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ENJ

About Enjin (ENJ)

Enjin Coin (ENJ) is a digital asset that functions as the primary management tool for the Enjin network. Founded back in 2009 by Maxim Blagov and Witek Radomski, Enjin has created a socialised platform of gaming enthusiasts ranging from small-scale developers, large studios, and even individual gamers. On this network, users can create, trade, monetise, and market digital assets that exist in their in-game virtual worlds. From a holistic viewpoint, Enjin is situated at the forefront of blockchain gaming: a decentralised ecosystem allowing anyone involved in the video game industry to freely exchange true ownership stakes of in-game assets. 

In essence, ENJ bridges the gap between virtual and real-world value by commoditizing the virtual objects that have played a huge role in transforming gaming into a multi-billion dollar industry. Such objects include in-game collectibles and currencies, items that seem to keep young gamers coming back for more. To observe the purpose behind ENJ, it’s essential to describe the process by which they’re created and removed from the marketplace. 

To start off, a developer can convert one of their in-game items (say, a sword) into either an NFT or fungible token. His goal is to turn this sword into an ERC-1155 token, a digital token standard enabling the issuance of both NFTs and fungible tokens. The conversion process from digital sword to ERC-1155 occurs when the developer purchases ENJ tokens and infuses them into smart contracts. In essence, this procedure removes ENJ tokens from circulation and locks them into the tokenised sword as a store of value, thereby finalizing the creation of the ERC-1155 token. Once that sword has been minted, in our example, it then can be freely exchanged between game developers and individual gamers on the Enjin Marketplace. 

Market participants also have the ability to “melt” their token, a procedure in which the owner destroys their ERC-1155 token to receive the value of ENJ coins formerly held in reserve for the asset. Considering that ENJ is fundamentally designed as a store of reserve value, the coin provides liquidity, transparency, and relative scarcity for all tokens on the Enjin network. So it is no surprise that Enjin has come to power more than 2 billion NFTs as of mid-2021.

To ensure that all on-chain transactions in the Enjin network are legitimate, Enjin leverages Ethereum’s proof-of-work consensus algorithm to validate blocks of transactions that constantly appear on Ethereum’s ledger. Over the past decade, Enjin’s user base has grown to 20 million as the network continues to develop blockchain-integrated software to enhance the business and utilise monetization strategies of game studios and developers. Ultimately, Enjin will continue to provide software tools for users to tokenise in-game assets and manage their holdings appropriately.

ENJ’s supply cap was initially set at 1 billion tokens. As NFT’s and fungible tokens are continually minted on the network, the amount of ENJ locked into these assets will rise. Therefore, a burgeoning blockchain gaming ecosystem on Enjin will serve to reduce the circulating supply of ENJ over time. As of mid-2021, ENJ boasts a circulating supply of 834 million tokens. Breaking down the total supply, around 10% of all ENJ are exclusively reserved for community-led projects on the Enjin network, and another 10% are allocated to network developers/advisors. 

What is the price of ENJ?

Throughout 2021, ENJ traded as low as $0.13 during the start of the year, working its way up to an all-time high of $4 during the broad-based crypto market upswing of early April. After reaching this all-time high on April 9th, ENJ subsequently fell as much as 80% over the next month and a half. Towards the end of May, the coin has been working its way back up to $2. Volatile price swings have worked to the detriment and benefit of investors, with ENJ registering a whopping 57% gain on May 26th alone. The token’s ICO during October 2017 raised a total of $18.9 million and has since generated massive popularity among gamers and cryptocurrency enthusiasts alike.

How to buy Enjin (ENJ)

With Uphold, you can set up an account, verify your identity and buy crypto with ease.

Here is how:

1. Go to Uphold.com and click ‘Sign up’

2. Enter your email address, phone number and your personal details

3. Tell us how you plan to use Uphold and provide some basic financial information (e.g., employment status and source of funds)

4. Verify your identity by providing an ID document and taking a ‘selfie’

… and you’re off to the races!

Just start trading.

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You should be aware that the risk of loss in trading or holding cryptoassets can be very high. As with any asset, the value of cryptoassets can go up or down and there can be a substantial risk that you lose all your money buying, selling, holding or investing in cryptoassets. Our cryptoasset services are not within the scope of the UK Financial Ombudsman Service and your cryptoassets are not subject to protection under the UK Financial Services Compensation Scheme. You should carefully consider whether trading or holding cryptoassets is suitable for you in light of your financial condition.

Uphold Europe Limited (FRN: 900577) is registered under the Financial Conduct Authority’s Temporary Registration Regime for cryptoasset firms and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. The purchase, sale and custody of cryptoassets is regulated by the FCA for anti-money laundering purposes but this does not indicate any approval by the FCA of Uphold’s cryptoasset activities. Uphold Europe Limited is also an EMD agent of Optimus Cards UK Limited which is authorised and regulated by the Financial Conduct Authority to issue e-money (FRN: 902034) pursuant to the Electronic Money Regulations 2011. 

The e-money services are regulated by the Financial Conduct Authority. E-money is not a deposit or investment account which means that your e-money will not be protected by the Financial Services Compensation Scheme. User funds will be held in a designated safekeeping account with a regulated financial institution. E-money will not earn any interest. Additional Risk Warning in Uphold’s Terms & Conditions.

This content is correct as of September 2021

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