Enjin is a platform that allows programmers to create and manage virtual commodities on the Ethereum network. It’s a rapidly expanding project co-founded by CEO Maxim Blagov and CTO Witek Radomski. It’s a for-profit corporation that began in 2009 as a community gaming platform. In 2017, the project held an initial coin offering (ICO), raising $18.9 million. Here’s everything to know about Enjin (ENJ) and how to buy the Enjin crypto token.
The Enjin platform is a multi-product ecosystem that allows you to create, distribute, store, trade, and even integrate tokenized digital assets.
The platform’s adopters are creating ENJ-backed digital assets and using them in unique ways — ranging from art NFTs (non-fungible tokens) to digital vouchers to goods that can be utilized across numerous video games. The Enjin network is also being used to tokenize commercial real estate.
The Enjin cryptocurrency project was created as a complete ecosystem that gives its users a robust suite of commodities that allows anyone, regardless of blockchain knowledge, to access the world of blockchain.
The project is based on Ethereum and follows the ERC-20 token standard. So ENJ crypto token is an ERC20 token, which means you can utilize it for both transactions and smart contracts.
Through its public API and software development kits (SDKs), the platform offers various functions.
Developers can create NFTs with in-game or in-app usefulness using the Enjin Platform API.
As of April 2022, 10.3 million ENJ coins have been spent on digital assets through the marketplace, most of which were one-of-a-kind, programmable assets that could be used in virtual gaming environments.
The Enjin wallet, a mobile software accessible on both the Google Play and Apple App Stores, is required to purchase NFTs on the marketplace.
Enjin established the Efinity Metaverse Fund. This money from the fund will help the company expand its network and support its “ecosystem partners.” This refers to Enjin’s Efinity NFT blockchain, which is based on Polkadot.
ENJ Coin will participate in the Metaverse’s evolution, making it a Metaverse coin.
The Enjin ecosystem is filled with over 250,000 gaming communities and 18.7 million registered gamers, as the platform provides the best set of NFT creation tools in the field.
Here are the top 5 games to play to earn ENJ:
ENJ Coin is an Ethereum-based cryptocurrency that aims to simplify using non-fungible tokens (NFTs) for individuals, brands, and organizations. To directly support the value of NFTs or blockchain-based assets created within the Enjin ecosystem, $ENJ is required. The Enjin crypto coin is used as a minting resource in every asset created using the Enjin Platform. The ENJ coins held within these assets are taken out of circulation.
The maximum supply of ENJ coins is 1 billion coins. Because $ENJ is a finite and valuable resource, backing with $ENJ can provide real-world liquidity to blockchain-based assets and NFTs.
ENJ price is $1.50 at the time of writing, with a 24-hour trading volume of $209,520,971 and a market capitalization of $1,401,676,320. Enjin’s governing token is Efinity (EFI). Participants can vote with ENJ tokens on recommendations for network optimization initiatives. It’s also used to pay transaction fees, provide liquidity, and reward community members.
According to the Roadmap released by Enjin in April 2022, Enjin has a packed roadmap and development plans for the Enjin & Efinity ecosystem.
Enjin is revising its development platform to accommodate Efinity and will beta-test it with a few users. This updated version will be released as open-source software.
Enjin wants to upgrade work on its chain on the Efinity platform, and users who participated in the Efinity crowd loan will start collecting their vested EFI incentives.
The project includes the launch of Closed Beta 2 on the NFT.io platform, which will include complete ERC-721 and ERC-1155 functionality and user rewards.
Yes, ENJ coin is an ERC-20 token and the Enjin technology that underpins it enables an ecosystem for NFTs, gaming, and other distributed apps.
Here are some competitors/alternatives to the Enjin network.
The following are the Decentraland’s (MANA) distinguishing characteristics:
Let’s see the ENJ coin’s distinguishing characteristics:
All three are metaverse cryptocurrencies with significant profit potential in the future.
Enjin is a blockchain-based gaming company that aims to have individuals, brands, and organizations use non-fungible tokens (NFTs) with ease. ENJ has the potential to become the top crypto coin in the Metaverse.
Decentraland (MANA) is a popular metaverse game that allows users to play games, attend virtual events, and exchange products in digital marketplaces, potentially adding much more in the near future.
Sandbox is a virtual world-built blockchain that allows users to create and explore universes.
Staking ENJ is a fantastic method to contribute to the network’s security while also earning rewards. Thus, you can stake your ENJ and start receiving rewards by following the procedures below.
Your ENJ crypto token will be locked for a while, and you will be unable to sell it. However, following the completion of the staking procedure, you will get a reward for your contribution to the network.
There is currently no method to mine ENJ token directly because it does not run on its blockchain. Instead, the cryptocurrency exists on the Ethereum blockchain. As a result, Ethereum miners must put in a lot of effort to mine ENJ.
This blockchain employs the Proof-of-Work consensus of its parent blockchain to keep the network secure. Miners are responsible for validating network transactions. Solving cryptographic equations is how they do it; this permits them to build the next block’s header.
One of the most secure consensus processes is the Proof-of-Work consensus. However, it necessitates a significant amount of computer power. In addition, it contains some security flaws.
For starters, miners have no vested interest in this consensus. As a result, they have nothing to lose if the network comes under attack. Thus, mining is vulnerable to cyber-attacks and double expenditures. It’s also subjected to Sybil attacks.
There are a few options for getting the best deal on ENJ. And so the most typical method is to use an ENJ-supporting exchange, such as Swapzone.
You may convert ENJ using a wide choice of instant cryptocurrency exchange providers listed on Swapzone. You can review these supported exchangers, offers, and exchange rates.
Steps on how to buy Enjin coin on Swapzone:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.