Non-fungible tokens (NFTs) have risen to prominence as one of the most exciting areas of cryptocurrency innovation. The new technology has surged in popularity, and clever software engineers are continually coming up with new applications. Among the most intriguing applications are NFT-based video games.
Axie Infinity and Decentraland are two projects that leverage blockchain technology to create games centered on complete virtual economies. These games have grown in popularity due to the fact that you may earn substantial money exchanging in-game assets or simply by playing them. Enjin intends to simplify this process for creators unfamiliar with the technology, so they can focus on creating wonderful games. Due to the fact that NFT games are still in their infancy, there are numerous challenges to resolve, and Enjin Network is an excellent answer for many of them.
What is Enjin?
Enjin is a blockchain-based software platform that enables developers to create and manage virtual commodities on the Ethereum network.
The concept is that by utilizing blockchain technology to manage virtual in-game goods and collectibles across several properties, Enjin can help mitigate the high fees and fraud associated with the transfer of virtual in-game goods and collectibles.
To do this, Enjin has issued software development kits (SDKs) that enable users to both build and integrate digital assets on Ethereum.
Each coined asset is customizable to the preferred platform and protected by a smart contract, granting the products the benefits of cryptocurrency, like speed, low cost, and security.
Who created Enjin?
Enjin is a for-profit corporation founded in 2009 by co-founders Maxim Blagov and Witek Radomski as a platform for community gaming.
Enjin conducted an initial coin offering (ICO) in 2017, generating around $18.9 million through the sale of ENJ tokens to fund the development of its new blockchain. It was officially launched in 2018.
How does it work?
Enjin’s primary use case is for managing and storing virtual items for games.
These can range from in-game currency to tokens representing exclusive game items such as swords or character accessories.
To construct and destroy in-game things, developers must follow the five procedures outlined below.
- Acquisition – Developers buy ENJ
- Minting – Developers create in-game things using the ENJ they purchased
- Gaming – Players gain tokens and use them for a variety of purposes in-game.
- Trading – Players exchange tokens with one another.
- Melting —Players sell tokens
Pros and Cons:
- Users can build and incorporate next-generation non-fungible tokens (NFT) into their applications, games, and websites using the Enjin platform.
2.It has its own native wallet that features dual encryption and is capable of handling both cryptocurrency and NFT trade
3. The Enjin marketplace has seen over a million exchanged products to date, assisting users in discovering, purchasing, and selling uncommon and unique NFTs.
4. Beam, a service provided by Enjin, enables businesses to expand and engage their consumers using NFTs embedded with QR codes.
5. Enjin Effinity provides a next-generation blockchain for NFTs that acts as a scalable, decentralized, and cross-chain network
- Enjin’s crypto wallet is not open-source, and so lacks proper validation.
2. ENJ lacks any physical backing for its assets, profits, or commodities.
Enjin Price History
Enjin has had an incredible 2021 thus far. The coin struggled during the first three years of its existence but surged after NFT gaming gained popularity. It began 2021 at approximately $0.13 and hit an all-time high of approximately $4 in slightly more than four months.
Regrettably, for Enjin holders, the all-time high did not endure long, and the price even fell below $1 a month later. The cryptocurrency, which now has a market capitalization of $1.5 billion, has rebounded dramatically since then and remains one of the top 100 cryptocurrencies.
Enjin may appear to have a low price relative to its big market size due to its 830 million token circulating supply.
The recent crypto market boom that began in July has primarily benefited Ethereum (ETH) and Bitcoin (BTC), but tokens such as Enjin have also performed nicely.
While the top two cryptocurrencies just broke through all-time highs, the majority of altcoins, like as Enjin, remain well below their peaks. The top altcoins frequently trail Bitcoin, but only when it finally slows. Keep an eye on Enjin and its competitors as Bitcoin begins to cool.
How to buy Enjin.
Enjin is a relatively popular and significant cryptocurrency that is listed on a number of trading sites. Coinbase, FTX, and Crypto.com are three of the top platforms for trading Enjin. Before you can begin trading, you must authenticate your identity with the exchange.
Typically, this requires submitting your address, Social Security number, and a photograph of your driver’s license. Once validated, you can fund your account and purchase Enjin.
Once your purchase is complete, you can transfer your crypto to a personal wallet. While the exchanges mentioned above have remarkable security measures in place, your assets are always safer in a hardware wallet.
Is it a profitable investment?
Enjin, like other volatile altcoins, is a high-risk investment that might result in spectacular gains or catastrophic losses. If you purchased Enjin before to the start of 2021, you would have more than tenfolded your investment. If, on the other hand, you purchased it around the peak, you would be down more than 50%. It’s generally prudent to invest just what you can afford to lose in volatile cryptocurrencies such as Enjin.
With millions of users and a vibrant network of content providers, Enjin is well-positioned to thrive in this bull market for cryptocurrencies. Enjin’s supply is deflationary, which means that the total amount of tokens will become increasingly limited over time. Having said that, the majority of cryptocurrencies are strongly associated with Bitcoin. If Bitcoin’s growth cannot be sustained, it seems improbable that other cryptocurrencies will continue to increase.