Enjin Coin Price

What Is Enjin (ENJ)?

Enjin is a cryptocurrency and NFT gaming project built on Ethereum's blockchain. This community gaming platform allows users to easily create, manage and trade virtual goods in the form of non-fungible tokens (NFTs). 

The Enjin coin is used to back the NFTs created through the Enjin platform. Smart contracts give gamers a set of robust tools necessary to create and manage their gaming communities, items, experiences, and in-game economies.

With the popularity of NFTs on the rise, the play-to-earn sector has also grown popular since it enables gamers to earn real rewards by playing video games. The Enjin platform provides developers with the ability to easily create and manage NFTs and in-game economies, as well as integrate them into their games.

As a result of the growing trend of emerging play-to-earn games, Enjin coin's price has rallied in recent months to an all-time high of $4.85 per coin. However, ENJ price has since dropped in tandem with current market sentiments.

What Is ENJ?

ENJ is the native cryptocurrency of the Enjin ecosystem, which is the brainchild of a company looking to provide an ecosystem of interconnected, blockchain-based gaming products that allows for the easy creation, trade and management of virtual assets.

The Enjin platform is built on top of Ethereum and utilizes its ERC-1155 token standard. The ERC-1155 standard was created by Enjin's co-founder, Witek Radomski, and facilitates the minting of both fungible and non-fungible tokens on the Ethereum blockchain.

The Enjin coin can be bought and sold on several cryptocurrency exchanges, including Bybit.

What Is Enjin Used For?

ENJ is used to back the value of virtual assets created on the Enjin platform. It’s also used to pay fees, tip content creators and reward community members for their contributions. Enjin coins can be used to create and manage loyalty points, rewards, and other virtual currencies that can be used in games or other enterprise-grade applications.

Other than the above, ENJ is used by game developers to create in-game items, such as weapons, armor and other virtual goods. These items can be traded between players or sold for ENJ.

The Enjin platform includes a payment gateway that allows businesses to easily accept cryptocurrency payments. The ecosystem also comes with a wallet for managing NFTs and cryptocurrencies, a marketplace for trading NFTs and a free-to-use calling solution for developers on Ethereum's network.

Enjin's ultimate goal is to create a blockchain gaming multiverse where players can own their in-game items and move them between different games and applications.

Who Is the Founder of Enjin? 

The founding of Enjin goes back to 2009 when Enjin’s co-founders, Witek Radomski and Maxim Blagov, created the Enjin network. The community around the project quickly grew to become one of the largest in the world, with over 19 million registered users.

The introduction of blockchain into their venture first emerged in 2012 when the duo started developing a Bitcoin payment gateway for the platform. In 2017, Enjin launched its ERC-1155 token standard on Ethereum and raised $12 million in an initial coin offering (ICO).

Enjin is currently headed by Maxim Blagov as CEO and Witek Radomski as CTO. 

How Does Enjin Work?

The Enjin platform is built on top of Ethereum and utilizes its ERC-1155 token standard. The Enjin platform also includes a suite of tools that makes it easy for developers to integrate blockchain-based assets into their games. 

The ERC-1155 token standard permits minting of an unlimited number of tokens on the Ethereum blockchain. This means that developers can create an infinite number of NFTs and manage their in-game economies on the Enjin platform.

As Enjin is an Ethereum-based chain, ENJ is an ERC-20 token. This means that it can be stored in any Ethereum-compatible wallet. In terms of security, Enjin's ecosystem uses Ethereum's current proof of work(PoW) consensus mechanism. (The anticipated rollout of Eth2 is expected to incorporate a proof of stake (PoS) consensus on the Ethereum network.)

Even so, Enjin's platform is designed to be scalable and efficient for the development of games, thanks to its JumpNet integration across all Enjin products, thus enabling the creation of blockchain at hyper-speed.

Why Is Enjin Valuable?

Scalability

Enjin’s network can handle more transactions than that of Ethereum. Given Ethereum's skyrocketing gas fees for minting NFTs, Enjin's ability to handle more transactions at lower cost makes it a more attractive platform for developers looking to build on-chain games.

NFT Standards

Enjin was the first company to launch an ERC-1155 token standard on Ethereum. The ERC-1155 standard is an improvement on the ERC-721 standard, which only allows for the creation of NFTs. The ERC-1155 standard, on the other hand, can be used to create both fungible and non-fungible tokens. This makes Enjin a more versatile platform for the development of games and applications.

