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Non-fungible tokens (NFTs) have suddenly become one of the largest areas of innovation in cryptocurrency. The new technology has exploded in popularity, and brilliant software developers are constantly finding new use cases for it. One of the most interesting uses is NFT-based video games.
Projects like Axie Infinity and Decentraland use blockchains to build games built around entire virtual economies. These games have become so popular because you can earn decent money by trading in-game assets or even just playing the game itself. Enjin wants to make this process much easier for developers new to the technology so that they can focus on building amazing games. Because NFT games are so new, there are still many issues to iron out and Enjin Network is a great solution for many of them.Â
Contents
What is Enjin?
Enjin (ENJ) is an ERC-20 token on Ethereum that acts as the main utility token for the Enjin Network. The Enjin Network acts as a foundation of an interconnected ecosystem of blockchain-powered games. Many crypto games went through the trouble of building entire networks or at least creating unique tokens. Enjin wants to make the blockchain side of its games quick and seamless so it can focus on the game itself.
Many blockchain games have to use their own networks because transaction fees on Ethereum are extremely high. Most projects would like to use Ethereum because it is the most popular usable network and is incredibly secure. Without convincing more than 30,000 Ethereum validators to help you, you can’t steal in-game items, excluding wallet hacks and similar cyberattacks. Smaller networks are drastically easier to take over due to having less nodes on their networks. Enjin helps games integrate into Ethereum with significantly lower fees. The platform has developed a myriad of software development kits (SDKs) that allow users to easily build items and integrate them into games or applications.
Every active game or app built with Enjin drives the token’s price up because users need to buy the token for every item they make. These items have value because developers must lock Enjin tokens into a smart contract when they mint them. Users can either burn the token to retrieve the locked Enjin or simply list it for sale on the Enjin marketplace. The project could be immensely impactful in the cryptocurrency sphere because it makes it much easier to build a blockchain-based game. This way developers can focus on building a great game and don’t have to worry much about the in-game economy provided by Enjin.
Enjin Price History
Enjin has had an absolutely remarkable 2021. The coin didn’t experience much success in the first 3 years of its existence, but as soon as NFT gaming became popular, it skyrocketed. It started 2021 at about $0.13 and reached its all-time high of about $4.50 in November of the same year. Unfortunately for Enjin holders that bought at these high prices, the token is now trading around $2.50. It may seem like Enjin has a low price for its large market cap –– this is because of its large circulating supply of 850 million tokens.Â
Heading into the rest of 2022, Enjin could continue its upward momentum so long as the cryptocurrency markets remain bullish over the long term. With a recent focus on NFTs and the metaverse, Enjin token is positioned well to outperform other altcoins available on the market today. This being said, Enjin isn’t without its competitors.
Enjin Competition
Enjin has quite a few competitors, including most cryptocurrencies relating to NFTs. Some NFT game platforms could synergize with Enjin rather than compete with it. The cryptocurrency sphere can support multiple NFT projects, so even if Enjin doesn’t finish 1st, it can still succeed.
Enjin is more likely to coexist with blockchain games than most of its competitors because it benefits from every game built on its network. If more and more developers decide it’s not worth it to build a unique virtual economy, Enjin might be their best option. So far it seems to be the top project facilitating these games, and unless a better solution comes along soon, Enjin might easily become the go-to network.
The 2 largest NFT games are Axie Infinity and Decentraland. They both are built on Ethereum with their own utility tokens. Unlike Enjin, they aren’t planning on integrating their tokens into other games, so the games and the ecosystems they have built must survive and succeed by themselves — without any help from new projects. Enjin doesn’t just benefit from each game on its network but every single item within the games. It already has more than 40 platforms and many more items on the network, but so far none have become incredibly popular. If 1 or more projects on Enjin gain widespread adoption, expect the token to perform well.
How To Buy Enjin
Enjin is a relatively popular and large cryptocurrency and many trading platforms have it listed. Some of the best platforms that offer Enjin trading are Coinbase, FTX and Gemini. You will need to verify your identity with the exchange before you can start trading. This generally entails providing your address, Social Security number and a picture of your driver’s license. As soon as you are verified you can deposit funds into your account and buy some Enjin. Once you complete your purchase, you can send your Enjin to a personal wallet. Even though the exchanges recommended above employ impressive security, your funds are always safer in a hardware wallet.Â
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.Â
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
- Higher fees than competitors
Gemini is a cryptocurrency exchange and custodian that offers investors access to 26 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader.Â
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
- New investors looking for a simple mobile and web app
- Experienced investors who need a more advanced platform with more tools
- Users looking for a 1-stop-shop to buy, sell and store all of their coins
- Easy and quick signups — can get started in as little as a few minutes
- Multitude of platforms to accommodate traders of all skill levels
- Hot wallets include insurance to protect your from theft and hacking attempts
- Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
securely through FTX’s website
Best Hardware Wallet for Enjin
If you’re looking for a great hardware wallet to secure your Enjin and other cryptos, look no further than Ledger.
Best Hardware Wallet: Ledger
More and more hardware wallet brands are popping up to serve the quickly growing population of cryptocurrency investors. Ledger has been a mainstay in the community for many years and likely won’t go anywhere soon. It offers 2 models of hardware wallets: the Ledger Nano S and Nano X. The Nano S is the simpler model and is all you need to keep your cryptos safe from cyberattacks. The Nano X adds major quality-of-life improvements, including a larger screen and Bluetooth functionality.
Both models have the same certified secure chip that generates, encrypts and stores your wallet’s private key. Your private key is the only way to access your wallet, and it never leaves the device. You can store more than 1,000 different cryptocurrencies on multiple networks including Bitcoin, Ethereum, Ripple (XRP), Dogecoin (DOGE), Enjin and all other ERC-20 tokens on Ledger’s Hardware Wallet.Â
Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Portable
- Long-lasting battery
- Bluetooth connectivity features
- Can be quite pricey
Bonus Section
Enjin could see tremendous success if the NFT market continues at its current rate. NFT-based games are quickly becoming the most highly awaited platforms, and Enjin will likely perform well if it can attract some of the top games to its network.
Cryptocurrency Market Outlook
The cryptocurrency market is performing better than ever. Bitcoin and Ethereum have both smashed through their all-time highs, and the top altcoins may follow suit soon. However, not everyone has positive market sentiments. Some investors are still predicting a quick end to this astounding bull market. They propose that the recent rally is little more than the classic double-top where the assets reach their all-time highs again and then crash back down.
So far, the double-top theory has not been proven wrong because both assets have fallen significantly since their recent peaks. It’s impossible to tell exactly where the volatile market will move next, but it can only increase so much.
Is Enjin a Good Investment?
Enjin, like all volatile altcoins, is a risky investment that could earn you astounding returns or suffer devastating losses. If you had bought Enjin before the beginning of 2021, you would be up more than 10x on your investment. However, if you purchased it near the peak, you would be down more than 50%. It’s generally smart to only invest what you can manage losing into volatile cryptos like Enjin.
The post Is Enjin (ENJ) a Good Investment? by Henry Stater appeared first on Benzinga. Visit Benzinga to get more great content like this.
Source: https://www.benzinga.com/money/is-enjin-a-good-investment/
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