Join Our 800,000+ Community

Get Ember

more posts

November 08, 2022

Here's What You Need To Know About Enjin Coin

What Is Enjin?

Founded in 2009 by Witek Radomski and Maxim Blagov, Enjin is one of the world's largest gaming, NFT, and cryptocurrency platforms with over 20 million users

First starting as a community gaming operation, the Enjin team later shifted its focus to blockchain development. 

In 2017, Enjin launched its cryptocurrency token, ENJ, an ERC-20 token, on Ethereum's Mainnet, raising over $12 million in funding.

Enjin Coin (ENJ) is the native cryptocurrency of the Enjin Network and forms the bedrock of the Enjin ecosystem. Enjin is an NFT-centric gaming platform seeking to smooth the interaction between virtual assets, gaming, and cryptocurrency. 

Self-described as "the gold standard for digital assets," ENJ coins are meant to act as an interoperable currency for gaming and NFTs.

Enjin Platform vs. Enjin Coin

The difference between the Enjin Platform and the Enjin Coin—and how they fit together—can be confusing. So, here's a quick rundown:

The Enjin Platform

Enjin isn't just one platform with its cryptocurrency; it's an entire ecosystem of products and services that revolve around NFTs, the gaming industry, and blockchain technology. 

Here's a quick overview:

Enjin Wallet: An application to manage cryptocurrencies and NFTs, the Enjin Wallet supports hundreds of cryptocurrencies, an infinite number of smart wallets, and DApp capabilities. The Enjin Wallet also features a built-in cryptocurrency exchange, allowing users to seamlessly convert between cryptocurrencies, such as between Bitcoin (BTC) and Ethereum (ETH), without leaving the app.

Efinity: Built on the Polkadotblockchain, Efinity is a scalable NFT network that aims to solve some critical issues facing NFTs today, like high transaction fees and slow confirmation times. Efinity will offer several features and services to help developers create, manage, and trade NFTs. Efinity enables cross-chain bridges, a process by which any NFT minted on one blockchain can be transferred to another compatible blockchain. 

Enjin Marketplace: The Enjin Marketplace is an online store where users can buy, sell, or trade NFTs. The Enjin Marketplace supports a wide range of NFTs, including gaming items, art, and collectibles. Like OpenSea or Rarible, the Enjin Marketplace offers a convenient way to discover and trade NFTs.

Jumpnet: Jumpnet is a sidechain that allows instant blockchain confirmations and virtually zero transaction fees. Jumpnet is compatible with the Ethereum blockchain and will eventually support other blockchains. Dubbed "forever free Ethereum scaling," Jumpnet is designed to be a stepping stone to full-scale Ethereum scaling solutions.

Enjin Coin

The Enjin Platform is the technology that allows for the creation, management, and exchange of digital assets backed by ENJ. 

The coin itself — ENJ — is the native currency of the Enjin ecosystem and is used to back the value of digital assets created on the platform. Think of ENJ tokens as the gasoline that powers the Enjin Platform's car.

ENJ interacts with the Enjin Platform in the following ways: 

Buying, Selling, and Trading on the Enjin Network:

  • Each NFT minted on Enjin automatically tethers and stores ENJ within it, giving the NFT a tangible, consistent value. 

  • Compared to other NFTs, which can rapidly appreciate or depreciate, ENJ-backed NFTs maintain a minimum price. If a game loses users, goes defunct, or becomes unplayable, the NFT will never be worth less than 50% of its original value. 

  • By locking ENJ into NFTs, there's always a guaranteed minimum value, no matter what happens to the game.

  • That said, there's no ceiling on Enjin NFT prices. If a sword, weapon, or game asset grows in popularity amongst community members, one can resell it on the Enjin Marketplace for more than its initial price. 

  • Enjin's guaranteed minimum price instills confidence in buyers, while the potential for NFT appreciation provides an incentive for sellers.

Minting and Melting NFTs: Enjin provides a comprehensive suite of tools for minting NFTs with an added twist. Minting an NFT is like any ERC-721 token minting process, but with one key difference: users can "melt" the NFT and retrieve the ENJ value locked into it at any time, no questions asked. This functionality is unique to Enjin and enables several compelling use cases. 

For example, let's say you buy an in-game sword for $10 worth of ENJ. The sword is an NFT that's automatically backed by 100 ENJ. After playing with the sword for a while, you decide you no longer want it and "melt" the NFT. As a result, you'll receive 50 worth of ENJ in your wallet, which you can then use to buy a different in-game item, cash out, or hold as an investment.

Of course, if there's interest in your sword, you don't have to resort to melting; you can list it for sale on the Enjin Marketplace and sell it to another player.

Creating Scarcity: Enjin opted to create a limited supply of ENJ, capping the total at 1 billion ENJ. Why? To instill artificial scarcity and give ENJ a more tangible inherent value. ENJ is anti-inflationary; every time someone creates an NFT, the number of ENJ in circulation decreases because the ENJ leaves the Enjin Network and becomes "locked up" in the NFT.

Over time, as developers mint more NFTs and lock up ENJ, the circulating supply of ENJ will continue to shrink. This deflationary pressure should help drive up the price of ENJ over time as demand for the currency increases.

Incentivizing Developers: Enjin provides several tools and resources to help game developers and other creators make NFTs, games, and blockchain applications. Enjin also offers incentives to developers who create high-quality projects on the Enjin Network, notably from NFT fees. Whenever a user sells an NFT, developers get a percentage of each sale as ENJ. This revenue-sharing model should help support and grow the Enjin ecosystem over time as more users buy and sell NFTs.

