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    $0.186912 - $0.202182
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Enjin Coin: Creating, Distributing, and Integrating NFTs

The crypto industry offers a number of solutions for NFTs, and one of the projects that’s well-known on the market is Enjin. Enjin Network is a social gaming website platform with more than 20 million users and 250,000 gaming communities. The Enjin Network’s tools enable game developers to tokenize digital assets (i.e. NFTs) that have real-world value because they are backed by Enjin Coin (ENJ). Users can acquire and store these unique assets on Enjin’s platform and use them in games, and any companies that seek to create blockchain products can do so with Enjin’s suite of products. Let’s take a closer look at Enjin and find out more about this project.

What Is Enjin Crypto?

Enjin is a Singapore-based technology company that provides services for building gaming communities as well as services for blockchain game developers. The Enjin platform is a comprehensive ecosystem of goods made to make it possible to create, share, store, exchange, and even integrate tokenized digital assets.

Enjin adopters are leveraging the platform to produce ENJ-backed digital assets and employing them in inventive ways, including everything from art NFTs (non-fungible tokens), to digital vouchers, to goods that can be utilized across various video games. Enjin adopters are primarily focused on both gaming and enterprise use cases.

Enjin (ENJ) was developed on the Ethereum network and launched through an initial coin offering (ICO) that raised $18.9 million in late 2017. But it was first introduced in 2009, when its gaming community platform was first introduced. The expanding project was co-founded by Witek Radomski, CTO, and CEO Maxim Blagov. In 2009, a for-profit firm called Enjin launched as a platform for community gaming.

Numerous well-known global corporations have collaborated with the initiative. These include such big names as:

  1. Atari: Enjin and Atari collaborated to incorporate the venerable company's games into the blockchain-based ENJ Ecosystem.
  2. BMW: Enjin and BMW collaborated to allow users of the BMW Vantage app to exchange their BMW Coin reward points for Enjin Coin.
  3. Microsoft: Microsoft runs a social incentives programme called Azure Heroes using Enjin's technology.
  4. Samsung: Enjin and Samsung collaborated to add support for Samsung Blockchain Keystore on the S10 to the Enjin Wallet.
  5. Enjin's initial entry into the DeFi market was the Aave Protocol, which let users deposit ENJ tokens and earn interest by letting others borrow them.

How Does Enjin Work?

Through its open API and software development kits (SDKs), the Enjin platform offers a broad range of functions. Here is a number of the project’s features:

  1. Virtual goods creation and management: The capacity to generate and manage virtual commodities is the primary function that the Enjin project provides for its users. Developers can introduce their own cryptocurrencies backed by the Enjin Coin, simplifying the process of gamification and integrating cryptocurrencies into gameplay.
  2. Marketplace: An online store with more than 10 million digital goods that users can utilize to find, purchase, and trade uncommon and distinctive blockchain assets.
  3. Enjin Beam is a digital asset delivery platform that enables developers to give users thousands of NFTs/FTs with just a quick QR code scan.
  4. Smart wallet: A wallet for blockchain assets that easily integrates with games and apps. It's one of the most feature-rich digital wallets in the world with over a million downloads.
  5. Efinity: An forthcoming Ethereum scaling solution will make it possible to send and receive ERC-20 and ERC-1155 tokens quickly and for no cost.
  6. Multiple SDKs: Enjin offers a variety of software development kits, including those for Godot, Unity, Java, etc. Millions of developers now have a simple way to incorporate either new or current projects. The Enjin platform SDK also features support for a full-blown gateway for decentralized payments.

ENJ Coin: Creating Virtual Assets with Skill

One of the key value proposals of using the Enjin Coin is implementing it as the basis for the creation and management of virtual assets related to games. Since the ENJ coin can play the role of the parent currency, the Enjin platform users can create unique virtual goods which are relevant to a particular gaming community: 

  1. In-game items. These refer to items used by players during playing sessions, such as items which grant bonuses to particular abilities of their characters, such as virtual weapons, loot items etc.
  2. Custom currencies. Being backed by the Enjin Coin means that custom-made currencies can reap the benefits offered by blockchain (such as those relating to fees, security, transaction speeds) while keeping their unique identity based on the game they are made for. The platform offers its own token supply models in case the users do not want to code their own smart contracts.
  3. Privilege tokens. Custom coins can be utilized as tools for the management and delegation of power across the Enjin-based games and communities. In games, for example, access to virtual chests with powerful and rare items can be protected by putting them behind “keys” in the form of privilege tokens. Likewise, at the community level, the same tokens can be bought from website owners in exchange for the right to advertise one’s products on the site’s message boards.

All of these virtual assets are available for exchange with the ENJ coin whenever a user holding these tokens desires to do so. This is made possible thanks to the ability of the smart contract’s Mint function which enables storage of all ENJ coins which participated in the creation of custom coins. Creation of custom virtual goods will also drive down the number of ENJ coins in circulation, thus protecting the underlying economy and value of the Enjin ecosystems in the long run.

The exchange between ENJ coin and custom-made virtual assets will be done at the exchange rate which was valid at the time the tokens were originally minted. In addition, this transferability should make it possible to exchange these assets across various platforms in a flexible manner.

What Is the Efinity Network?

The Efinity network was introduced by Enjin platform in 2018 as a solution to the scalability problems that are frequently brought up in relation to blockchain technology. Based on the network of game channels that facilitate transactions between millions of players and game servers, it is referred to as the ‘Lightning Network Made for Gaming’ and is used for online gaming. These channels are expected to make it possible for each game to carry out a ‘nearly infinite’ number of transactions at essentially no cost and at hitherto unattainable speeds. Additionally, on the Ethereum blockchain, these transactions will be both trustless and verifiable.

When completely deployed, the network's features should also make it much easier for game creators to create MMO gaming universes, collectible card games, and various dApps. Efinity also holds referendums on different questions relating to the ENJ coin and the future of the project.

How Many Enjin Coins Are There?

Enjin Coin has a total supply of 1,000,000,000 ENJ tokens with all of them in circulation. The current data shows that there are 65,902 Enjin Coin holders. On top of that, over 10 million ENJ tokens have already been taken out of circulation and locked into ERC-1155 tokens that are being owned by 173,543 holders.

Can ENJ Reach $1000?

Taking into consideration the current price of token, market growth and conditions, ENJ coin cannot potentially reach a price as high as $ 1,000 in the near future.

Will ENJ Reach $100?

At $100, Enjin Coin’s Market Cap will be $99 Billion. If ENJ were to grow at a rate of 25% each year, it would take about 26 years to reach $100. ENJ coin has a low chance of reaching $100.

Is Enjin A Good Investment?

Enjin Coin has a good use case, well-designed tokenomics, active community and a solid team behind it. A number of experts predict that Enjin coin values will rise steadily over the next several years, with much of the value increase attributable to a recovering cryptocurrency market, a shifting crypto industry environment, and activities inside the Enjin ecosystem that are preparing the platform for an NFT future. With the Enjin blockchain launch, it’s evident that the platform is going to continue developing into the future.

How to Buy Enjin Coin?

StealthEX is here to help you buy $Enjin. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1300 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

  1. Choose the pair and the amount you want to exchange — for instance, BTC to ENJ
  2. Press the “Start exchange” button.
  3. Provide the recipient address to transfer your crypto to.
  4. Process the transaction.
  5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.

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