Enjin Coin

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Discover Enjin Coin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Enjin Coin?

Enjin Coin (ENJ) is an Ethereum-based cryptocurrency that backs the value of blockchain assets like non-fungible tokens (NFTs). It is the native token of the Enjin Blockchain, designed for NFT transactions at the protocol level. ENJ is used to create, manage, and trade NFTs, and its maximum supply is capped at 1 billion tokens. The coin is also used for governance, security, and transaction fees on the Enjin Blockchain.

How is Enjin Coin used?

Enjin Coin (ENJ) is primarily used for various operations related to non-fungible tokens (NFTs) within the Enjin ecosystem. It is used for purchasing, selling, and trading NFTs, which can represent unique game items such as characters or accessories. These NFTs can be stored, tracked, and sold for ENJ through the Enjin wallet, allowing gamers to access and manage their digital assets across multiple gaming platforms.

ENJ is also used to mint new NFTs, with developers locking ENJ tokens into smart contracts to create these digital assets. When these NFTs are sold, the locked ENJ is released, creating a demand for the token. This mechanism, combined with the limited supply of 1 billion ENJ tokens, contributes to the token's value.

Additionally, ENJ can be used for other purposes, such as paying transaction fees on the Enjin Blockchain and participating in governance by staking tokens to contribute to the security and decision-making processes of the ecosystem.

How do I store Enjin Coin?

To store Enjin Coin (ENJ) tokens, you can use a variety of methods:

  1. Enjin Wallet: You can store your ENJ tokens in the official Enjin Wallet, which allows you to manage your tokens, participate in governance, and stake your coins for rewards.

  2. Ledger Hardware Wallet: Ledger offers a secure hardware wallet specifically designed for Enjin Coin. This wallet stores your private keys offline, making it resistant to malicious attacks. You can manage your ENJ tokens using the Ledger Live App, which also allows you to buy, swap, and track your assets.

  3. Nova Wallet: Some users have reported storing their ENJ tokens in the Nova Wallet, but it seems that this wallet might not support all Enjin Coin functions, such as staking and migration.

  1. Other Wallets: You can also store your ENJ tokens in other wallets that support Enjin Coin, but ensure that the wallet is compatible with Enjin's ecosystem and allows you to manage your tokens effectively.

Regardless of the wallet you choose, make sure to follow best practices for securing your private keys and keeping your wallet up to date to ensure the safety of your ENJ tokens.

How to buy Enjin Coin?

To buy Enjin Coin (ENJ) tokens, you can follow these steps:

  1. Create an Account:

    • On Coinbase, download the app and sign up with a valid ID and proof of address.
    • On SpectroCoin, you can buy ENJ instantly without creating an account.
    • On KuCoin, sign up with your email address, mobile phone number, and country of residence, and create a strong password.
  2. Add a Payment Method:

    • On Coinbase, connect a payment method such as a bank account, debit card, or initiate a wire transfer.
    • On KuCoin, add a credit/debit card or bank account after verifying your account.
  3. Select Enjin Coin:

  • On Coinbase, search for Enjin Coin in the Buy panel or mobile app.
  • On SpectroCoin, you can buy ENJ directly from the website.
  • On KuCoin, choose Enjin Coin from the available assets.
  1. Enter the Amount:

    • On Coinbase, use the number pad to input the amount you want to spend in your local currency, which will be converted to ENJ.
    • On KuCoin, enter the purchase amount and wait for the transaction to be completed.
  2. Finalize the Purchase:

    • On Coinbase, tap “Preview buy” and confirm your purchase by clicking “Buy now”.
    • On KuCoin, complete the transaction using your chosen payment method.

These steps will guide you through the process of buying Enjin Coin tokens on various platforms.

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History of Enjin Coin

Enjin Coin (ENJ) was first announced in July 2017 and launched on the Ethereum mainnet in June 2018. The coin was developed by Enjin, a company focused on building blockchain solutions for the gaming industry. Enjin itself was founded in 2009 by Maxim Blagov and Witek Radomski, initially as a community gaming platform. Over time, it evolved into a comprehensive ecosystem for blockchain gaming and NFTs.

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How Enjin Coin works

Enjin Coin (ENJ) is an ERC-20 compatible token that operates on the Ethereum blockchain. It was launched in 2017 by Enjin, a blockchain software company, and is primarily used for managing and trading non-fungible tokens (NFTs) and cryptocurrencies through the Enjin wallet. ENJ can be sent or received using an Ethereum wallet and can be traded on various crypto exchanges.

Key Features and Use Cases

ENJ is used for several purposes, including:

  1. NFT Management: ENJ is used to mint, trade, and convert NFTs into tangible token value. NFTs are created by locking ENJ tokens, which can only be recovered by burning the NFTs.

  2. Gaming Integration: ENJ allows gamers to store unique game items such as characters or accessories as bespoke tokens, which can be liquidated for ENJ when needed. This integration is facilitated through the Enjin wallet, enabling gamers to access various partner gaming platforms and manage their digital assets.

