Enjin Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Enjin is now widely recognized as the preeminent social gaming platform since
it was launched in 2009. It conducts business under the name Enjin Pte Ltd and
has its headquarters in Singapore. Enjin Pte Ltd is a globally dispersed
business that operates on all five continents and maintains a presence in a
great number of nations. The Enjin Marketplace was developed on the Ethereum
network, and the firm that is responsible for the marketplace also established
its very own cryptocurrency, known as Enjin Coin, in June of 2018.
Visit Enjin Website.
"Non-Fungible Tokens" is what "NFT" stands for as an abbreviation. Anything that can be changed into another form may be replaced. For instance, one kilo of 24 karat gold may, at least in principle, be replaced with any other kilo of 24 carat gold. This is because 24 karat gold is not distinguishable by its color. If something is non-fungible, it denotes that it is one of a kind and cannot be interchanged with any other object that is currently available.
The Enjin Marketplace currently has a number of different projects. Projects with Microsoft (Azure Heroes), Binance, and CoinMarketCap are included here. On the day that I began writing the evaluation for the first time, Enjin included listings for hundreds of different projects.
We are sorry to say that we have not been successful in locating information on the costs that are charged to buyers by Enjin Marketplace when they purchase an NFT. We have inquired about this matter with the marketplace, and as soon as we have gotten a response from them, this evaluation will be modified to include the relevant new information.
The following description of the page layout applies if you go into one of the particular NFTs, namely the NFT from the Age of Rust world that is referred to as "Rustbits" when you enter there. As can be seen in the illustration on the right, the structure incorporates a great deal of specific information. In a far greater degree than on any other NFT Marketplace that we have researched or visited. The buyer of an NFT who need a high number of data points in order to decide whether or not to purchase a particular NFT would thus find the following arrangement more useful.
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Deposits and payments made with a credit or debit card are accepted by some of the NFT Marketplaces available today; in addition, some of these Marketplaces allow deposits made using PayPal.
Enjin Marketplace does not support any methods for depositing fiat cash at this time. The success of the marketplace is contingent upon your utilization of the Enjin Coin. The Enjin Coin is now available for purchase on the majority of the cryptocurrency exchanges that are currently operational, one of which being the market leader Binance.
Enjin is an ecosystem with the primary goal of simplifying the process of developing and operating games on the blockchain that are powered by NFTs. By streamlining the blockchain aspect of things, it makes it easier for gaming developers to concentrate on the game production process. In addition, Enjin develops an end-to-end suite of tools that both players and producers of games may utilize to make the experience of playing blockchain games as frictionless as possible. This comprises a wide variety of software development kits, sometimes known as SDKs, which provide users the ability to construct products with relative ease and then incorporate them into games or apps.
Through its scaling solution known as 'JumpNet,' the Enjin Network makes it possible for developers to build on Ethereum and take advantage of the security it provides, all while avoiding the exorbitant gas prices. In addition, the usage of both the platform and its tools is entirely free, with the only need being the possession of a certain number of ENJ tokens in order to mint NFT assets. Enjin has established a vibrant ecosystem and community of games, gaming companies, and players all connected to one another through its token, the Enjin Coin, by virtue of the fact that it provides these resources (ENJ).
On the Ethereum blockchain, an ERC-20 token known as Enjin crypto was developed. That indicates that the project provides the benefits of both smart contracts and the blockchain to the gaming industry. Additionally, the project introduces the benefits of the blockchain to gaming.
By integrating gaming onto the blockchain, as Enjin is doing, they will be able to assist players in avoiding the extraordinarily high levels of fraud that are frequent in the transfer of virtual goods. This is one of the major benefits that Enjin is promoting to gamers.
Additionally, Enjin has achieved a number of firsts inside the Ethereum ecosystem, breaking ground in the process. For instance, it has emerged as one of the earliest initiatives to investigate the potential of Ethereum's Raiden Network. When it becomes operational, it should be able to process millions of transactions at once.
In the sake of brevity, I'm just going to briefly discuss a few of the most important features that the Enjin team is working on implementing for its public software development kits (SDKs) and application programming interfaces (APIs).
The realm of virtual goods is the one in which Enjin believes their token will be able to provide the gaming community with the greatest amount of value. Using the tools that are provided, developers have the ability to build coins that are unique to their own community. These coins will have the Enjin Coin (ENJ) as their backing. This contributes to the advantages that the blockchain already offers while preserving the look and feel of the various platforms.
Because goods will be recorded on a single registry smart contract, any objects that are added to the blockchain will be visible to all Enjin wallets. This ensures that the integrity of the blockchain is not compromised. The entire ecosystem will be interconnected as a result, and assets will be able to be moved freely between locations on the platform as a result.
