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, before we get started make sure to like and subscribe to this channel and turn on the notification bell.
It helps you get notified when we post more content just like this. Let us get into the content. 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, Enjins down around 10 percent and we are at 1.2 dollars basically. I was still at around a one-billion-dollar market. Enjins 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. Thereafter, the 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(NFTs). 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 worlds 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 content 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 arent 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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