What Is Enjin Coin (ENJ) How It Works & Where To Buy It?

Enjin is an innovative development platform that utilizes blockchain technology to streamline processes. The Enjin platform facilitates the creation of DApps, various digital assets, and the creation of NFT (non-fungible token) games.

Enjin Coin is the token used to power transactions in the Enjin ecosystem, and ENJ tokens play an integral role in the success of the Enjin network.

ENJ is the native token of the Enjin network – ENJ is the 77th largest cryptocurrency by market capitalization.

How Enjin Coin (ENJ) Works

The Enjin platform makes the processing of creating and managing virtual goods simpler. There are a variety of products and solutions offered on the platform, including an Enjin Wallet, Enjin marketplace, creation of games, NFT projects, and more.

Essentially, Enjin has worked hard to minimize the difficulty of creating these digital assets, to help individuals and developers in their creation process. Enjin also largely positions itself as a community gaming platform that helps to facilitate the creation and trading of in-game assets as NFTs.

Enjin transactions are also cheaper thanks to the integration of JumpNet – an Ethereum-scaling solution that utilizes an innovative proof-of-access consensus algorithm and is a private version of the Ethereum blockchain.

Enjin is tackling the issue of incorporating crypto into gaming by allowing gamers to create their own tokens backed by Enjin coin (ENJ).

According to Enjin’s whitepaper, they are seeking to provide solutions to the rapidly-expanding gaming and NFT space – streamlining the transition to virtual world systems and products.

What Is Enjin Coin (ENJ) Used For?

The virtual goods market is expected to be valued at $190 billion by the end of 2022. Enjin is at the forefront of making the trade of virtual goods and digital assets as simple, affordable, and optimized as possible.

The platform aims to onboard as many individuals as possible by simplifying the processes as much as possible. The access to the Enjin network gaming platform, Enjin smart wallet, and the simple trading of blockchain assets on the native marketplace are indicative of the products and solutions Enjin provides.

You might be wondering ”how does Enjin work so well if it’s Ethereum-based?” – the answer is that Enjin utilizes the Raiden Network to improve scaling and efficiency. The Raiden Network is comparable to Bitcoin’s lightning network – an innovative and efficient scaling solution.

Additionally, some individuals buy Enjin tokens to frequently trade on exchanges. Swing or arbitrage traders capitalize on the daily price fluctuations Enjin experiences.

ENJ holders can also stake ENJ to earn rewards.

Where To Buy Enjin Coin (ENJ) Tokens

ENJ tokens are among the most frequently traded cryptocurrencies – ENJ is listed on most major cryptocurrency exchanges. It’s important to understand that the ENJ token is subject to significant price volatility, as are the majority of cryptocurrencies.

Before purchasing ENJ tokens, users will need to deposit fiat money onto an exchange, sequentially, ENJ tokens will be credited to their ENJ digital wallet on the exchange.

The crypto exchanges below are some of the safest place where you can buy, sell and store ENJ tokens.

1. Gate.io
2. HTX
3. KuCoin
4. Binance
5. Crypto.com

ENJ tokens can be stored directly in an Enjin wallet – most individuals who purchase ENJ tokens opt to store them in an Enjin wallet which makes the processes of minting and trading NFTs much simpler.

About Enjin Coin (ENJ)

How long has Enjin Coin (ENJ) existed?

The initial announcement of Enjin Coin was in 2017, and the Enjin Coin launch followed in 2018. There was a significant amount of excitement and hype surrounding the Enjin Coin initial coin offering (ICO) which raised more than $22 million.

Only ETH was accepted for the ICO and 6000 ENJ = 1 ETH. Since the launch of ENJ, prices have rallied as high as $4.68 for 1 ENJ token.

What’s controversial about Enjin Coin (ENJ)?

There are a large number of innovative crypto projects entering the blockchain space daily. Most of these projects aim to provide people with new solutions but not all of these projects are as transparent and credible as they claim to be.

Another factor to consider is that the lack of crypto regulation and the decentralized nature of crypto makes investing in certain projects incredibly risky. Many ill-intentioned projects seek to capitalize on naïve retail investors who don’t do a considerable amount of research, and FOMO into projects based on hype.

Researching projects is fundamental and will likely help you better understand what projects are providing real solutions and are credible. Your research should be centered around the project’s founders, understanding token utility, major partnerships, the project’s whitepaper, and any other important factors surrounding the project.

