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Enjin Coin (ENJ) Explained 2023

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Enjin Coin ENJ Explained

Cryptocurrency is something that everyone has been talking about in one aspect or another since Bitcoin first made its appearance. With the volatility and crashes that 2022 brought, many people are worried about the future of crypto. 

However, experts agree that 2023 will be a strong year for cryptocurrencies, especially with NFTs staying strong throughout 2022. These have become one of the biggest innovations in cryptocurrency, and Enjin coin ENJ is part of this. You can also read our review of Top 10 NFT Tokens to watch out for in 2023

Enjin Coin is a cryptocurrency used to back NFTs. It’s a fast-growing token in the gaming community, with more than 20 million registered gamers. Gamers have a vested interest in blockchain technology and associated cryptocurrencies. More gamers have started to invest in cryptos like Enjin coin ENJ, which allows them to create games and gaming items, as well as participate in the metaverse. Enjin coin ENJ is well-known in the gamers community, being aimed specifically at people who want to improve ownership in online games. 

This article will take a look at the ENJ coin, what it is and how it works. We’ll also discuss whether it’s a good investment. 

Enjin Coin ENJ Crypto NFT - What is enjin coin

What Are Enjin Coins?

There’s a difference between Enjin and Enjin coins. Enjin is the ecosystem where gamers and developers use blockchain technology. It’s an online creation platform for the gaming community, with almost 20 million registered gamers participating in the creation of items and games. Some of these items include game plugins, virtual item management apps, Enjin wallets, along with a payment gateway platform to make transactions easy, transparent and permanent. 

What are Enjin coins ENJ? Enjin coin or the ENJ coin is the ENJ token linked to the Enjin ecosystem. Simply put, ENJ is an Ethereum-based cryptocurrency used to back NFTs and next-gen fungibles. The token was created in 2009, but the official coin was launched only in 2017. Since then it has been enabling gamers to create sites for clans and guilds since then. 

According to the Enjin whitepaper, you can make easy, automatic payments with the platform’s smart wallets in a decentralised manner. The decentralised payment gateways Enjin crypto uses ensures transparent transactions that reduce fraud, cancellations or chargebacks. There’s a minimal fee for making blockchain transactions, with no commission charges.  

In 2017 these gamers held an ICO to bring the Enjin coin ENJ technology to blockchain and add numerous innovative features to the Enjin ecosystem. It’s helped gamers to create and run NFT-powered games and software using blockchain seamlessly. It also creates an end-to-end suite of tools that involve tons of software development kits (SDKs), which allow users to easily build and integrate items into their games. 

Enjin is an ecosystem where gamers and developers use the Ethereum-based Enjin coin ENJ in smart contracts to secure ownership of game items. The technology also allows developers to create unique games, and users can trade NFTs.

According to experts, Enjin is a good investment. It’s predicted that it’ll reach its highest value by 2026.

With almost 20 million gamers already registered with Enjin, it’s safe to say that the ecosystem and currency will keep growing.

Enjin coin ENJ is an Ethereum-based cryptocurrency that you can use with Enjin games, or to buy and sell NFTs.

The person who purchases the Enjin coin is the rightful owner.

Why Are Gamers Interested in Blockchain and Crypto?

Gaming platforms in their traditional online form have an array of problems and challenges that the gaming community struggle with. One of these is the prevalence of fraudulent transactions between gamers and developers. 

Many gamers invest money into game items, just for the developers to later remove those items from the game, meaning the items never belonged to the player, even though they paid for them, and as such, they lose lots of money.

The reason gamers are interested in blockchain is to avoid these high levels of fraud in the industry pertaining to the ownership of virtual goods.  

Enjin blockchain and smart contracts cement ownership of items in games, as they can never be changed. With this technology, developers can create items and insert them into games, with a blockchain attached. They keep their branding on the item, and ownership becomes clear. There are no longer concerns about purchasing items in games and developers later removing them. 

