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What Is Enjin Coin? Should You Invest it in?

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What is Enjin Coin?

NFTs have taken over the crypto-sphere in the last few months. NFTs or non-fungible tokens are essentially bits of data that have been put into digital ledgers. What makes them so unique is that fact that they are digital and can be traced to their origin – i.e. their minting (as it is known).

Being able to track digital assets has revolutionized the way people view them. Ownership of digital items, like physical items can now be traced. This traceability lends itself to a variety of digital platforms. And this is just the beginning.

One of the more recent applications of NFTs was in the world of gaming. This makes the world of sense if you think about it. NFTs are all about digital ownershipwhat better way to utilize it than in a game? I’m sure a lot of people are thinking about how they were told that playing games was a worthless pursuit as it had no value. Well, that is changing! And thanks to NFTs, it is now possible to create a marketplace in the virtual world of games.

Enjin is a software company that has long been in the process of making gaming NFTs a normal occurrence. They started their own blockchain in 2017 already – setting them at the forefront of what is about to come in the world of gaming NFTs.

Besides the use of minting new NFTs using Enjin using their own coin, it is also possible to invest in it. Platforms like Enjin that create their own blockchain have created what is known as NFT coins. Which can be confusing. But this article will help you out, so don’t worry.

The Company Behind Enjin Coin

Enjin is also the name of the company as well as the coin. It was established way back in 2009 already. They are a company that focuses on blockchain technology with special attention to the gaming industry. Within 10 years of the company launching, they were able to amass a total of over 20 million users.

In 2017 they had a successful ICO (initial coin offering) which has built the namesake coin we now know. Because of their ability to showcase their blockchain development skills, they rose to the forefront of the blockchain eco-system.

They then began to develop a suite of products with their blockchain technology to allow anyone with interest in integrating, distributing and managing their digital assets. Their services were best integrated into the gaming community where revenue for players could increase as well as gaining a competitive edge while being innovative at the same time.

Besides the fact that the company originally focused on one industry, their technology is not limited to that only. The technology developed by Enjin can be utilized as part of their digitization strategy. Which includes the acquiring, retaining and understanding of monetizing their assets digitally with blockchain technology.

Understanding What Enjin Is

This may be a bit confusing to those not familiar with the company or coin. Or there may even be some confusion as to what an NFT coin is. We’re here to help. There isn’t too much information directly on what an NFT coin is. If you search for it online, you will get a ton of financial information about the latest prices of NFT coins etc. Which doesn’t help much.

NFT coins are tokens that are usually based on the Ethereum (ETH) blockchain. And the reason for that is with regards to the gas fees. Gas fees are the payment or fuel required for certain information to be validated on the blockchain network. That allows the digital information to be checked and traced. An extremely important feature!

This is what a basic crypto-currency is based upon. But that’s where it stops with crypto coins. NFT coins go a step further. NFT coins are crypto coins (obviously) that get used by specific technology platforms for specific digital assets. So, in a way, NFT coins are a way for a tech company to promote their digitalization services of certain products.

Almost all NFT coins are based on the ETH blockchain. The reason for that is because it is necessary for the transactions to be validated and ETH is the best optimized for that. So many tech companies that branch out and create their own blockchain technology make it compatible with ETH. It takes a lot of the hard labor out of the process for the tech companies. There are also other benefits that ETH offers. These are things like popularity and accessibility. The more people that have access to it, the more people that can use the NFT coins.

Sometimes it is also possible to get started on NFT coin platforms initially with ETH. This helps start the process for some people as it much easier to gain access to ETH than other crypto-coins. Some platforms have even introduced systems where users can gain the native coin by spending time on the platform and performing tasks. This will then generate NFT coins which can then be used or exchanged.

The Future of the Blockchain

What does this look like and what does it mean? This is a 2-part question that goes hand in hand with one another. Firstly, we need to understand what NFT coins are all about. We’ve defined them in the technical sense above. But what purpose do they have? It’s very easy. It’s about digitalization and the security of that digital property. It’s also about the access to that kind of traceability that NFTs have.

The whole purpose of crypto-currencies is about decentralized finance (DeFi). NFTs build on that premise by offering security in the same realm of influence. So, one could say that the future at least looks interesting. But interesting how? If you can see opportunities in NFT coins like Enjin, then you are on the right track.

That is because we believe that there is lots of potential in NFTs and more so in Enjin. This company has spotted a niche (a very large niche) where people can easily and securely convert their items to NFTs. Their focus is mainly on the gaming community, but that just leaves a lot of space for opportunities with other digital items.

Let’s go through what Enjin offers and what that holds for it. We know that Enjin has specifically focused on gaming. And it’s a great concept. A person can store their items that they have earned through much effort, with or without luck, and now have a value to it besides time invested. People can trade their items for Enjin which can be converted to ETH which can be cashed in at an exchange. Suddenly all those hours spent enjoying a game can have benefits beyond just pleasure. The items that players collect can be stored or sold. The game items can range from anything – from virtual land, to skins all the way to characters. Enjin has made virtual items a reality.

The Six Dragons NFT Game That uses Enjin Coin

Enjin offers gamers a chance to hoard their digital property as will as create it. Depending on the gaming platform, players can now use Enjin to mint their items as NFTs. It does require Enjin to do so, but that can easily be bought with ETH.