  3. Trading and Liquidity: ENJ can be traded on crypto exchanges and used to purchase, sell, or trade NFTs, coins, and other digital assets. It provides a secure and accessible way to trade NFTs outside of gaming environments.

  1. Governance and Staking: ENJ holders can stake their tokens to contribute to the governance and security of the Enjin Blockchain, earning governance rewards in the process. This staking mechanism helps secure the network and allows participants to nominate reliable nodes.

  2. Transaction Fees: ENJ is used to pay for all transaction fees on the Enjin Blockchain, ensuring that the network operates efficiently and securely.

Accessibility and Adoption

ENJ is available on leading crypto platforms and exchanges, making it easy to purchase and trade. The Enjin wallet provides a user-friendly interface for managing NFTs and cryptocurrencies, and the Enjin marketplace (NFT.io) allows for seamless trading of digital assets.

Unique Value Proposition

ENJ's value lies in its ability to provide a scalable and cross-chain token network, making NFTs more accessible and affordable. The limited supply of 1 billion ENJ tokens adds to its value, as developers need to lock ENJ tokens to mint virtual items, which can then be traded or sold for ENJ.

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Enjin Coin's strengths

Enjin Coin (ENJ) has several strengths that contribute to its value and utility within the Enjin ecosystem:

  1. Governance and Security: ENJ holders can stake their tokens, contributing to the governance and security of the Enjin Blockchain, and earning governance rewards in the process.

  2. NFT Creation and Management: ENJ is used to mint and manage non-fungible tokens (NFTs) on the Enjin Blockchain. This process infuses NFTs with a reserve value, ensures their transparency and scarcity, and provides instant liquidity.

  3. Scalability and Performance: The Enjin Blockchain is designed for high performance, with low block times, high transaction per second (TPS) rates, and high throughput. This allows for the minting of millions of NFTs in seconds.

  1. Low Fees and Interoperability: The blockchain is optimized for low fees, making it suitable for global games requiring thousands of transactions per minute. Additionally, it offers interoperable, purpose-built chains secured by the Enjin Relaychain.

  2. Easy Integration: The Enjin Blockchain allows for easy, low-cost NFT integration into games and platforms without requiring blockchain coding resources.

  3. Creator Benefits: The Enjin ecosystem safeguards creator royalties, ensuring a revenue stream for content creators.

These strengths make Enjin Coin a robust and versatile token, well-suited for its role in the Enjin ecosystem.

Enjin Coin's risks

Enjin Coin (ENJ) carries several risks that investors should consider before investing.

Risk Assessment

Enjin Coin is currently classified as a moderate risk investment. This assessment is based on a proprietary scoring system that evaluates the amount of money required to move the price over the past 24 hours, along with changes in volume and market capitalization. This gauge ranges from 0 to 100, with lower scores indicating higher risk and higher values representing lower risk.

Market Sensitivity and Downside Risk

Enjin Coin's market sensitivity and downside risk are significant. The coin's beta coefficient of 1.3396 suggests that it is expected to outperform the market on average, but it also means that it is more volatile. Additionally, the coin's standard deviation of 5.61 and variance of 31.44 indicate a high degree of price fluctuation.

Staking Risks

The staking reward rate for Enjin Coin can be highly variable, ranging from 20% to 35% and sometimes dropping to 1%. This variability is due to the combination of transaction fees and 5% yearly inflation to the token itself, which is split among stakers. There is also a risk of slashing rewards if validators fail.

Volatility

Enjin Coin's volatility is high, with a Sharpe Ratio of -0.0802, indicating a negative return per unit of risk over the last three months. The coin's price can fluctuate significantly, making it a high-risk investment.

Market Conditions

Enjin Coin's price has been on a downtrend since its peak in 2021 and has recently dropped more than 50% in a month. This significant correction has left many holders underwater, and the coin's recovery is uncertain. The Relative Strength Index (RSI) has slipped below the 50 mean level, suggesting a potential bearish momentum.

On-Chain Risks

According to on-chain data, 56% of all ENJ holders are "Out of the Money," and only 40% of investors are in profit. There are significant "Out of the Money" clusters that could hamper the uptrend, particularly at the $0.436 and $0.634 levels.

Overall, Enjin Coin carries a mix of moderate to high risks, including market sensitivity, staking risks, volatility, and on-chain risks. Investors should carefully consider these factors before investing in ENJ.

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Did Enjin Coin raise funds?

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Enjin Coin’s team

  • Maxim Blagov: Co-Founder & CEO of Enjin, with a background in the gaming industry.
  • Witek Radomski: Co-Founder & CTO of Enjin, also from the gaming industry.
  • Oscar Franklin Tan: CFO & CLO of Enjin.
  • Rene Stefancic: COO of Enjin.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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