Let’s take a look at the top controversy surrounding Enjin Coin (ENJ):

• Enjin Wallet – The blockchain space is populated with thousands of digital wallets that claim to offer users superior security of their digital assets. While this is most definitely an important asset to have for anyone invested in crypto, securely storing assets isn’t as straightforward as it may seem.

  Several wallets claim to be decentralized and ultra-secure, and many of them truly are. For example, MetaMask is among the most used digital wallets in the world, and the wallet is trusted by hundreds of thousands of crypto investors.

  Unfortunately, wallets that aren’t open-source also claim to be decentralized and secure but they can’t be adequately vetted. Enjin wallet isn’t an open-source wallet and there are some concerns surrounding the wallet’s credibility and security.

How many Enjin Coin (ENJ) Tokens are there?

At the time of writing, ENJ has a circulating supply of 889,989,955.57 ENJ.

The total supply of ENJ is 1,000,000,000.

The max supply of ENJ is 1,000,000,000.

Can Enjin Coin (ENJ) be mined?

ENJ is a mineable cryptocurrency. ENJ operates on the Ethereum blockchain which makes it a mineable currency.

Individuals can utilize unmineable.com for a simple and cost-effective way to mine Enjin Coin (ENJ). Additionally, some DeFi platforms offer generous rewards for users that provide liquidity for ENJ and stake ENJ tokens on the platform.

What is the market cap of Enjin Coin (ENJ)?

The market cap of Enjin Coin (ENJ) is:

Enjin Coin (ENJ) market cap = total amount of coins in circulation x current market price of ENJ.

Enjin Coin (ENJ) Market Cap = 889,989,955.57 ENJ x $0.6625 = $589 million (77th largest market cap),

ENJ is currently one of the top 100 cryptocurrencies by market capitalization – Enjin Coin (ENJ) achieved its largest market cap of $3,93 billion on the 25th of November, 2021.

Biggest Competitors Of Enjin Coin (ENJ)

Enjin Coin has a predominant interest in the NFT space and therefore when comparing its competitors it’s essential to focus on blockchain projects that are seeking to provide NFT solutions.

The ENJ token is used to power all actions in the Enjin ecosystem, including the purchase and trade of digital assets, paying for transactions, and more.

Enjin Coin’s biggest competitors are:

• Ethereum
• Decentraland
• Solana
• Star Atlas
• The Sandbox
• Axie Infinity

The virtual goods and gaming market is growing at an exponential rate and projects that are shaping this innovative sector will likely see positive growth in the future. The sector is also becoming incredibly competitive, and projects will have to stay as user-oriented and innovative as possible to stay ahead.

What Are The Future Plans For The Enjin Platform And ENJ Token

The Enjin team has announced its intention to provide unique solutions for the trade of in-game assets minted by their ever-growing community gaming platform. The Enjin blockchain wallet is simplifying the process of storing digital assets and facilitating their ease of trade.

The advancements in scaling solutions have also bolstered the appeal of the Enjin network, and the team continues to endeavor towards providing the most optimized experience for developers and users.

Most recently, the Enjin team, along with other top blockchain projects, have been advocating their crypto solutions at the World Economic Forum’s annual meeting.

Pros And Cons Of Enjin And Enjin Coin (ENJ)

Pros:

• Scalability – Enjin’s JumpNet integration and Raiden Network have made the Enjin network extremely efficient and superior in scalability.
• Native blockchain wallet – The Enjin wallet has facilitated the ease of storing digital assets securely. Users can easily store NFTs, and use the wallet to integrate with marketplaces where they can trade items.
• Enjin marketplace – The native marketplace has facilitated more than 1,000,000 trades to date and continues to see extensive growth. The main benefit of having a native marketplace, powered by Enjin Coin, is optimizing the process of creating NFTs and trading NFTs.

  The marketplace has quickly grown to become known as a credible and secure platform. Multiple projects can launch their NFT series to a large community, aiding in exposure and efficient tradability.

Cons:

• Wallet isn’t open-source – Among the most notable concerns surrounding the Enjin platform is the Enjin wallet. Many individuals believe that it isn’t as credible as other blockchain wallets because it isn’t open-source.
• Competition – There are already several top blockchain projects that are cementing their position in the NFT space. These projects are offering very similar solutions to Enjin, and many of them have already amassed large communities and millions of trades on their platforms.