Aside from gaming, Enjin can be used for securely minting almost any digital items. They have not limited their technology to just one offering. Some tech platforms are known for only art or music, but Enjin has opened their software to be able to do it all. This leaves a lot of space for growth.

What does this hold for Enjin (both the company and coin)? That’s easy to see – opportunity. We know we’ve said it before, but we have to emphasize it. There’s only one downside to opportunity in general though. It is useless unless taken. It will be up to you on how to utilize the potential that can clearly be seen. This bodes well for the future of Enjin.  

Opportunity looks different to everyone and means different things. If you’re into casual gaming and could do with a bit of a financial boost, playing games that utilize Enjin could be great for you. If you’re maybe looking to strengthen and diversify your financial portfolio by investing in an NFT coin that could show sustainable and long-term growth – Enjin is an opportunity.

Is It Worth Investing in Enjin?

This is a very broad question that doesn’t add much value to its purpose. If it’s a simple yes, then why? Understanding what the worth is in a product and making it relative to your situation is what makes all the difference.

For example, if you are reading this article, you have probably heard about NFTs in some way and want to know if it will work for you. But let’s think about why you’ve only heard about Enjin now – after all, they have had a coin since 2017.

2021 has been the year of the NFT explosion. For whatever reason you want to believe the cause for it; it doesn’t matter. What should matter is that the concept of Enjin is becoming mainstream, and that’s a good thing. Focus on the word becoming.

It’s a good thing because it can allow you to see the potential of where Enjin has come from and where it is going. And it allows you to invest in it while its market is starting. Specific NFT niches are booming, think about art NFTs for instance. And due to those booms, people have become a lot more aware of what NFTs are and are starting to understand their potential.

If you are just looking for any advice to make a quick profit, sure you could do that with Enjin. But that would be to miss out – and in a big way. If you can understand what the Enjin platform does and what it can do going forward. Then yes, it is worth it.

Some Quick Financial Remarks

One feature of crypto-coins that is more of a requirement is the number of coins that can be minted. The main reason for this is to prevent an endless supply of coins being created digitally. By limiting the amount that can be produced, scarcity is created. And that in turn ensures that there is better value to the coin.

Enjin (ENJ) will have a maximum supply of 1,000,000,000 coins minted in total, of which 934,340,659 are already in circulation. As can be seen, this is almost at the maximum number. If you are looking for another reason to invest in ENJ think about this. The scarcity of this coin will increase even more when the amount of possible minted coins has reached zero. That will mean that all the ENJ coins that can be produced, will be complete. This will drive up the value of the coin significantly. Of course, we can’t tell you exactly when that will be, but it will be soon.

The current value of ENJ at the time of writing is $3.03 USD. Which has seen some impressive gains in the last few weeks especially. The data shows that there is almost $0.5 Million USD of ENJ traded every day. Considering that Enjin is currently the 70th biggest crypto-coin – it’s quite impressive.

Looking at the chart above, one can see the effect that the price of ETH has had on the coin. As ETH is quite tied down to Bitcoin, one can see how the market is affected by dips. One positive thing about NFTs in the last few months is that they are finally starting to show strong signs of becoming independent of the price of Bitcoin and ETH. This shows that the ideas of NFTs are starting to be validated by more and more people.

The latest crackdown of all things crypto in China was expected to drop the price of all crypto-based products. However as was seen, the market barely dipped. This shows the resilience of digital assets compared to five years ago.

Metaverse

If one searches for anything related to Enjin, two things are sure. You will find the price charts of Enjin almost everywhere and you will see a related tag with Metaverse on it. What is that about?

It’s quite simple and has actually been around much longer than Mark Zuckerberg will admit – the metaverse we’re discussing is not Meta (though it is part of it). Virtual worlds are not a new concept, but they have been around for many years. They are specifically found in games. Think about how many MMOs (massive multiplayer online games) are out there. Gamers have been challenging each other or working together for years on some platforms. What this has done is created an opportunity for business and social conditions to change.

When we think of virtual worlds, we will probably tend to think of VR headsets. However, the metaverse is so much bigger than that. The metaverse is a 3D world that can be seen on a 2D screen. Screens like smartphones and pcs.

Now to get back to Enjin and the metaverse connection. Enjin is designed for digital assets everywhere but especially in games. Games that are part of the metaverse. Thus, forming a strong link between Enjin and the metaverse in general as the development of Enjin has boosted the validity of the metaverse’s potential. 

Concluding Thoughts

We are living in exciting times. Things that we never thought possible a decade ago are exceeding any and almost all expectations that we might have had. NFT coins are booming thanks to the recent attention that has been placed on them. And we believe it’s a good thing. It shows that technology is presenting new opportunities in the DeFi market that almost anyone can access.

Enjin is certainly at the forefront of NFTs and how they can relate to our everyday lives. They’ve been patient in waiting for the right time and that time is now. Their technology has been around long enough to prove its worth and they do it better than anyone else.

They are a good investment for the short or long run. They aren’t a fly by night company. They have invested the right amount of money and expertise into their platform. They have shown what their coin is capable of and why it is so necessary. It contributes to DeFi and enable access to people.

It doesn’t matter what type of investment you are looking to place in Enjin, from they have shown, it is more than worth it. Whatever you decide, the company is going somewhere. So, the only questions that remains is this, are you going with it?

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