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Price (USD)$ 0.4115
Circulating SupplyENJ 1.4201B
Volume (24h)$ 115.88231M
Market Cap$ 582.21348M
Low/High 24h$ 0.3742 - $ 0.4268
Change (24h)$ 0.035983
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.
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:
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:
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:
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.
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.
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.
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.
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.
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.
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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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