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What Is the Purpose of the Enjin Coin? Is It Wise to Put Money Into Enjin?

Cryptocurrency trading has received a lot of attention this year, particularly when Elon Musk tweeted about buying Dogecoin, but there are a variety of cryptos to choose from, including Enjin Coin. While certain cryptocurrencies, such as bitcoin and Dogecoin, have produced billionaires, not other cryptocurrencies have been as favourably accepted. Some are extremely useful, while others are completely useless, yet this can alter in the blink of an eye. Is Enjin Coin a good investment and what is it?

What is Enjin Coin?

Within the Enjin ecosystem, Enjin Coin may be used to mint virtual items such as weapons, armour, and potions. The Enjin Coin is a cryptocurrency or token that may be used for a variety of reasons in a variety of games and platforms. It isn’t restricted to a single game or platform.

Enjin’s team has great intentions for this coin, and they’re creating a complete ecosystem around it in order to add respectability to the blockchain sector.

Enjin Coin (ENJ) is an Ethereum ERC-20-based token that can be used to manufacture virtual items in games and exchanged for other tokens or cryptocurrencies. Enjin creates blockchain gaming communities, wallets, Minecraft plugins, and a cryptocurrency gaming exchange using its own software development kit and community support.

Read More: In the Crypto World, What Is NFT? What Is the Process for Creating an NFT?

The Enjin Coin may be used in a variety of scenarios across the many gaming platforms it is incorporated into; for example, if you have a sword purchased with ENJ on one platform, you can use that sword in another game or platform that is associated with Enjin.

How Enjin Works?

The Enjin Coin is a virtual currency that can be used to buy virtual products on a variety of sites. Minecraft, Ethereum and other cryptocurrencies, Guild Wars 2, World of Warcraft, Runescape, and others are among these platforms.

purpose of the enjin coin

The Enjin Coin may be used to mint or generate virtual products in a gaming environment, such as weapons, armour, and accessories that are only available in that game. Depending on how they were minted, the goods would have different traits and powers. Using the sword as an example, if you used Enjin Coin to manufacture a sword, it would be exclusive to a single game. That means no other player in the world may have the same sword, and it cannot be retrieved if it is destroyed or lost.

Using smart contracts, the ENJ token may also be used to buy and sell things within the gaming economy. Virtual item transactions sometimes necessitate the use of a third party or escrow service by the seller. This can be completely prevented with Enjin Coin’s Ethereum Smart Contracts.

When an object is generated and minted in the blockchain ecosystem, it is accessible to all participants in that game, and they can monitor its history from the moment it was coined to the time it was sold and exchanged.

Any transactions done with Enjin Coin are final, and the seller cannot reverse or refund them; this eliminates all risk for consumers on both sides of a transaction.

How Does Enjin Coin Guarantee These Benefits?

The Enjin currency will mint and manufacture unique goods using server-side algorithms. The minting process is difficult, with numerous processes required to create a single static, non-duplicable object.

Every virtual item generated on the blockchain has a full history that reveals when it was created, who created it, and who it has been to in the past. Because players can follow their things at all times, they have total control over them.

Before a transaction is completed, an Ethereum smart contract handles the exchange of money or cryptocurrency between two parties. This smart contract handles the payment and ensures that you receive your item(s) without the risk of being scammed by the seller.

Enjin Coin Price History

Enjin Coin was first published on October 1st, 2017, with an initial coin offering (ICO) that ran until November 1st, raising $18.9 million for the firm.

ENJ’s token sale price began at $0.01 and rose to roughly $0.4 in the first month before falling back to $0.01. For the most of 2018, it remained in the $0.02-$0.2 range. Early in January 2019, the price rose somewhat to $0.2158, but subsequently plummeted to roughly $0.09 in early August.

Read More: Which Cryptocurrency Will Make a Huge Comeback in 2022?

Enjin started the market-wide bull run in January 2021, rising to as high as $0.9 in late February 2021.

Enjin Coin climbed from $0.5 to $2.7 in little over three weeks between February 22nd and March 18th, marking a 440 percent gain in just over three weeks. The price drop from this new all-time high came rapidly, but it was not catastrophic. ENJ has dropped to $2.1 on March 23rd, 2021, a loss of about 22 percent in a week.

ENJ’s price soon rebounded, reaching $2.6 on March 31st. In preparation for another all-time high, there was a little adjustment.

