Apr 06, 2022 07:05
The blockchain community has seen some growth over the past few years. Today, the space has new industries, leveraging blockchain technology to offer services. Blockchain gaming and non-fungible token (NFT) are among the fastest-rising communities, with crypto enthusiasts exploring and earning money from the digital economy. The buzz surrounding NFTs is amazing. Almost every crypto enthusiast is creating or trading tokens on marketplaces. Some games also leverage them for gameplay, helping users win some while playing their favorite games. Because of the popularity of various economies in the blockchain space, developers need the right software to make that possible. One of the platforms that help developers create digital products is Enjin. Enjin software enables developers to create digital assets. And because demand for digital products is on the rise, developers leverage numerous tools and software to ease the process. This way, there are more products and options available for interested individuals.
What Is Enjin?
Enjin software strives to assist developers in creating, managing and trading digital products. One of the major industries where developers use this software is blockchain gaming. Blockchain-based games are games leveraging blockchain technology. Usually, these games have a play-to-earn model, which allows players to earn money while they play games. This software has several tools that help developers create games and other digital products. Some tools include software development kits (SDKs), payment gateway, and wallets. Because blockchain-based games allow players to earn in-game tokens, they also need wallets to keep those assets safe.
What Are SDKs?
Software development kits are software tools for developers, enabling their applications. Most SDKs include documentation, code samples, and guides, which may make integration easier. While there are various types of SDKs, Enjin provides tools geared toward blockchain-based products so that programmers can build and integrate applications. Online games face many challenges, and one of the core problems is vulnerability to manipulation and fraud. Many digital assets are stolen by scammers, leading to financial losses.
A gaming platform that fraudsters can easily manipulate is not safe. This requires developers to put extra care into the software tools for building a platform. With this, the platform may suffer lower financial losses. Besides security, blockchain-based games also have other problems, such as high fees or slow speed. To improve user experience, programmers also need the right software. Tools can bring down gas fees and speed up the gaming process, leading to higher scalability.
How Does Enjin Work?
Enjin has a native currency called Enj. The Ethereum-based token facilitates transactions in the Enjin ecosystem. The ecosystem is also working on a scaling solution called Efinity, which may help applications enjoy greater scalability. The SDK software provides developers with different SDKs needed to create and integrate products. SDKs are essential in building applications and projects because they provide the necessary building tools. Enjin also has a marketplace where buyers and sellers can trade. Traders can find all sorts of artworks in the marketplace, such as collectibles. People who use the platform will also pay a commission after successful trades. Wallets are important because they help users transfer tokens from one platform to another. Enjin has a wallet that strives to make gaming more accessible to players.
Brief History
In 2009, Maxim Blagov created Enjin as a platform to facilitate gaming. In 2017, the company had its initial coin offering and made over $18 million from selling its native token. It sold over 300 million tokens, about 30% of its supply. In 2018, the company launched its blockchain wallet called the Enjin wallet after the ICO.
What Is Enjin Coin?
Fig. 1 ENJ/USDT 1-day chart - TradingView
Enjin Coin is like the fuel of the Enjin ecosystem. Launched in 2017, the Enjin coin has recorded notable growth, especially with growing activities in the gaming and non-fungible token spaces. You can easily buy this token on exchanges and transfer and store it in ERC-20 compatible wallets. One of the most important use cases of this coin is that it helps buy and sell NFTs in the ecosystem. While the token price is currently at $1.91 (as of writing), demand for more NFT-related products may increase. Players with games embedded in Enjin may also need to buy the Enjin coin to access special features. And users will also pay for gas using Ethereum. It's safe to mention that miners cannot mine this token because it is based on the Ethereum blockchain. However, Ethereum miners assist in making the token available.
Is Enjin Coin Still Worth It?
Enjin coin is a relatively new token in the digital asset space, but is it worth buying? Well, it depends on how you see the ecosystem. Today, this coin is frequently used by gamers leveraging Enjin. This shows that the coin has some potential, especially since almost everyone loves blockchain gaming. It’s also important to do your research before moving to buy any digital asset. When you do this, you save yourself from investing in projects that may not see the light of the day.
Also, when investing, you should invest money that you can lose. This helps you reduce the risk associated with your investment. Because if you don’t, you might end up losing a lot of money. Like other tokens, the Enjin coin is a volatile asset, and sudden market changes may lead to a loss of value. Still, the coin looks like a good long-term investment because things look bright for the non-fungible token space in which Enjin is a stakeholder.
Enjin Coin Price Prediction
Enjin is currently in the $1.90 range. While this is far from its all-time high, there are chances that it will recover soon, especially if the market goes bullish. Presently, the crypto market suffers some major price losses due to market conditions and sell-offs. Enjin may regain $2.3 before the second quarter, provided that the industry experiences some recovery. If the crypto market continues to record losses, the coin may go below $1.9 and balance around $1.5, the closest support. By the end of 2022, the market is expected to cool off from the sell-offs, which may trigger some price movement for the Enjin Coin. This can take the coin to around $4 before 2022. If the market remains unstable, Enjin may maintain the $2.2 range.
Where To Buy Enjin?
If you are looking to buy Enjin, several exchanges support the token. It's safe to add that searching before buying a token would help you make better purchase decisions. Below are some of the best platforms to buy the coin:
- Binance: Binance is one of the top exchanges in the asset space. You can buy Enjin coins on Binance, alongside many other assets. You can also swap your assets for Enjin coins on this trading platform.
- Coinbase: If you need a US-friendly exchange, you should consider buying Enjin on Coinbase. This platform strives to facilitate crypto-related services while maintaining security. You can easily create an account with Coinbase to get started.
- Crypto.com: Crypto.com is beginner-friendly, so you should find it easy to navigate through the platform even if you are new. You can buy Enjin on Crypto.com and also trade over 200 altcoins. It also allows you to pay for coins with your credit/debit card.
Conclusion
Like most crypto projects, Enjin has potential due to the use cases in the market. However, traders should endeavor to conduct in-depth research into any token they wish to purchase. It is also advisable to diversify one's portfolio in case of a potential market downturn.
Enjin Coin
© Cryptoticker
World Crypto Global
