Enjin Coin brings the power of blockchain to the gaming world. From game developers to the players, Enjin helps everyone earn their fair share of rewards by offering ownership of digital assets that can be bought and traded on its marketplace, the project also represents the NFT revolution in the gaming industry. Before you get excited, it’s important to explore the platform and understand how it works. Having said that, let’s deep dive into Enjin coin and explore its potential –
What is Enjin?
Enjin is the largest community creation platform for gaming which was launched in the year 2009. It’s a Singapore based company focused on content management and community building for gamers.
As per the Whitepaper, the company has a user base of over 18.7 million gamers and earn millions of dollars in revenue per month from the sale of digital or virtual goods across its community centres. In 2017, the team came up with an idea of integrating blockchain into its ecosystem that can serve the community by offering true ownership of digital goods, preventing fraud and lowest transaction fees.
Enjin wants to be the leading player in the NFT gaming space and it has a well-built roadmap for achieving this goal that started with the launch of its marketplace. Before we get into the details of the Enjin coin, it is very important to understand NFT and its use case in the gaming industry.
What are NFTs?
NFTs or Non-Fungible Tokens are unique digital assets that hold monetary value but cannot be transferred or traded using traditional methods of exchange. They are verified, stored and secured using blockchain technology.
To make things easy, we have to understand the opposite i.e fungible token. As explained in my post on Monero XMR Coin, fiat currencies like USD, INR, JPY, WON are fungible tokens which means, each currency holds the same value of exchange (1USD equals the same value in INR after conversion) and is tradeable using any method of exchange.
NFT can be anything from music, website name to digital art
Since NFTs are unique and non-tradeable, they cannot be verified without using blockchain technology. For Enjin, NFT can serve numerous purposes, some are shared below –
Once owned, NFT belongs to the gamer. It can never be sold to any other player without consent.
NFT can be used in games, websites, marketplace, ads and apps. It’s up to the owner of the NFT, how he/she wishes to use the asset.
NFTs bought on the Enjin marketplace or on the Enjin community are backed by ENJ token which holds real value in fiat, making it a store of value.
Trading Fee Reward:
The creator of NFT will get his share of money, every time it is traded on the platform. It is something similar to the royalty earned by the author from the sale of his book.
Enjin created ERC-1155 token that supports both NFT and Fungible tokens
What is Enjin Coin ENJ?
Enjin is the native currency of the Enjin platform. It is an ERC20 token built on the Ethereum blockchain that brings the power of smart contracts to the gaming world for game developers, gamers and the gaming community to manage and create crypto-backed virtual goods.
Bringing blockchain to the gaming space, Enjin is helping the system become more transparent, trustworthy and free from online fraud.
As explained earlier, the Enjin coin will bring real-world value to the virtual goods sold on the network since Enjin coin is listed and can be exchanged against any other cryptocurrency.
The total supply of ENJ is capped at 1 billion
Understanding Enjin Virtual Goods:
Enjin provides value to the community and the developers by allowing them to create virtual goods that are backed by the Enjin token as a parent currency. These assets can be converted back into Enjin coins anytime at the original exchange rate at which they were minted. Thus retaining the value and removing the depreciation factor.
The process can be broken down into 5 steps –
ENJ Coin Purchase:
The first step for the developer or the community is to purchase ENJ coins before creating the virtual goods or items.
After the purchase, the developer will create virtual items using the purchased Enjin coins.
Once the item is developed, it is enrolled in the game where players can purchase and use the item.
With the rise in user engagement and item awareness, players can trade the items using Escrow for virtual items that run on smart contracts.
It’s the final step when the players decide to sell their items. This is possible by converting the items back to ENJ coins at the original exchange rate.
Enjin Coin wallet:
Enjin wallet is one-stop shop for all your needs. Available on Android and iOS, it is one of the easiest wallets to set up. Gamers or users just need to download the app on their mobile devices and create a wallet by setting up a secure password. After basic configuration, you’re all set to access its features.
The wallet supports multi cryptocurrencies including Enjin, Bitcoin, Ethereum, Litecoin and all ERC20 tokens like Brave Browser BAT coin and Uniswap exchange UNI coin. Moreover, it has an inbuilt cryptocurrency exchange, DAPP browser and marketplace where you can check and purchase all the available virtual game items.
Remember to hold some ETH to pay for the gas fee before making a purchase on the marketplace using the QR scanner
To secure the wallet, the app uses its own virtual keyboard to prevent hackers steal your password. It also uses custom software encryption to secure and encrypt any data processed by the wallet. Also, you cannot take a screenshot or record the screen while the wallet is operational.
If you’re looking for an alternate option, you can use any secure wallet that is ERC20 compatible like MetaMask and MyEtherWallet. You can also use Ledger Nano S hardware wallet to store ENJ coin
Enjin provides an open-source SDK in multiple languages including Andriod C#, Java, C#, C++ and iOS Swift. The team has also built plugins to serve various purposes which includes communicating with Enjin API, reading account balances, creating subscriptions much more.
The popular plugins developed by the team are – Minecraft, Unity and Unturned.