According to Coinmarketcap, ENJ reached a high of $4.00 on April 9th, 2021. Enjin Coin has experienced multiple steep drops on its path to its current price of $1.4, wiping out more than 60% of its worth.

purpose of the enjin coin

Between April 30th and May 23rd, the most significant reduction occurred, with ENJ dropping from $2.8 to $0.95 per coin. ENJ was unable to sustain further rise above the $2 threshold, although swiftly rebounding to $1.9. On June 22nd, the coin struggled and fell to $0.91. Enjin achieved an all-time high of $4.85 in November 2021.

ENJ has decreased somewhat since then and is now trading at $2.27, with a market valuation of $1.9 billion.

Enjin Coin Price Prediction in 2022-2023

Enjin’s decline happened early in April, when it fell from its ATH to as low as $2.1. While other cryptocurrencies crashed at the end of May 2021 when the market-wide bull run that began in January came to an end, Enjin’s fall came early in April when it dropped from its ATH to as low as $2.1. Enjin is currently attempting to rebound from its December slump, and bullish expectations following its ATH in November have dwindled slightly.

ENJ might end 2022 at $3.04, a 33.92 percent increase from its current price, according to Digital Coin Price. The site also forecasts that the currency, which now trades at $3.87, would not reach $5 by the end of 2023. Wallet Investor, on the other hand, is more upbeat. Enjin is expected to conclude 2022 at $4.85, according to the site.

Enjin starts at $4.84 in 2023 and ends at $7.10, according to Wallet Investor, which is still more than the Digital Coin Price.

The most optimistic about Enjin’s future price is Cryptocurrencypriceprediction. Enjin will complete the year at $7.83, but will rise to $8.63 by the end of 2023, according to the site.

While the forecasts are cautious, they all believe that Enjin’s price will rise, which is a positive indication for all investors.

How to Invest in Enjin (ENJ)?

Enjin may be purchased in a variety of ways because it is a gaming cryptocurrency. We’ll concentrate on three of the most frequent ways in this article. These are the following:

  • HODLing
  • Trading
  • Staking

Is Enjin Coin a Good Investment?

While it is too early to say whether Enjin Coin will become a big cryptocurrency in the future, there are several highly promising aspects of the project that indicate a high return on investment. They provide a number of white label tools for developers that may be used to integrate blockchain technology into practically any game.

When developers opt to collaborate with Enjin, they earn tokens and other incentives, as well as help from the firm when it comes to putting up their white label solution.

If you’re considering investing in cryptocurrencies (or have already done so), you should be aware that an ICO, or initial coin offering, is a rare occurrence in which a genuine blockchain firm attempts to generate capital for its product. It’s one thing to invest in a cryptocurrency that was developed only for the purpose of raising cash, and it’s quite another to purchase tokens from a firm that already has a user base.

Read More: Which Cryptocurrency Will Make a Huge Comeback in 2022?

Enjin Coin’s innovative business strategy, which pays established firms for incorporating its solutions into their games and services, has the potential to make you money. It’s vital to keep in mind that this money is solely utilised in games and is not a general-purpose coin.

This means that ENJ tokens should only be purchased if you want to invest in virtual products.

People who appreciate the promise of blockchain technology and wish to support a cryptocurrency built by real developers should absolutely consider investing in Enjin Coin. If you don’t believe Enjin has what it takes to become a top dog, you should invest elsewhere, but remember to keep this token in mind for future reference.

Enjin Coin, we feel, has the potential to be a profitable investment for the following reasons:

  • They have a large user base in a variety of sectors; Enjin has been operating since 2009 and continues to be relevant today.
  • They want to provide a platform where other blockchain businesses may use their white label goods.
  • There are already a number of gaming collaborations in place.
  • The organization has a fantastic crew.
  • When it comes to blockchain games and virtual products, ENJ has no true competitors.
  • They are more concerned with enhancing their goods than with becoming wealthy quickly.

Conclusion

Enjin Coin (ENJ) is a cryptocurrency that will pique your attention if you’re wanting to invest in virtual products. They have a well-established business model that focuses on assisting other developers, and their blockchain technology has the potential to generate billions of dollars for top firms who integrate it into their games and services.

Enjin Coin also has a solid staff and is already associated with a variety of businesses. Developers may utilise their fully working API to construct games and virtual item trade networks, and they’re available on exchanges like Binance.

Because of its innovative business plan, we feel this cryptocurrency has a lot of promise, but you should only invest if you’re prepared to take a risk and don’t buy more than you can afford to lose.

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