Enjin Coin FAQs

Can You Mine Enjin Coin?

No, Enjin Coin (ENJ) is not mineable. That means you can't generate new ENJ using mining equipment or running a mining program. Since there are a finite number of ENJ in circulation, and the supply doesn't increase, no additional ENJ can be introduced into the market. There are currently 1 billion ENJ in circulation with no plans to mint new ENJ.

How Do You Buy Enjin Coin?

You can buy ENJ on exchanges just like any other cryptocurrency. You can also use an app like Ember Fund, which aggregates the top metaverse coins into a portfolio so you can get exposure to ENJ and other NFT projects. The future of NFTs, gaming, and the metaverse is uncertain, so investing in several hedges is an intelligent strategy.

What Is Enjin Coin's Price?

As of November 2022, the current price of ENJ is around $0.44, having a 24-hour trading volume of USD 39.29 M. 

ENJ prices, like all crypto, fluctuate more than fiat currencies. ENJ has a seven-day all-time-high of $0.4829, and a market cap of around $438M (at the time of writing).

How Can I Store Enjin Coin?

The Enjin Wallet is the safest way to store your ENJ and other cryptocurrency assets. The Enjin Wallet is a multi-currency wallet that supports thousands of different blockchain assets. With the Enjin Wallet, you can easily and securely store, send, and receive ENJ. You can also use the Enjin Wallet to manage your NFTs, swap between assets, and explore the world of DApps.

What Is the Future of Enjin Coin?

While there's no way to predict the future, Enjin has a lot of potential. The company is well-positioned to capitalize on the growing popularity of NFTs, gaming, and the metaverse.

With a strong team, a solid product, and a passionate community, Enjin could see significant growth in the years to come. Considering it has one of the largest userbases in the cryptocurrency space, Enjin is certainly a project to watch.

Enjin Coin could potentially be a good investment if you believe in the long-term potential of NFTs, gaming, and the metaverse. However, it's important to remember that investing in cryptocurrency isn't a sure-fire way to make money, so do your own research and only invest what you're willing to lose.

What Games Use Enjin Coin?

Nestables

A digital collectibles game that allows players to collect, trade, and breed digital creatures called "Cubes," fully customizable NFTs (non-fungible tokens) with different skins, costumes, and accessories. Cubes aren't just for trading, however. They're also creatures within the game that require care, feeding, recreation, and more. 

The Six Dragons

An action-RPG video game that features blockchain-based items and virtual goods. Players can explore a massive, open-world environment and team up with other players to take down bosses and loot dungeons. From wizards to warriors, there are a variety of classes and playstyles to choose from. 

Space Misfits

A space sandbox-style massively multiplayer online (MMO) game set in a persistent, online universe and gaming community. It's a game where players can own their progress, experiences, and items—and take them wherever they go. Space Misfits bestows gamers with actual ownership of in-game assets by tokenizing them on the Enjin blockchain.

War of Crypta

A strategic, tower-defense-style game set in a world of rival factions fighting for control of the Crypta. Players must choose a side and use their forces to strategically outwit and destroy the enemy's base. War of Crypta features over 50 unique units and buildings, each with different abilities and stats.

9Lives Arena

A 1-on-1 fighter with high stakes and even higher rewards. With a play-to-earn economy based on the Enjin blockchain, players can own their progress, experiences, and items. In addition, players can choose their hero out of several categories: Gladiator, Samurai, Ancient Atlantean, and more. With broad customization options and a loyal companion to help, players can forge their path to becoming the most powerful warrior in the arena.

Conclusion

Enjin Coin (ENJ) is a cryptocurrency that enables the development of NFTs and NFT-based games. It has a wide range of applications and is already one of the largest NFT platforms in the world. 

Enjin Coin is well-positioned to continue its growth in the NFT space with a strong team, partnerships, and backing. While the broader crypto market has recently seen a lot of volatility, NFT development on the Enjin platform seems to be going strong. 

If you're interested in getting exposure to Enjin Coin and other promising NFT projects, consider downloading the Ember Fund app. 

Ember’s Metaverse Index (MVI) captures the top 18 metaverse projects in sports, entertainment, and business, including Enjin, alongside Decentraland, Yield Guild Games, The Sandbox, and more. 

One of the best parts? We rebalance these assteys monthly, making it easy for you to invest in this exciting new space even if you’re new to crypto investing. 

With Enjin Coin as one of its featured currencies, the Ember MVI is the perfect way to get involved in the NFT revolution.

Download the Ember Fund App today to get started with as little as $5, or click here to explore what else Ember has to offer.

Sources:

About Us | Enjin

Crypto.com Lists ENJ and Welcomes Enjin Coin’s 20 Million Users | Crypto.com

Enjin Coin: Utility Token for NFTs | Enjin

Enjin Wallet: A New Home for Your NFTs and Crypto | Enjin

Efinity | Enjin

Enjin Marketplace: Trade Rare NFTs | Enjin

JumpNet: Ethereum Scaling Solution | Enjin

Enjin for Developers: Build NFT Games & Apps | Enjin

Don't miss out on our latest posts

November 21, 2022

October 2022 Recap Newsletter 📈

Welcome to the October 2022 Recap Newsletter! We hope everyone is safe & sound. Despite November being one of the wilder months in a while (given all the news), last month was a strong one for crypto.

November 16, 2022

Now Introducing: Recurring Deposits!

The Ember team is proud to announce the launch of our latest investing feature: Recurring Deposits

November 15, 2022

The Importance of Non-Custodial Investing

With all the news around FTX, we felt it would be helpful to run through what non-custodial wallets are and why they’re important.

Download Ember Fund