Payment Gateway

Enjin's payment gateway platform allows businesses to accept cryptocurrency payments in ENJ, ETH, BTC and other major cryptocurrencies. The payment gateway can be used to accept payments for goods and services.

Ease of Use

The Enjin platform is easy to use. Its tools include Enjin Beam, a QR code that allows players to easily receive in-game items; Enjin Wallet, which lets players store and use their blockchain-based assets; and the Enjin Marketplace, on which players can buy and sell their blockchain-based assets.

Enjin's platform is also easy to use for businesses looking to accept cryptocurrency payments, thanks to its payment gateway.

Interoperability

Enjin’s platform facilitates interoperability, with support for multiple blockchains that includes a bridge to popular chains such as Ethereum. This feature gives users a chance to easily mint and carry their tokens from one chain to another without worrying about gas fees.

Real-world Liquidity

Given that each in-game asset created with Enjin is backed by the Enjin coin, there’s real-world value attached to every item. This gives developers the ability to create games with in-game economies backed by a real-world currency.

In addition, players have the ability to cash out their in-game items for Enjin coins, which can then be converted into other major cryptocurrencies (or even fiat currencies).

What Makes Enjin Unique?

The Enjin ecosystem is unique in several ways.

Built on Ethereum

First, the platform is built on the Ethereum blockchain, which enables Enjin to create unique digital assets that are applicable and useful across the vast Ethereum ecosystem.

Gaming Community

Enjin has a strong focus on gaming communities, and has created many features specifically for gamers. The gaming industry is one of the industries best suited for NFT adoption. Enjin is pioneering the development of NFTs in gaming, and is building a gaming-specific blockchain infrastructure to enable true in-game item ownership, cross-platform interoperability and community-driven economies.

Enjin's ERC-1155 Token Standard

Enjin's ERC-1155 token standard is one of the most advanced token standards on Ethereum. It enables Enjin to mint both fungible and non-fungible tokens on the same blockchain. This is a major advantage over other platforms that require different blockchains for each type of token.

How Many ENJ Are in Circulation?

At the time of this writing (June 22, 2022), ENJ’s current price is $0.4569, with a 24-hour trading volume of more than $70 million. Enjin has a live market cap of approximately $412 million, with a circulating supply of 895,399,956 ENJ, or 90% of the total supply of 1,000,000,000 ENJ.

The highest price achieved by ENJ is $4.85 on Nov 25, 2021, while its lowest price was $0.01562 on Nov 2, 2017.

How to Store ENJ

As an ERC-20 token, ENJ can be stored in any Ethereum-compatible wallet. The most popular wallets for storing ENJ are Enjin Wallet, MetaMask and Trust Wallet.

How to Buy ENJ

You can buy ENJ from any of the top crypto exchanges, includingBybit. 

Buying ENJ on Bybit 

To purchase ENJ on Bybit, simply follow these steps:

1. Head to the spot trading page of ENJ. 

2. Select your trading pair on the left side of the page. For ENJ, you can only trade with USDT.

3. Choose the type of order you’d like to make: Limit Order, Market Order or Conditional Order.

For Limit Orders:

1. Select Limit.

2. Enter the order price.

3. Enter the number of ENJ you want to buy.

4. Click on Buy ENJ.

5. Once you’ve confirmed that your information is correct, click on Buy ENJ.

6. View your order details under Active on the web page, or Orders if you’re using the Bybit app.

For Market Orders:

1. Select Market.

2. Enter the amount in USDT that you’ve paid to buy ENJ.

3. Click on Buy ENJ.

4. Once you’ve confirmed that your information is correct, click on Buy ENJ.

5. View your order details under Filled.

For Conditional Orders:

1. Select Conditional.

2. Enter the trigger price.

3. Choose to execute at Market Price or Limit Price.

1. Market Price: Order price need not be set.

2. Limit Price: Order price needs to be set.

4. According to order types:

1. Market Buy: Enter the amount of USDT you’ve paid to buy ENJ.

2. Limit Buy: Enter the number of ENJ you want to buy.

5. Click on Buy ENJ.

6. Once you’ve confirmed that your information is correct, click on Buy ENJ.

7. View your order details under Conditional on the web page, and All Orders → Current Orders on the Bybit app.

For more help, you can also visit the Bybit spot trading guide.