Enjin is the digital token of the network
and permits you to develop your NFTs. Enabled by the Ethereum blockchain,
they are ERC-20 tokens. This invariably means that smart contracts can also be generated
and accepted upon using these coins. In circulation, ENJ can be purchased,
consigned, swapped, or switched for fiat currencies anytime!
The coin has not just caused curiosity among the gamers circle, but also allured the attention
of many investors. Furthermore, what will be the possible estimation
of the Enjin Coin price by the end of the year? Will gamification be
on cards throughout the world? Welcome to another episode of Daily Cryptofacts,
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Is Enjin Crypto an undervalued investment Opportunity? Enjin Coin is a cryptocurrency
that has acquired a lot of traction as an NFT project in 2021. Currently,
Enjin is still around the 70th ranking, Enjin’s down around 10 percent
and we are at 1.2 dollars basically. I was still at around a one-billion-dollar market.
Enjin’s circulating supply is still around one billion and taking a look at the
price chart again to multi-year accumulation range with a large breakout
of this multi-year accumulation range. When we take it off the log chart, it does look
like a massive pump and dump essentially. But when you zoom out, it just
shows a series of higher lows from a macro perspective.
Enjin seems to be
still very bullish, this corrective range isn't like we're coming back to retest the
top of the previous all-time highs, but quite frankly in my view, this is a multi-year
accumulation range breakout. The Gaming community progressed in 2009 with
around 200 million users in no time! But the Enjin Coin was first
announced in July 2017 followed by an ICO and raised $18.9 million.
launch of the Ethereum mainnet happened in June 2018. ENJ is in utilization
across different websites and online games. The coin is adaptable to
various other digital exchanges like game items or in-game gold. Maxim Blagov and Witek
Radomski, were the hands behind this rising gamification platform to
land themselves in the crypto market. ENJ is a digital store value and backs
the value of blockchain assets like non-fungible tokens(NFT’s). The token is capped at 1,000,000,000.
After the blockchain technology became sought-after, Radomski, the Co-founder of the network, decided
to bring the blockchain to Enjin. Additionally, he became
keenly focused on Ethereum and smart contracts, and he even wished to
develop a blockchain-integrated software! And that very point allowed access to the
world’s first blockchain-based gaming platform. The non-fungible tokens (NFTs)
have become a crucial part of the crypto markets, supported by
many crypto companies, working and enhancing crypto projects.
One of the most fascinating
NFT projects that have received a lot of recognition lately is the
Enjin ecosystem. The Enjin platform uses Ethereum based cryptocurrency
Enjin Coin (ENJ) to directly support the value of next-gen NFTs generated on the Enjin platform.
Please watch the video till the end to know more about the
Enjin project and Enjin Coin price prediction. As per Kriptomat, the Enjin
project was developed as a complete ecosystem that offers a large range of products to developers
who want to use the platform to develop their own projects.
The Enjin network can be utilized for the creation, issuance, depository
and trade of tokenized digital assets.
There are already a lot of projects on the Enjin
platform, mostly concentrated on gaming and enterprise.
Enjin users can use the platform to create Enjin Coin backed digital assets – tokens
or NFTs and apply them on their own platforms, in the form of NFT artworks,
cryptocurrencies or even as a digital currency for video games. An Enjin
client has begun utilizing the Enjin platform to tokenize the commercial real estate properties.
NFT real estate has become a transpiring field in the crypto sphere.
Investors who wish to purchase Enjin Coin can do so by purchasing it
from crypto exchanges. The Enjin network allows game developers to
tokenize any in-game assets or items.
For doing this, the native token
ENJ, an ERC-20 token, is in use. To explain it further, any blockchain asset in-built
in a game can be supported by the Enjin token! Hence, when any player unseals
stuff, they can not only use them in-game but also trade and sell them
in exchange for ENJ tokens. Looking at an opposite perspective, if you wish to purchase
ENJ tokens, then search them out for Crypto exchanges. Coinmarketcap, quotes
Binance, Uniswap, Bithumb, Balancer, and many more. If you aren’t
a gamer, yet would like to trade Enjin coins, do go through these exchanges to trade ENJ
for Bitcoin, USD, Euro, Ether, Tether, and a few other cryptocurrencies. For every asset that is made within the network,
a part of ENJ moves as a minting asset. In the other words, every
digital asset is sealed with ENJ tokens inside NFTs. By that, a chunk of the token goes terminated
from circulation, attaching a reserve value to it. Not just
NFTs, with the Enjin Beam, transmitting of both NFTs and FTs is now feasible
by scanning a QR code. Arising doubts about the security of the network is certain, as
the tokens are supported by the Ethereum blockchain and smart contracts.
The altcoin goes after the PoW consent mechanism like most other cryptocurrencies.
As it works
on the Ethereum blockchain, you will not be able to stake
ENJs and can just mine them. Minting the tokens assists within in-game stuff
helps in enhancing transparency and converts them as anti-inflationary coins. Adding to
it, the coins possess a melting mechanism where a user can flatten
the blockchain asset and acquire the tokens from within.
Enjin Coin was introduced in the year 2021 with a trading price of $0.13. On a bullish
note, the price began to surge further and is trading at $3.48. The latest
ATH is $4.00 that yielded in April. Backing this, Enjin rose significantly with
$2 figures by May. Nevertheless, on May 19, the price crumbled, sinking from $1.89 to
$1.20. The ENJ price has not yet recovered from the market crash and continues
to be static. Enjin coin may trade at $1.589 by the end
of 2021, on average with consistent purchasing and trading pressures.
However, the coin might skyrocket if the community focuses on decreasing the transaction fees.
Also, with a wide trend of the Enjin Smart Wallet, the coin
may reach its high at $2.851 with future gains.
On the other hand, the TPS is
only 30, which may prove to be a setback, dragging the coin to minimums at $0.650.
If this year ends on a bullish note, then the 2022 trade might start with an uptrend
at $2.907. On the other hand, if the ENJ coin reaches the bottom flank, then
the next year may start with a bearish trend at $0.659.
The community could focus on revolving around the gaming industry. If Enjin improves its
platform by introducing flexibility and continuous transparency, Enjin
may steer a $4.989 mark by the end of 2022. To contradict, if the market crashes again
due to discussions about PoW, then ENJ price may also return back to
$1.715. If this does not occur, the average figures by the end of 2022 seem rational and
may reach $2.805. What do you think about such speculations
about Enjin this year? Do let us know in the comments section below.
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