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 socialized platform of gaming enthusiasts ranging from small-scale developers, large studios, and even individual gamers. On this network, users can create, trade, monetize, 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 decentralized 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 tokenized 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 utilize monetization strategies of game studios and developers. Ultimately, Enjin will continue to provide software tools for users to tokenize 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.
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This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see our disclaimer regarding risks specific to holding digital assets before investing.
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This content is correct as of June 2021
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
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