Enjin Coin (ENJ) Review
Enjin is one of the more fascinating cryptocurrency projects because it has a direct relationship with something that goes hand-in-hand with technology – video games.
That’s right, Enjin is a cryptocurrency project focused on the very popular and lucrative video game industry.
We know, you are probably wondering how a cryptocurrency can focus on a cryptocurrency, but we can assure you it is possible. Cryptocurrency has reached the point where it offers a solution for basically every possible problem.
Anyway, this article will offer an extremely comprehensive review of Enjin and why it is one of the best cryptocurrencies out there at the moment.
- 1 What is Enjin Coin (ENJ)?
- 2 What Problem Does Enjin Coin (ENJ) Solve?
- 3 Why is ENJ Valuable?
- 4 Enjin Partnerships
- 5 Paths for Enjin Coin’s Growth
- 6 Is Enjin Coin a Good Investment?
- 7 Closing Thoughts
What is Enjin Coin (ENJ)?
Enjin Coin (ENJ) is a cryptocurrency project launched in 2017 by Maxim Blagov with an ICO that raised $23 million USD. The project is on the Ethereum blockchain with the token itself being an ERC-1155 token.
As mentioned previously, Enjin is a video game focused cryptocurrency project. The main use of Enjin at the moment is as a sort of blockchain wallet for in-game items like coins and items. Basically, all the items from a particular video game can be stored on an Enjin wallet rather than some other system.
What Problem Does Enjin Coin (ENJ) Solve?
Enjin solves a few problems, but a lot of the value from it is actually what it adds to the video game industry.
And Enjin adds a lot of features to the video game industry. This section will go into that in-depth.
A Multiverse NFT Platform
A huge advantage of Enjin is that it operates on the blockchain. This means that the items stored in your Enjin wallet for use in video games are compatible across all the video games in the Enjin universe.
That is a huge, massive advantage for both developers and users.
Developers have an advantage with this because cross-game functionality like this can draw users to new games. This is an especially big advantage for smaller development companies because they can change the playability of certain items in their game to draw users.
As for the users, this mostly benefits them. The value of their NFTs will go up if the NFT can be used in more than a single game. Plus, it just makes things more fun if you have more playability with your in-game items.
Easily Create NFTs
The other big value adding feature of Enjin is that it allows users to easily create NFTs. All it takes is locking up a certain amount of ENJ into an in-game item. Of course, the in-game item can be ‘melted,’ which destroys the item and gives the user the underlying coins.
Anyway, we like this feature because it makes creating NFTs for a videogame extremely simple for both the developer and the end user.
Why is ENJ Valuable?
ENJ is valuable because ENJ is locked into in-game items. This process of locking in the ENJ reduces the total circulating supply of ENJ.
The process also creates demand for ENJ.
Here are some relevant stats about ENJ.
Enjin Coin Stats
All Time High Price: $3.45 on April 9, 2021
Market Cap: $970 million
All Time High Market Cap: $2.9 billion
Max Supply: 1 billion
Total Supply: 1 billion
Circulating Supply: ~873 million
Enjin has a lot of partnerships. It is actually a little surprising just how many partnerships that Enjin has picked up over the past year. This section will cover some of the most significant partnerships and the impact they might have on the cryptocurrency.
Yes, Enjin has a partnership with Samsung. And it’s a significant partnership for the electronics manufacturer and the blockchain gaming project.
The basics are that Samsung has something called the Samsung Blockchain Keystore, which is a secure place for Samsung phone users to store their crypto keys.
The partnership is in the form of the Enjin Wallet having a native interface (and compatibility) with the Samsung Blockchain Keystore. This might sound insignificant, but it’s actually a sign that Samsung sees the value in blockchain mobile gaming.
Why is this the case?
Enjin is very popular for blockchain mobile gaming. And having the wallet on Samsung’s native cryptocurrency wallet will make things easier.
This is the type of partnership that is good for Enjin as it will greatly increase the usability of the cryptocurrency and blockchain gaming as a whole.
Microsoft announced a very minor partnership with Enjin. This partnership will have Enjin create NFT badger avatars for top community contributors in the Microsoft Azure community.
Yes, this is not really that major of a partnership on its own – Enjin is simply creating NFTs for a small Microsoft community project.
However, Microsoft is a massive company and they do have a video game department. In fact, Microsoft owns an entire video game studio called Xbox Game Studios.
Now, Microsoft does keep the video game studio separate from the other parts of Microsoft. But it is difficult to ignore the fact that Microsoft has partnered with Enjin for something.
Is this perhaps a sort of test run of Enjin for the video game department?
Only time will tell on this one. But it’s reasonable to think that Microsoft might have a little more interest in Enjin than having them make NFT badgers for a side project on Microsoft Azure.
LABS Group Partnership
One of the more interesting partnerships that Enjin has picked up is with a company called LABS Group. LABS Group will use Enjin to create real estate NFTs that can be sold fractionally.
The goal is to allow investors to invest in real estate for a smaller amount of money than typically required. In our opinion, this is a very risky business model, but it will definitely showcase the capabilities of Enjin.
Finally, Enjin Coin is available for loans on Aave. Users can deposit ENJ to lend out and receive some rewards. It is also possible to borrow ENJ on Aave.
This is a huge development for ENJ because it expands ENJ out to the greater DeFi ecosystem. Exposure like that will help the trading volume of the cryptocurrency and give it more exposure in the long term.
Paths for Enjin Coin’s Growth
Enjin has a relatively clear path for success. However, it does appear that Enjin might be a little early to the blockchain gaming industry. That said, here are some ways that Enjin can become even more popular.
- Ethereum becomes more efficient (out of Enjin’s control).
- Blockchain gaming becomes more popular.
- Enjin offers support for mainstream video games or consoles.
- Enjin uses their NFT software for more than just video games (real estate, music, property, etc.).
- Hyperrealistic virtual reality gaming enters the market and Enjin serves as the NFT backbone of the ecosystem (ie. Ready Player One).
Basically, if you see Enjin doing any of the above things, then that is a very good sign as the platform will become more popular. And in the case of Enjin, popularity is everything.
Is Enjin Coin a Good Investment?
Yes, Enjin Coin is a good investment. In fact, we would rank it as a great investment because it combines cutting edge NFT technology with the biggest use case for NFTs (video games).
Most importantly, Enjin is a project that is actually making progress. They have announced partnerships with some pretty major companies, blockchain games already use Enjin, and the tokenomics of ENJ make perfect sense (lock ENJ to make NFTs).
Finally, the price is still relatively low when you look at the potential growth of Enjin. The project has the chance to completely change the entire videogame industry and almost no one knows about it.
It’s a really great opportunity. Also, the value of ENJ increases as the project becomes more popular due to the nature of ENJ, and the blockchain gaming industry shows no signs of slowing down.
Where to Buy ENJ?
ENJ is a popular cryptocurrency, which means you can find it on most major cryptocurrency exchanges. Binance, Coinbase, Kraken, Huobi, and others.
Our recommendation is Binance for international users and Coinbase Pro for Americans.
That covers it for everything you need to know about Enjin Coin. This is, in our opinion, the most promising blockchain project. However, the technology (Enjin) is just a little bit ahead of the rest of the industry with hyper realistic virtual reality being a few years out at best and the Ethereum mainnet still having scaling issues.
That is why Enjin is more of a long term play than anything short term. That is also why the seemingly high price of ENJ is still low compared to what it can be in the future.
Overall, it’s a really great cryptocurrency doing good things with a lot of potential for future growth. This is one cryptocurrency that you should definitely consider investing in over the next year.