To buy and collect digital assets, you must have cryptocurrency tokens. Many choices are available, but ENJ Coin is one of the best choices as it is designed for digital assets, especially for blockchain games.
What is ENJ Coin?
Enjin Coin is a cryptocurrency created on the Ethereum blockchain. It was available for the first time in 2017, with a total of $18.9 million raised for its Initial Coin Offering or ICO. However, the Enjin platform itself was started in 2009.
The Enjin platform, supported by its coin, is intended to ease any transaction of digital assets. Those digital assets vary from Non-Fungible Tokens or NFTs to digital vouchers and even many kinds of gaming items.
The developing project of Enjin was established by Maxim Blagov and Witek Radomski, who currently have the roles of the CEO and the CTO of the company, respectively. In 2009, Enjin was a platform for gaming communities before it became a cryptocurrency platform in 2017.
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The Use of Enjin Coin and How It Works
Enjin Coin is mainly used for digital assets transactions, especially in the world of gaming. However, the coin can also be used for a lot of different things like loyalty rewards and real estate. Many big companies have been working together with Enjin, those are Atari, BMW, Microsoft, Samsung, and Unity. Of those big companies, Atari and Unity are two of the most well-known game developers. It is only fitting for those two companies to work together with Enjin as it intended to focus on blockchain gaming.
On the other hand, Microsoft and Samsung are also matched as they are tech companies. But, to work with a car company like BMW is both odd and unique at the same time. BMW uses Enjin Coin as a reward for their loyal customers. Enjin Coin is an ERC20 token that is used not only for transactions but also to provide a smart contract. The Enjin platform has a lot of features, and its main feature is a tool that allows users to create and develop their own digital assets.
With that main feature, developers, who Enjin Coin supports, can launch a kind of digital asset like their own cryptocurrencies. Those cryptocurrencies then can be used as the main in-game currencies in some blockchain games. Because they use the Enjin platform to create those digital assets, developers also have to use Enjin Coin. The amount of coins they spend will be locked into the chosen digital assets and therefore is no longer available on the market. With that, the coin's value would go to the moon because of its scarcity.
The other remaining features are a decentralized application developer tool, a digital asset marketplace, the Enjin Beam, a smart wallet, and Efinity, which is a scaling product owned by Ethereum that allows free and quick transactions for ERC-20 and ERC-1155 tokens.
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What Makes Enjin Coin Stand Out from Other Cryptocurrencies
As the native token in the Enjin platform, Enjin Coin is unique in that it will support every new token created on the platform, according to one of Enjin’s founders, Witek Radomski. More new tokens created mean more opportunities for new blockchain games to be developed and use the new tokens as in-game currencies.
Furthermore, the other founder, Maxim Blagov, has stated that Enjin is currently focusing on an adaptation with a new platform. He wanted the ENJ Coin's value to go very high by making millions of gamers use digital assets that Enjin Coin supports in the future. It will also result in the success of the whole Enjin project.
The Value of ENJ Coin
To create a virtual item, developers have to lock a certain amount of Enjin Coin. Players can use unique virtual items to be played in a specific blockchain game. If they want, players can trade their digital assets or sell them for some ENJ tokens. It means players can also buy those assets from other players with ENJ.
With the total supply and the maximum supply of 1,000,000,000 ENJ available, the current number of the circulating supply of Enjin Coin at the time of writing is 895,399,956 ENJ. Moreover, the current market cap of Enjin Coin is $454,927,223.21, while the coin’s latest fully diluted market cap is $508,071,527.57.
To buy Enjin Coin, you need just $0.49 for each coin. The current price is reasonably cheap for the Enjin Coin since it had its peak price on November 25, 2021, at $4.7. The price had never been more than $1 before March of 2021, and it has been below $1 since about May of 2022.
Ranked at 79 among other cryptocurrency tokens, Enjin Coin is a cheap cryptocurrency token to invest in. That means this coin is perfect for a not-too-risky investment. Other than that, the low current price is perfect for future investments. The value can potentially be increased in the future, and perhaps it could surpass its latest relatively low peak price.
How to Buy ENJ Coin
The first thing to buy Enjin Coin, either as an investment or any other intention, is to choose a crypto exchange platform. There are a lot of choices of the exchange platform which provides Enjin Coin. Popular platforms like Binance, Coinbase, Huobi, Indodax, and Tokocrypto are some examples that can be chosen.
After choosing the best crypto exchange platform for you, you must complete the registration on that particular platform. Then, you are required to pay the minimum initial deposit before you can finally buy some Enjin Coins.
Is the Future of ENJ Coin Bright?
The approach to focus on the world of gaming that Enjin uses is unique and exciting for a cryptocurrency project. Blockchain gaming and the use of NFTs for the games’ digital assets are very popular nowadays and can only grow more extensive in the future. For that reason, the native token of Enjin Coin can only gain its value.
The long-term value of ENJ Coin depends on how the metaverse will grow in the future. Nowadays, people are willing to buy digital assets in the metaverse, just like when they buy real-life stuff. Therefore, as one of the best cryptocurrency tokens for the metaverse, Enjin Coin has a huge potential in the future.