What Is Enjin Coin (ENJ)?
Enjin (ENJ) is a cryptocurrency built in late 2017 on the Ethereum blockchain through an ICO that raised $18.9 million. During the summer of 2018, crypto investors have an increasing number of choices, including Enjin Coin (ENJ). On the market, there are already many crypto investing options. Still, Enjin Coin (also referred to as ENJ crypto) was slightly different from all other options because Enjin Coin was designed for a specific purpose: Enjin Coin (ENJ) was designed to help the gaming community for managing digital or virtual assets. Now with 18.7 million registered gamers and with over 250,000 gaming communities, Engine is the “largest gaming community platform online.”
Explaining Enjin Coin (ENJ)
A software company called Enjin created and designed a coin called Enjin Coin or (ENJ). On the Ethereum blockchain network, users create virtual goods like NFTs or non-fungible tokens with the help of Enjin Coin (ENJ). To understand that, you have to read about the Ethereum blockchain network and NFTs, but the important thing you all must know is that Enjin’s software is designed to create and manage in-game goods and assets. The participants in certain virtual worlds can create in-game assets and transact them more quickly and efficiently by using Enjin Coin (ENJ).
How Does Enjin Coin (ENJ) work?
Smoothing out the process of transacting in-game or virtual assets by blockchain is the main idea behind Enjin Coin (ENJ). Blockchain can also do the same with other assets in the real world (like Ripple and XRP, which were designed to help facilitate financial transactions). Still, Enjin Coin (ENJ) is also used to manage virtual inventories. That’s why ENJ is different from others.
If it all sounds a bit Meta, virtual currencies are designed for virtual assets because it was required. Let me tell you how it works. For allowing game development to “mint,” Enjin has software development kits (SDKs). Virtual items can be created inside games and applications by developers using SDKs. Enjin Coin (ENJ) gives a corresponding value to these created items; that’s why these items are easy to sell or trade via Enjin’s marketplace.
In Enjin Coin (ENJ), every asset has a value, a traded cryptocurrency. There is also a real-life value for these assets. These assets can be traded multiple times their initial value. If any developer wants to create in-game assets, he can start by buying ENJ from an exchange, “minting” an item, selling or trading it in in-games, or even melting it, which means turning the item back into ENJ.
We all know that Enjin Coins (ENJ) is designed to function and incorporate blockchain-backed swapping systems in the virtual world and video games. It can also be used in other ways. It can also be used by sports teams and clubs to mint digital assets to hand out as rewards.
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Enjin Coin (ENJ): Benefits
There are many benefits of Enjin Coin (ENJ). Some of them are written below:
- Unlimited potential: There’s a lot of potential runway for Enjin Coin (ENJ) ahead as the gaming industry (and virtual world-building in particular) is significant and growing.
- Relatively affordable price: Unlike Bitcoins and Ethereum, Enjin Coin (ENJ) is still almost affordable for every crypto investor.
- A large community built: Enjin already has marketplaces integrated and operating with many participants. The fact is Enjin Coin (ENJ) has become an addiction that won’t just disappear overnight.
Enjin Coin (ENJ): Disadvantages
With its benefits, Enjin Coin (ENJ) also has some drawbacks, which are written below:
- No easy mining: Enjin Coin (ENJ) can’t be mined directly, at least not easily, as Enjin does not operate on its blockchain.
- No physical backup: There’s no physical asset or commodity to backup Enjin Coin (ENJ) like all other cryptocurrencies
- Technical know-how: Crypto is complicated to understand, and Enjin Coin is also very difficult. If you want to use Enjin Coin (ENJ) to create NFTs or assets, you need to do some background reading before putting it all together.
Enjin Coin (ENJ) price
Enjin Coin (ENJ) is not as cheap as some coins, but Enjin Coin is also expensive. Enjin Coin (ENJ) is affordable for almost every crypto user. It was trading at around $1.25 in the mid of September 2021. The Enjin Coin (ENJ) price had fluctuated a lot in the previous year. Enjin Coins price was $0.15 at the end of 2020. Then the price raised a lot and became $3.45 at one point in the spring. Then there was a downfall in the price of Enjin Coin (ENJ), and since then, it mostly stayed between $1 and $2.25.
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Enjin Coin (ENJ) Staking
If you know where to look, taking Enjin Coin (ENJ) is allowed to the users from some exchanges and platforms. But by and large, it looks like the staking of Enjin Coin (ENJ) is not allowed to the users and investors from large exchanges and platforms. A new ecosystem called Efinity has been rolled out by Enjin, which will also have its cryptocurrency called Efinity Token (EFI). Enjin Coin (ENJ) can be staked to earn Efinity Tokens as a part of that ecosystem.
The benefits of over $17 billion virtual goods market have been added to the blockchain by Enjin Coin (ENJ). The team is trying to provide actual ownership to virtual goods holders by preventing the gaming industry’s fraud. The project has a solid foundation of sport, created and backed by gaming giant Enjin. Enjin Coin (ENJ) has had a lot of success in some past years. However, there is still a lot of space for Enjin Coin (ENJ) to improve. Predicting how successful Enjin Coin (ENJ) will be in the future is not possible, but if his team’s current success and potential are any indicators, Enjin Coin (ENJ) could have a very bright future ahead.