The crypto market is witnessing a massive surge in the popularity of both DeFi (Decentralized Finance) and non fungible tokens (NFTs) in 2020 and 2021. Enjin is one such platform that is inspiring developers and users in launching their own nonfungible tokens. Launched in 2017, Enjin has come up as a dominant name in the space of NFTs.
Now, the question is whether you should invest in ENJ or not. Will gamification grab the attention of gamers and general users too? This article will help you decide whether Enjin Coin is a good investment. What is the price analysis of ENJ? What will be its price in the long run?
Let me walk you through Enjin Coin (ENJ) so that you can decide whether you should invest in this token.
This is a unique project in the world of cryptos and altcoins because it takes a new and innovative gamification approach. Its website says:
“More than simulation, these new realms will empower us to create real-world value while having fun. Precisely, Enjin aims to map a path where the users can experience digital realities!”
Despite its gamification approach, the Enjin Coin (ENJ) hasn’t caused any inquisitiveness among the gamer as such. However, it has definitely become successful in grabbing the attention of investors.
Maxim Blagov and Witek Radomski were the founders of the Enjin project. They founded this gamification platform and brought its digital coin ENJ to the market. It was co-founder Radomski’s idea to introduce blockchain technology to Enjin. His keen interest in the Ethereum blockchain and smart contracts as well as his endeavor to create software that is blockchain integrated that led to the creation of the first-ever blockchain-based gaming platform in the world.
Following an ICO (Initial Coin Offering), the Enjin Coin (ENJ) was first introduced in July 2017. US$18.9 million was raised during that ICO. Various online games and websites use ENJ, which you can convert to many other digital properties including in-game gold or game items.
ENJ or Enjin Coin acts as a resource of minting for every asset minted within the network. A segment of the ENJ token gets eliminated from circulation. This adds reserve value to it. With the help of Enjin Beam, you can transfer NFTs as well as FTs through QR code scanning.
The Ethereum blockchain as well as smart contracts back these tokens. Enjin Coin follows the Proof of Work or PoW consensus mechanism. As this token runs on the Ethereum blockchain, the facility of ENJ staking is not available. These tokens can only be mined.
Enjin Coin token minting enables within in-game items, helping to boost transparency. This not only boosts transparency but also makes them anti-inflationary coins. A melting mechanism is also there in the Enjin network, which enables users to demolish the asset of blockchain and procure the coins within.
ENJ is the native token of the Enjin network, which in turn enables game developers to tokenize all in-game assets and items. ENJ is an ERC-20 token. Enjin Coin can back any in-built blockchain asset. ENJ can also be traded and sold at leading cryptocurrency exchanges such as Bithumb, Balancer, Uniswap, Binance, and others. The popular ENJ pairs are:
Enjin Coin or ENJ is a digital store value. It backs the value of NFTs and other blockchain assets.
All these facts and figures (as of Oct 19, 2021) will help you to make a decision on investing in Enjin Coin:
Enjin Coin price is hovering around US$1.63 at press time and it has increased by more than 1,084% in the last ten and half months.
By the end of 2021, the price of each Enjin Coin is expected to reach US$$2.851.
By the end of 2022, the price of each ENJ token is expected to hit US$4.989.
Enjin Coin’s price is expected to hit an all-time high price in the range from US$7.414 to US$8.793 in the next 5 years (by 2026).
Always remember that cryptocurrency investment advice always comes with the risk of loss. As prices of cryptocurrencies are highly volatile, you should be ready to consider the loss aspect too. If you can’t afford to lose money, crypto investment is not for you. Instead invest in fixed income assets. To be sure about your investment, always go through the fundamentals, technicals, and price history trends of the Enjin Coin ENJ market. Once you are absolutely sure about investing, go through the ENJ price prediction, and then invest.