While writing this article, the current price of Enjin coin is $0.438799. And in the last 24 hours, the trading volume is $35,736,082. According to CoinMarketCap, the ranking of Enjin coin is 85. The circulating supply is 1,000,000,000 coins, and it has a maximum supply of 1,000,000,000.
What Is Enjin Coin?
Enjin corporation is behind the project of the Enjin coin. The vision is to create blockchain-based gaming products. This gaming platform allows users to create clans, websites, virtual items, and so many other things. The coin is based on the Ethereum mainnet, and it is an ERC-20 token.
The coin was introduced in July 2017, and users found it on the Ethereum mainnet in 2018. There are benefits of having ENJ. These are as follows.
- You can infuse the coins with a reserve value.
- The platform has scarcity and transparency.
- You can liquid your digital asset instantly.
- You can utilize the NFT for apps and games.
- The platform is anti-inflationary.
- Users can destroy assets at any time and retrieve the value. The feature is called “melting.”
- This token will allow you to play NFT games.
Where To Buy Enjin Coin?
If you are aware of this coin, then there will be no issues. But for first-time users, you will know how to buy Enjin coin. You can buy on different cryptocurrency exchanges like Binance, Uniswap (V2), Bithumb, and Balancer. Also, you will find this token on almost every centralized and decentralized exchange.
You can also trade the coin with fiat currencies like the euro and US dollar and cryptocurrencies like Bitcoin, Ether, Tether, and other coins. All you need to do is to create a cryptocurrency wallet. And you can buy, sell, or trade Enjin coins.
Enjin Coin: Founders
In 2009, Witek Radomski and Maxim Blagov founded a gaming community platform. They both were behind the project and had an experience in software project management, marketing, design, and creative direction.
After the release of Bitcoin in 2012, companies started to accept Bitcoin as a payment option. And after Ethereum and smart contracts, they were able to create the coin. Radomski was also behind the project of ERC-1155. After that, they were able to mint nonfungible and fungible tokens.
Why Enjin Is Unique?
According to Radomski, the asset is backed by ENJ, and users can play games and earn liquidity. The vision of the company is that it will be behind millions of gamers, and they can use digital items, too, without even knowing it. So, is Enjin coin a good investment? Here are the reasons.
- Enjin has a feature that allows its users to mint fungible and nonfungible tokens.
- Though the platform is based on the ERC-20 network, it has its own network called ERC-1155.
- Users can mint custom tokens on the Enjin platform.
- The coin uses on-chain and off-chain processes so that every transaction will be secured within the Enjin ecosystem, and the platform connects with smart wallets.
- If the Ethereum blockchain does not verify any transaction, then there will be a non-tradable version of virtual assets.
Is Enjin Network Secure Enough?
As you know, the coin is based on the ERC 20 network, so that any transaction will be secured and validated by the Ethereum network. And it uses a proof-of-work algorithm. This is because miners try to add new blocks to the blockchain, and most of them have to confirm the record before passing it.
Matthew Di Ferrante said in 2017 that every smart contract goes through several audits. And these contracts power the Enjin network. He is also the developer of ZK labs, Castillo Network, and smart contract auditor.
Enjin Coin: Advantages and Disadvantages
Every cryptocurrency has some benefits and drawbacks, and Enjin has too. Here are the advantages and disadvantages of Enjin Coin. This will help you before investing.
Advantages of Enjin Coin
- Potential
The online gaming community or industry is growing and huge. And Enjin has been in the gaming community for so long, so it has the potential to grow.
- Affordable Price
Unlike Bitcoin, Ethereum, or Solana- Enjin coin price is f around $0.44, so you can imagine that if it flourishes, the chance of making a huge profit is much easier than other coins.
- Community
Right now, the Enjin community is huge, and many participants integrate and operate the marketplace. Also, the platform has been adopted by many people, and it will not disappear in a quick time. You can find the Enjin coin Reddit community, it is pretty much huge.
Disadvantages of Enjin Coin
- Mining Issue
The coin has not had its own blockchain, so users can’t mine it. So, there will always be a gas fee that we need to pay.
- Physical Backup
There is no physical asset that backs up the coin, so we don’t know the exact value, as the market is volatile.
- Technicality
Blockchain, NFT crypto, and NFT are still difficult to understand. So, what will happen next, we are unaware of that.
Enjin Coin: Review
Here are some reviews that will help you before investing.
From Toprak D.- “The Enjin Coin platform aims to radically change the gaming industry. Thanks to Enjin, anyone can create, manage, integrate and distribute their assets on the Blockchain. So this platform brings innovation to the gaming industry. The Enjin ecosystem aims to empower players with ownership of digital assets and enables gaming industry businesses to increase their revenues. In addition, Enjin’s tools and services can be used by companies that want to create, buy, store, participate in the field and earn money on Blockchain products. These companies can also benefit from tokenized digital assets.”
From Ozgun A.- “It can be defined as a digital currency that can be used on websites and online gaming platforms. Enjin was founded in 2009, a gaming community platform called Inj in Network. Enjin is well known to game developers and the game industry. Players in online games spend incredibly high amounts of money on digital products (weapons, characters, clothes) used in the game. Enjin strives to make trading between players easy and reliable and uses blockchain infrastructure. Enjin makes it easier for him to use an ERC-20 token on ETH instead of his blockchain and support ERC-1155 contracts. Also, Enjin is similar to Bancor in terms of usability.”
From Mehdi H.- “If you have seen various crypto projects, you must have seen several projects that focus on the computer game industry. The Enjin Coin project is one of these projects and it does not have a new and special idea in this regard. But this project has special and good features that can be considered apart from other similar projects. For example, from what I read, the company partnered with the very large Samsung company in 2019, which makes it unique. The currency of this project is actually a token that is active on the ethereum network. Examining the chart of this currency, I realized that its price, unlike many other tokens, has not dropped much after a few years and has been able to be supported at a relatively reasonable price.”
Our Verdict
There is a story back in 2021 when I invested in Enjin. And I made a lot of profit. But, I was not aware of the fact of how Ejin coin works. There are people who ask about Enjin coin price prediction 2030, so I can say Enjin has the potential to make a lot of profit. So, you can invest in this coin too.
If you want to know more about this topic, feel free to ask in the comment section below.
Thank you.
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