Enjin ENJ Token Metaverse - Why are gamers interested in blockchain and crypto; young gamer with a headset

Another aspect of Enjin games is that developers can create games linked to Enjin coins ENJ, forming part of the Enjin metaverse. This includes popular NFTs like Bored Ape NFT and Cryptopunk NFT.

Enjin History

In 2009 Witek Radomski and Maxim Blagov founded the Enjin platform as the Enjin Network, originally intended to be a community gaming platform. In 2017 the company decided to venture into blockchain by launching an initial coin offering (ICO) of around €17.707 million, enabling them to launch the Enjin Wallet in 2018. A few months after the initial launch, an iOS version made its way to the market, and Enjin crypto was deployed on the ERC-1155 standard. 

If you’re wondering who owns Enjin crypto, it’s not the founders since it’s a decentralised crypto. So, remember that blockchain technology and smart contracts enable ownership of tokens to be permanently transferred to users. If you buy a token, the ownership is yours, until you sell it again. 

What Makes Enjin Token Valuable?

To make items for gaming platforms, the developer has to lock Enjin coin ENJ into a smart contract. This assigns value to the item. When a player gets this item in a game, they can sell it, trade it, or use it in the game. All of this happens at the original ENJ minting cost. 

If the player chooses to sell the item, it’s destroyed and the ENJ token is locked in the smart contract, which is then released and made available to the player. 

Enjin Coins Platform - Screenshot from official page explaining the utility token for NFTs

Another aspect that adds to the value of Enjin tokens is the fact that it has a limited supply, like other cryptocurrencies. Basic economics teaches us that if the supply of an item is limited, the price will increase with demand. 

Enjin wallets crypto priceCreating ENJ Coins

ENJ crypto relies on a Proof-of-Work (POW) consensus algorithm, which means that Enjin staking is impossible. The creation of coins relies on miners, in the same way, that other cryptocurrencies like Bitcoin are mined. This is done with Application Specific Integrated Circuits (ASICs), machines that are designed with the sole purpose of mining cryptocurrency. 

There are currently 834,340,660 Enjin ENJ coins in circulation, with a maximum supply of 1 billion coins. 

enjincoin enjin-coin priceEnjin Marketplace

If you’re interested in investing in NFTs, you can use the Enjin marketplace to do so. The Enjin marketplace is on the official Enjin website at enjin.io, where you can find different products that make up non-fungible tokens (NFTs) for sale. 

Enjin ENJ Coin NFT Marketplace - Different items available for sell and the price of them

An Enjin NFT includes digital art, sports collectables, gaming items and even real-world assets. The benefits of owning Enjin NFTs are that the ownership can’t be taken from you unless you decide to sell it. 

Many people invest in NFTs as part of a portfolio, expecting the value of these items to increase drastically over time. This has been the case with many items over the past few years, and experts predict that NFTs will keep growing in value, especially as more people start investing in them.

Enjin Free NFTEnjin Partnerships

Enjin partnered with Square Enix to make branded tokenised collectables available on the Efinity platform. These collectables are the Final Fantasy VII 25th anniversary cards and figures. 

This is the first partnership that Enjin has announced, but there should be many more in the future, allowing users to purchase valuable NFTs through Enjin easily and reliably through an Enjin-related platform. 

Enjin Tokens Network Partnerships

You can purchase these NFTs using your Enjin coin ENJ, and you can be first in line to do so if you’re a registered user.

Enjin StakingThe Future of Enjin

To make predictions for the future, we have to look at what happened in the past. 2022 wasn’t the best year cryptocurrency has seen. There was a massive crash in the value of Bitcoin and the liquidation of FTX, many people speculated the end of crypto. 

However, in the wake of the bear market, investment in NFTs skyrocketed. Due to this continued investment in NFTs, all tokens used to back NFTs increased in value. This includes the Enjin price. 