This might become especially essential when developers create new games that are designed expressly for the blockchain. This would provide developers the option to generate assets that can be used in various games while yet just having to produce them once.
Efinity is Enjin's interoperability-focused solution that was created atop the Polkadot ecosystem as a "parachain." Users will be able to connect non-fungible tokens (NFTs) to Polkadot thanks to Efinity, which seeks to be a decentralized cross-chain protocol. It does this by paying users with its native 'EFI token' when they participate in network activities like as governance, maintenance, development, adoption, and use of the technology. This helps to incentivize users to make use of the technology.
The initial release of the Efinity parachain has an emphasis on the platform's fundamental capabilities and the integrity of the chain. It enables developers to mint up to 2,200 tokens to distinct wallets in a single transaction. According to the most recent benchmarks, Efinity will be able to perform anywhere from 700 to 1,000 transactions per second (TPS). As the runtime code for Efinity and Polkadot gets optimized in the future, it is possible that TPS will be raised.
Efinity is also working on a one-of-a-kind token standard that will be known as "paratokens." Tokens known as paratokens are fungible, meaning they are able to travel freely between the many parachains that make up the Polkadot and Kusama ecosystem. In order to accomplish this goal, paratokens on Efinity will implement Direct Cross-Chain Message Passing (XCMP) in order to promote cross-chain development inside the Polkadot ecosystem and facilitate transfers between parachains on Polkadot and Kusama. Using Ink!, a smart contract framework that is interoperable with all Polkadot-based chains, developers will be able to write and deploy smart contracts on Efinity.
Efinity is proud to brag of the following five essential features, in addition to the myriad of other capabilities that it provides:
Cross-Chain Bridge: The cross-chain bridge that Efinity will implement will make it possible for users to import tokens that were produced on other chains onto the Efinity network. At this time, the only Ethereum bridge that is planned is one that will be constructed by Snowfork. On the other hand, if development is sustained, additional bridges to other chains can eventually be supported.
Efinity's Marketplace offers buyers and sellers a full set of tools that allows them to establish and fulfill orders for any token. Price discovery is actively encouraged on the Efinity marketplace, in contrast to most other NFT markets. To be more specific, a bid can be placed on tokens even if they are not now posted for sale (or even if they do not yet exist on the network). In point of fact, users are strongly urged to keep their bids at the greatest possible level on any coin. The highest (unfilled) bid on each token earns a part of fees and acquires weight in the Price Discovery Pool over time for all transactions using that token. This encourages price discovery by giving the highest bidder a financial incentive to submit their greatest possible offer.
Discrete Accounts - A discrete account is a one-of-a-kind address that you may establish and use on the parachain. They do not have a private key that is connected with them. If the transaction is signed by a wallet that is authorized to use the discrete account, the discrete account's address can be used in any transaction. However, the wallet must be authorized to use the discrete account. Teams who are built on top of Efinity might benefit tremendously from having their own separate accounts. These teams can use discrete accounts to standardize the address from which the assets are created or transferred while allowing multiple team members varying degrees of access to the discrete account at the same time. This can be accomplished by standardizing the address from which the assets are created or transferred. If you want to offer a more concrete illustration of the idea, you may compare the operation of distinct accounts to that of Discord servers. Both are the work of a single individual, but many people have the ability to control and make use of them. The wallet address that creates the separate account has the ability, similar to that of a Discord server, to assign permissions and delegate responsibilities (such as Owner, Admin, and Operator) to other wallet addresses. On the discrete address, each role is granted a different and distinct set of rights to use. It's also possible for game creators to utilize separate accounts to onboard new players so they don't have to create a wallet or purchase more cryptocurrency just so they can play the game.
Fuel Tanks Fuel Tanks are a unique feature of Efinity that enable projects to provide their users a discount on the fees associated with doing transactions on Efinity. Fuel Tank addresses are unique, separate accounts that have been established by projects in order to pay transaction fees on behalf of the users of such projects. Tokens of the EFI that have been placed into these fuel tanks cannot be withdrawn. A fuel tank has the ability to whitelist particular tokens, tags, transaction types, or users so that they are allowed to make use of it.
The Efinity function known as "Crafting" is certainly one that veteran players are already familiar with. Using a Recipe, the Crafting function enables already-existing tokens to be altered, as well as the creation of brand-new tokens. A signed message that is created totally off-chain might be referred to as a recipe. Recipes can be designed to destroy game assets by burning, minting, melting, or transferring them. As a user, for instance, I have the ability to trade in five common swords in return for the chance to forge a rare sword if the game provides such a recipe.
JumpNet is Enjin's solution for "forever-free Ethereum scaling." It is based on a private proof of authority (PoA) blockchain and will make it possible for users to conduct transactions without incurring any fees. It was released in April of 2021, and within two weeks of its introduction, more than 50 projects were using the network. This happened very immediately after the launch.
