07 July 2021 | ZebPay Trade-Desk
Enjin coin is the salient project of the famous Enjin company. The company bestows an ecosystem of interrelated gaming products which is based on the backbone of blockchain. Enjin’s main offering to the crypto space is the Enjin Network. It is essentially a social gaming platform, which helps the users to chat, create different websites, and host virtual things stores. The protocol’s main aim is to provide the right kind of infrastructure for game developers to tokenize in-game items on the Ethereum blockchain.
Enjin coin, an ERC-20 token, is the native token of the network, as it backs digital assets supplied using its own platform, which implies that objects can be sold, bought, and traded in terms of real-world value. It came live in the Ethereum main network in June 2018. Enjin token has a total supply of 1 billion coins. Of this, 10% is reserved for the company and community initiatives, beta testing, marketing, and strategic partnerships, and another 10% is reserved for team members and advisors, making the rest available for trading.
Enjin Coin Snapshot (at the time of writing):
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Minting blockchain belongings the usage of ENJ affords a variety of advantages for its participants:
- Provides a robust reserve cost
- Ensures transparency and scarcity
- Instance liquidity
- Utility amongst video games and packages constructed at the network
- Largely anti-inflationary
- Enjin’s “melting” capability permits its holders to break their blockchain belongings at any time and retrieve the ENJ cost from within.
The environment aims to provide software program merchandise that makes it easy for everybody to develop, change, monetize, and marketplace with blockchain. Enjin Coin makes use of a chain of clever contracts. Using those clever contracts, gaming builders ship ENJ to mint new, specific ERC-1155 tokens (fungible and non-fungible). These tokens are used to change at the Enjin Marketplace, which changed into released in September 2019 or may be exchanged for ENJ tokens at any time. As greater custom tokens are minted, the delivery of ENJ tokens depletes from the environment, making it scarcer and greater value.
ENJ token’s Current circulating supply is 83% of the total supply. That’s a big number considering its cousins are not at all nearby to that percentage. As we discussed above it’s an NFT token (one of the first-ever created) to facilitate the building of gaming applications in ethereum blockchain. In the table below we can see that ENJ has grown around 693% in just 6 months and the highest among its counterparts. It’s closely followed by MANA which is an ERC-20 token with a YTD of around 587% and SAND which is again a powerful combination of ut growing fast UOS token at 830%. These returns are commendable, but in terms of market cap, MANA is leading the group followed by ENJ with $0.98bn. Hence the market rank of MANA is slightly higher than ENJ which stood at 73 while the former at 71. Sandbox is a virtual world that allows users to build and monetize Gaming experiences. It allows users to create, upload, and integrate NFT’s to SanDAO, and NFT growing around 575% since January. ENJ has occupied first place in terms of returns too with 4741% since its conception followed by a SAND token with 3586% returns and the MANA with 2243% and last but growing fast UOS token at 830%. These returns are commendable, but in terms of market cap, MANA is leading the group followed by ENJ with $0.98bn. Hence the market rank of MANA is slightly higher than ENJ which stood at 73 while the former at 71.
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Enjin introduced its native token ENJ in which is based on ERC-20 token and smart contract platform that provides game developers, gaming communities, and content creators the vital crypto-backed worth and accessories for managing and facilitating virtual goods. For the first six months, the tokens had the full support of the Enjin platform. And now after 3 years since its introduction, ENJ has come far. The Month-on-Month return has been so far very consistent, the fall in May and June can be attributed to the market crash and reset which followed. The asset price has escalated by around 368% in just six months this year. The growth of Volume 1has been stable overall this year. It had a huge and sudden rise in January with the volume swelling by around 1146%. After it went on to rise until April where it witnessed a fall and has been falling ever since.
|Price (US $)
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ENJ is a digital asset coin that is used to back the worth of blockchain assets invented with the Enjin Platform. It is built on Ethereum blockchain technology and is an ERC-20 token. It is mainly used in the Enjin platform for NFT’s artwork, as a cryptocurrency, and as a digital currency for video games. ENJ doesn’t have the highest rank among its competitors but it’s certainly the oldest and mature player in the game with the highest volume and returns.
Even though the last 6 months have been volatile for the crypto community as a whole, Enjin has held up well in terms of price staying in the stable zone. The volume of the asset has been somewhat stable with little fluctuation which might be attributed to the fact that ENJ’s total supply is just 1 billion while its counterparts like MANA have 2.17 Billion and SAND has 3 billion. More than ⅔ supply of ENJ is in circulation making it a scarce asset that has a legacy and a giant gaming tech Enjin backing it up. The NFT’s and gaming are red hot now and history will be kind to Enj if it makes the right blows.
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