Most experts agree that the big names in cryptocurrencies, like Bitcoin and Ethereum, will grow substantially in the coming months. The Enjin ENJ coin price is also linked to Ethereum, which is beneficial for the Enjin coin price. 

Enjin ENJ Crypto Coin Price - Coinmarketcap screenshot showing the price of Enjin Coin - $0.38

With millions of gamers already registered on the Enjin ecosystem, it’s likely that more users will adopt the Enjin platform. Given this, it’s fair to say that it’s a good idea to invest in Enjin, as it’s very likely to grow in the future. 

Enjin should continue to innovate and adapt to the changing landscape of the gaming industry, especially with the introduction of Web 3.0 and the metaverse. As with any company, there are risk factors involved and if you’re considering investing in Enjin coin games, it’s crucial you do your research and due diligence. 

Enjin Coin GamesWhat Games Are Affiliated With Enjin?

If you’re looking for an Enjin games list, you can access it quite easily. The full list is available on the Enjin website at enjin.io. Some of the titles include:

  • Azure Heroes
  • VR Jam
  • AlterVerse
  • My Meta Studio
  • Pandemic Multiverse
  • Nestables
  • Tipply Tank
  • Aldian Legends

There are hundreds of games available for all types of players. You can find cartoon-style, fun games or more serious first-person shooter games. There’s something for everyone’s taste. You can also play games on multiple platforms, including Windows, iOS and Android devices. 

Enjin Wallet Buy NFTS - screenshot of the official website where you can buy ENJ

Most of the games available are free to download and play, with the option of making Enjin coin ENJ purchases while you play. 

Enjin Games ListHow to Buy Enjin Tokens

You can Enjin buy tokens by first getting a crypto wallet. After you’ve made your wallet, you can start purchasing ENJ coins. You can do this directly from the Enjin website at enjin.io, or you can use a crypto exchange, like Coinbase, Binance or Crypto.com.

You’ll need to open an account and make payment using an accepted payment method, like e-wallets or use a bank card. The exchange you choose to use will have specific accepted payment methods from which you can choose. 

Enjin website whitepaperFinal Thoughts

Enjin is an ecosystem for gamers, where you can use blockchain and smart contracts to develop, trade and manage game items. The reason for the almost 20 million gamers using Enjin’s services is because of the widespread ownership fraud that many game developers perpetuate by allowing players to purchase items within games, but never transferring the ownership to the player.

Enjin is specifically made for gamers, which makes it different from most other cryptocurrencies.

Enjin was first founded in 2009, and the Enjin coin ENJ was launched in 2018.

No, but you can use Enjin coins to purchase NFTs.

The fact that Enjin coins were designed to integrate with games makes it different from other cryptocurrencies. 

Enjin is an Ethereum-based cryptocurrency.

Blockchain and smart contracts change this landscape completely, with ownership becoming permanent through blockchain technology. Players can still trade and sell these items freely, without the interference of developers. 

ENJ coins hold value because it’s inserted into the smart contract when the game item is developed. Once the player sells the item, it’s destroyed and the coin is made available to the seller. 

Enjin is a unique ecosystem, as it’s mainly made for gamers, and used to back NFTs. It’s also an Ethereum-based coin, which means its value is linked to Ethereum. 

As is the case with all cryptocurrencies, the value of Enjin coin ENJ is volatile. However, millions of people are investing in NFTs, and this is making the value of tokens used to back NFTs much more valuable. Experts agree that the future of cryptocurrency is bright and with the introduction of the metaverse and Web 3.0, it’s set to grow infinitely more than in previous years. 

Predictions show that Enjin is a good investment. Similar to a Chiliz coin price prediction, most experts say that Enjin will grow exponentially and hit its highest value by 2026. To invest in Enjin tokens, or use them to buy NFTs, you’ll have to get a crypto wallet and register on a crypto exchange. There are various payment methods you can use to make these investments. 

You can easily become part of the Enjin ecosystem by following the above steps. 

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