of your purchase will be displayed to you. Check that everything is in order before confirming your purchase. This is it; you’ve purchased Enjin Coin.
Enjin’s Unique Characteristics
Many virtual currencies are simply currencies, like a dollar or a gold brick, used to transact or hold value. Enjin Coin is also tradable, but it has a more focused use case on its platform for games, NFTs, and other assets and applications.
Items available for purchase on the Enjin marketplace can be used in games such as Lost Relics and Spirit Clash. To trans conformation to other players, you’ll need ENJ. This makes it more viable than some competing currencies, such as Dogecoin, which lack a built-in use case.
Enjin Price Forecast
From the starting of 2021 to its all-time peak of $4.82 in December, the ENJ token increased nearly 15,000 percent. Despite some relatively massive losses in 2021, technical analyses such as the Stoch RSI and CMF predict an uptrend shortly.
Nevertheless, several SMAs (10 days or more) indicate a gradual decline in the short-medium term. It is worth noting that technical analyses do not accurately reflect all current market conditions.
WalletInvestor predicts the coin will be worth $4.93 in one year and $13.12 in five years.
The enjin valuation for 2022 predicts that ENJ will be close to $5 by the end of the year, while the enjin coin price prediction for 2027 is optimistic of $13.12.
According to PricePrediction, ENJ will average $10.55 by 2025. However, at the time of writing, its enjin valuation for 2030 predicts an average cost of $62.60, rising to $90.95 in 2031.
Eventually, DigitalCoinPrice predicts that the average price in 2025 will be $5.14, $4.61 in 2026, $6.66 in 2027, $8.47 in 2028, and $10.28 in 2029.
Competition on Enjin
Enjin is up against a slew of competitors, including most NFT-related cryptocurrencies. Because the cryptocurrency world can allow different NFT projects, Enjin can succeed even if it does not finish first. Some NFT game platforms may collaborate rather than compete with Enjin.
Because it benefits from every game built on its network, Enjin is more likely to coexist with blockchain gameplay than most competitors. If an increasing number of developers decide that it is not worth the effort to create a unique virtual economy, Enjin may be their best option. So far, it appears to be the most popular project for facilitating these tournaments, but unless a better solution emerges soon, Enjin may quickly become the taking network.
What Is the Process of Enjin?
Enjin Coin is an ERC20 token constructed on the Ethereum platform, which means the project supports transactions and smart contracts. Enjin was one of the first projects to begin testing the Raiden System, Ethereum’s version of the Lightning Network, before working on a specially made scaling solution known as Efinity.
The Enjin platform offers many features (SDKs) through its public API and software developer kits. These characteristics are as follows:
- Virtual goods conception and management: The power to make and manage virtual items is the key characteristic that the Enjin project provides its users. Developers can initiate their virtual currencies supported by the Enjin Coin, making incorporating cryptocurrencies into the world of gaming and gamification much easier.
Developers who use the Enjin platform to mint must also use Enjin Coin. The necessary number of ENJ tokens are removed from their wallets and locked inside the assets they create, effectively eliminating the tokens from the market and creating scarcity while providing an apparent use specific instance for the token.
- Enjin offers software development kits for Unity, Java, Godot, and other platforms. This enables millions of developers to integrate existing projects or create entirely new ones easily.
- Marketplace: an online marketplace including over 10 million digital materials where users can find, buy, and sell unique and unusual blockchain assets.
- Enjin Beam is a digital asset distribution system that allows programmers to send thousands of NFTs/FTs to users via QR code scan.
- Smart wallet: A cryptocurrency asset wallet that integrates seamlessly with apps and games. It’s one of the most feature-rich digital wallets globally, including over 1 million uploads.
- Efinity: A genuine Ethereum scalability product that will allow for fast and free money transfers of ERC-20 and ERC-1155 tokens.
Enjin Coin is an excellent Investment
Enjin raised millions of dollars in a private token sale led by DFG Group and Hashed in March 2021. The funds will be used to help it migrate its forthcoming blockchain-based Efinity to Polkadot. This is done to avoid increased gas fees on the Ethereum platform and improve the scalability of NFTs. Efinity is scheduled to be released later this year.
The Enjin platform is expected to gain value due to new projects, improvements to existing projects, and mobile and online gaming popularity. Enjin Coin appears to be a good investment as a result of this.
Because Enjin Coin is new to the market, forecasting its value is difficult. However, this blockchain technology has a wide range going for it. It currently works around a quarter-million video game players, which is remarkable for a currency that has been around for less than a year. Naturally, you should always conduct your due diligence and make decisions to your most significant advantage and within your budget.
The long-term outlook for ENJ is promising. Presently, it appears to be bullish, with a clear upward trend. Conservative estimates put this currency at five dollars by the end of 2025. If it continues to fall, ENJ could be trading for as little as a dollar and six cents by the end of 2021.
According to Coin Quora, ENJ could reach $3.5-4.5 by the end of next year. If that’s the case, the current prices, which are just over half that amount, would be a wise investment. However, for ENJ to become overnight millionaires, something miraculous would have to happen. So, where do we go from here? Enjin Coin is likely to be a good buy if it can maintain its bullish trend, even if its fan base isn’t massive.
ENJ may be an excellent long-term buy-and-hold investment. Day traders are less likely to be impressed by the returns, but the technology has a lot of potentials and a sizable following that does not appear to be shrinking.
Though being famous and widespread used for the selected population isn’t always a great predictor of just how much stock will be profitable in the future, it’s a good starting point.
The unique, built-in usability of the Enjin coin makes it a fascinating prospect. While it is still new in the market, it is difficult to ignore how brilliant the company’s strategy is at the moment. Without a doubt, ENJ will find a home in the ever-expanding downloadable product and NFT landscape.
Despite a lot of volatility, cryptocurrency is here to stay and tends to trend upward over time. Furthermore, while blockchain technology isn’t exactly new, it’s safe to say it’s still in its infancy, with plenty of room for expansion. Take into account a long-term purchase strategy if you intend to invest in Enjin.
Is it wise to invest in Enjin?
It could be. Enjin demonstrated the capability to captivate the gaming society during an eventful 2021, and with the forthcoming launch of Efinity, the Enjin ecosphere could have another eventful year in 2022.
However, as with any investment, you should conduct your research.
Will the price of Enjin rise?
It might work. The consensus between those making Enjin crypto price predictions is that the coin’s value will rise gradually over the next ten years.
The coin is described as an “excellent long-term (1-year) investment whereas PricePrediction and DigitalCoinPrice believe it will be worth $10.55 and $5.15 in 2025, respectively.
Remember, however, that estimations may not always be correct, and you should never invest more than you can afford.
Should I invest in Enjin?
It all depends. The price targets for enjin point to a longer-term bull market, the magnitude of which is unknown. Many chart patterns recommend selling, but it is critical to provide more effective research before buying any bitcoin.