Enjin Coin ICO:
Enjin Coin launched presale and public sale of ENJ token in the months of August and October 2017. The company offered 80% of the total Enjin supply in presale and public sale which equates to 800 million tokens, sold at $0.0304 in ICO at an average price of $0.13
It raised a total of $12 million in presale and almost the same amount was raised in the public sale. The money raised in the ICO was used in the development, marketing and growth of the project.
Enjin Coin Benefits:
Enjin Coin can be used to fund the gaming projects which are yet to be launched by the developers. Developers can offer virtual goods related to the game by organising a presale event and raising ENJ which can be further used to finance their project prior to the launch.
Bringing blockchain technology to the gaming space will help prevent online frauds that usually take place at the time of buying and selling virtual goods.
Lowest Transaction Fee:
Built on Ethereum with ERC-1155 support will help make transactions smoother by lowering down the fee. This step will be user friendly and help increase the spread of ENJ adoption.
Enjin has partnered with Chiliz Coin to create blockchain-powered sports collectibles powered by ERC1155, its own token
Enjin has brought the era of NFT to the gaming space. The project has a very high chance to rule the NFT space through its marketplace. For players, they can be the sole owners of the assets they purchased online using the Enjin platform.
Checkout MIRL NFT Fashion connecting the digital and physical world
Enjin Coin Drawbacks:
Enjin was built on ETH1.0 that can only process 15 transactions per second. This is a concerning number given the future of adoption. If more games opt for Enjin, it will be difficult for the platform to process the request faster because of the transaction cap which can also result in higher gas fee.
Unless we can witness the complete rollout of ETH2.0, it is very hard to find a solution to this problem.
Enjin ecosystem is made for blockchain-powered games. Unfortunately, there are not many games that can quality this criterion. It may slow down the adoption rate of the Enjin coin.
Enjin is in the nascent stage of development. There’s a lot of work to do before talking about the result. On the other hand we have Game Credits, launched in 2014 it has emerged as a strong competitor in this space. The team has to execute faster if they wish to grab the big pie in this space.
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Enjin Coin Price:
Please check the latest Enjin Coin price, shared below –
Enjin Coin Price Prediction:
When it comes to gaming, Enjin is the top player in terms of establishing over 250,000 successful gaming communities with over 18 million registered gamers. If there’s any team that can understand the gaming market, it is Enjin.
The project itself is clear in terms of the offerings and the problems it wants to address using blockchain. The ability to crowdfund gaming projects using Enjin is one of the brilliant use case of the project followed by addressing the issue of online fraud and high transaction fees.
If there’s one place where I believe the team is lacking is their exposure to blockchain technology. After going through the whitepaper, I didn’t see a separate team that is working just on building the Enjin Coin. The same team is taking care of this project and this worries me when it comes to faster execution and project fixes, leaving apart the priority factor.
Moreover, focusing on only one industry i.e gaming may not be the feasible thing to do for long term growth especially when there’re blockchains that are fighting to eat up available space in any industry like VeChain VET Crypto, a supply chain solution planning to make an entry into the NFT market.
Taking all factors into consideration, Enjin has a lot of room for growth and they have built a solid platform complemented by an excellent mobile app. I love to see how the project grows. Since the bull market is on us and BTC is on the rise, Enjin will witness growth in the next few months and has a high potential to land in between the range of $5 -$10. The project is genuine and trustworthy.
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Where to Buy Enjin Coin?
Enjin Coin is available on every leading crypto exchange like Binance, Coinbase, Bittrex Global and many more. It is also available on the leading crypto exchange of India i.e WazirX which is a subsidiary of Binance.
Moreover, since ENJ is an ERC20 token, it should be available on Uniswap Exchange and SushiSwap Crypto Exchange. The Coin is available to trade everywhere providing better liquidity and required volatility for growth.
Is Enjin Coin worth Investing in?
Enjin Coin has a clear use case, a working platform and ENJ token listed on every known exchange. It has already met the basic criteria of a successful token. There’s no doubt about the project potential.
My main concerns are the emerging competitors that can come with better solutions i.e if the same project is built on Solana, it will be much faster and efficient compared to Enjin which is still operational on ETH1.0.
Keeping the tech aspect aside and talking about investment, Enjin has an open playing field with little competition. If it’s able to grab the attention of developers and gamers, there’s nothing that can stop it from growing.
I am neutral to positive on its potential growth. In the end, it all depends upon your interest in the target industry. If you love the gaming industry then you should explore this project as it may have big rewards for gamers in the long run else there’re other projects targeting various industries that can match your interest level.
Take a look at LooksRare (LOOKS Coin), the emerging NFT marketplace
This completes my review of Enjin Coin with future price prediction. In the next post, I will cover Terra Luna Coin and Decentraland MANA Coin. If you’re a fan of blockchain technology then please do share this post on your social handles and educate everyone around you. Do remember to subscribe to my YouTube channel for more informative content, released every week.
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
An MBA in Marketing. Paras have a decade long experience in the corporate world. He is done with office politics and corporate life, therefore decided to move on and jumped on building Katoch Tubes. He is a crypto fanatic and has the vision to bring cryptocurrency knowledge to every household in the simplest form possible using the power of internet. His area of expertise includes online marketplace, cryptocurrency and content strategy. Reach out to him on Twitter & YouTube.