Enjin Coin, the decentralized network specially created for the gamers and content creators empowers them to manage, trade and distribute the NFT! The asset that runs on the Ethereum platform is crafted for the gaming industry which allows the gamers tradable virtual ownership of goods through the smart wallets. Moreover, the team behind Enjin provides various other products like wallets, market place, a platform for developers to build digital assets and integrate them into games and Apps.
The platform is empowered by its native currency ENJ, which is not mineable as it does not operate on its blockchain but can be minted into an NFT token. Like many other cryptocurrencies in the market, ENJ price also witnessed a huge spike not only once but twice in the year 2021. No doubt it scrambled down heavily but managed to recover quickly, registering new highs in no time.
Currently, reaching the apex of the consolidation, ENJ price is expected to break through the descending trend. But whether the intensity would be high enough to sustain within the upper levels if reached, is the main concern.
What is Enjin Coin – In Brief
Enjin Coin is a decentralized network built on the Ethereum blockchain. It was created as a gaming platform by founders, Maxim Blagov and Witek Radomski in 2009. Later in 2017, the platform raised $18.9 million in an ICO by selling ENJ tokens for the development of the platform. Later in 2018, ENJ went live for trade in the market.
ENJ is a utility token for the NFTs with multiple characteristics like being scarce, tangible, anti-inflammatory, etc. Each item created on Enjin is assigned a value in ENJ which is all recorded within a Smart Contract. Along with ENJ, the Enjin Coin platform is also backed by another native coin Effinity which is designed to fuel the Metaverse platform.
The Enjin platform is not only for the individuals or the businesses, but equally dedicated for the developers. And for this reason, the platform provides SDK kits or Software Development Kits which consist of a collection of software development tools in one installable package.
How does the Enjin Coin Work?
Enjin helps to create, distribute, store, trade & integrate tokenized digital assets within the gaming industry. The network’s main aim is to enable the users to manage and store virtual assets like goods for the games like swords or any accessories for the characters in the game.
Moreover, the platform provides a wide range of SDK kits mainly focused on wallets and payment platforms. Additionally, Enjin has also created APIs (Application Programming Interfaces) to deploy the built items in the game.
To create and destroy the in-game items, developers carry out the following five steps:
- Acquisition:- Here the developers buy ENJ tokens
- Minting:- Further they design the in-game items using the ENJ tokens
- Gaming:- Players acquire the tokens and use them in-game for various other functions
- Trading:- The players also trade with each other
- Melting:- Players can also sell their tokens for ENJ
Additional Read: Daily Crypto News 19 January, 2022
Will ENJ Price Reach $10 in 2022?
As mentioned before, ENJ price underwent a huge spike a couple of times in the year 2021. The NFT boom in Q4 2021 assisted the ENJ price to mark new highs very close to $5. However, the value of the token also witnessed a major fall which extracted nearly 55% of its value in a very short period. But luckily, the ENJ price appears to have approached the end of the healthy consolidation and a significant breakthrough is in line for the asset.
While the technicals suggest no notable change in the price in the upcoming days, the chart pattern suggests a breakout may be imminent. And hence despite slicing through the upper resistance levels, the price may fail to sustain above the new highs. The main reason is the lack of strength in the rally due to extremely low volume. The platform does not record any notable buying volume or selling. And hence the traders who appear to remain distinct from ENJ trade till now have to jump in to save the asset to drown into the deep well.
However, the Enjin Coin platform is poised to carry out multiple developments on their platform making the platform more feasible for the NFT and gaming industry. And while the year 2022 is looked upon as the year of the P2E or Play-2-Earn platform, Enjin may have its role and contribute at the highest to uplift the gaming industry to the next level. As ENJ is much required for any individual to deal on the Enjin platform, the price may also be impacted to the highest level.
|Year||Potential High||Potential Low|
|2022||$8||$5 to $5.5|
|2023||$15.4||$9.5 to $10.8|
|Next 5 Years||Above $30||$21 to $25|
Additional Read: Enjin Coin Technical Analysis
Factors Impacting ENJ price Today
Enjin Smart Wallet
The Enjin platform has also built its Smart Wallet wherein the users can store and trade items and connect all the platform’s features. The wallet enables the user to access the directory so that they get connected to multiple games and use their items on all the platforms. The users can also transact or trade amongst themselves using the ENJ wallet and also sell digital goods to procure ENJ coins using the wallet. It enables the storage of a wide variety of digital assets like Bitcoin, Ethereum, etc, ERC-20 tokens, along with ERC-21 and ERC-1155 NFTs.
Enjin Coin Architecture
One can develop and monetize the games of his choice and also create blockchain-powered applications. Moreover, the platform is not only for individuals or users but also open for businesses and developers.
Highly Secured Platform
Enjin platform is powered by Six Dragons, Azure Heros, Lost Relics, Age of Rust, etc and hence security is the top priority. The secured P2P trading optimizes safe in-game and in-app trading. The private keys of your Enjin Wallet remain your own which comes with a paper-powered, 12-word passphrase backup. The wallet is protected with 2-NSA grade cryptographic layers which safeguard the Keystore and user’s confidential data.
Enjin platform also has its marketplace where-in one can easily locate the leading blockchain projects. The platform utilizes another native token Effinity(EFI) which is used to fuel the metaverse.
Enjin Collaborations & Partnerships
Enjin has partnered with market giants like Atari, BMW, Microsoft, Samsung, Unity and also launched its first step into the DeFi space by collaborating with Aave Protocol.
Where & How to Buy Enjin Coin(ENJ)
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