Users can convert their existing ENJ tokens into JENJ (JumpNet ENJ), which is the principal governance token of JumpNet. This allows users to make use of JumpNet. One ENJ token is used as collateral for each JENJ that is issued. The integration of JumpNet into the user experience is made possible by the fact that all previously released Enjin products are compatible with it.
On JumpNet, each and every transaction is completely free. However, in order to do this, JumpNet places a number of restrictions on each address that is part of the network. The current restrictions are 20 transactions per minute, 240 transactions per hour, and 2,880 transactions per day.
These constraints are quite lenient in relation to the typical user's needs. On the other hand, if you need extra storage space, you may get it by keeping the EFI token on JumpNet (sometimes referred to as "JEFI") and using that. Users will have the ability to double the transaction limitations of their JumpNet accounts for every 100 JEFI that they have, up until the maximum limits that have been established.
Enjin not only offers complete support for ERC-1155 assets, but it also offers a host of other features. The company's EnjinX blockchain explorer was the first of its kind to provide customers with access to the whole universe of these assets. Users are now able to accomplish all that follows:
Explore the diverse world of collectibles and assets based on the ERC-1155 blockchain.
Conduct a search for the assets and collections in question using the given name, address, and token ID.
Confirm the ownership of the token, its rarity, its origin, and its legitimacy.
Take a look at the melts, transfers, mints, and hodlers.
This is, in essence, a comprehensive listing of all of the in-game objects that can be found in any and all of the Enjin universes. This translates to the fact that players can now quickly explore gaming objects and see when they were produced, who manufactured them, who owns them, what they do, and how to get them.
The world of gaming now benefits from the immutability and transparency offered by blockchain technology.
The Enjin Smart Wallet is where everything that I've gone through can be found gathered in one place. The Smart Wallet is compatible with cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Enjin Coin in addition to other ERC-20 tokens. Most significantly, it supports all of your virtual objects from any Trusted Platform that you add and syncs without any difficulty to your Ethereum address. This contains goods utilizing the ERC-721 and ERC-1155 protocols.
You will have the ability to engage in transactions with other users of Smart Wallets within the wallet itself, including the exchange of money and virtual game items. There is functionality for sending Transaction Requests to other wallet owners, and those owners will then either approve or refuse the request depending on their own preferences. In addition, you have the ability to establish rules or thresholds that will prevent any transactions that are unapproved or unwanted from taking place.
The Enjin Smart Wallet was developed with a strong focus on ensuring users' privacy and safety. The Enjin Smart Wallet has a feature called the Secure Keyboard, which is considered to be one of the most effective security measures.
This keyboard is a built-in component of the application. Snoopers and keyloggers are unable to read or record everything that you input, including passwords and private keys. And for those who are very concerned about their safety, the wallet may even be customized to randomize the order in which your keys are inserted.
There are two distinct levels of cryptography, each of which contributes an additional layer of protection to the wallet. The Advanced Encryption Standard is included into the hardware level. Any data that is handled by the wallet is encrypted using a bespoke software encryption that is provided by the program. Additionally, the wallet will prevent any recording or images of the wallet itself from being taken at the level of the operating system.
If you aren't interested in all of these different security measures, you may still store your Enjin Coins in any wallet that is compliant with the ERC-20 standard. Examples of such wallets are MyEtherWallet, MetaMask, or a secure hardware wallet.
It was announced in May 2019 that the Enjin team will be releasing a dApp browser for the Enjin Wallet, which would make it simpler for users to finish transactions with a single click. Users are able to do the following while utilizing the Enjin Wallet dApp browser:
Log in to a number of websites in order to confirm the inventory of their assets.
When buying purchases online, you will need to provide your payment information.
Please provide the address where the product being purchased is to be delivered.
Users may sign transactions using the Enjin DApp Browser while also enjoying unprecedented levels of security and self-sovereignty. This is made possible by the fact that customers retain complete custody over their cash. This brings the Enjin Wallet one step closer to fulfilling all of your decentralized financial requirements in a one convenient location.
Since its March 2019 debut on the Ethereum testnet, the Enjin Platform has undergone a number of iterative rounds of development.
The Enjin Platform is a blockchain PaaS (Platform as a Service) that enables you to create and manage blockchain games without the complication of building and maintaining any blockchain infrastructure or writing any blockchain-related code. This is made possible by the Enjin Platform's use of smart contracts, which are a type of blockchain technology.
It is a strong, versatile, and comprehensive set of tools and services for the creation of innovative blockchain games. It is made up of four distinct components that all work together to build the whole: the Trusted Cloud, the Platform API, the Wallet Daemon, and the Blockchain SDKs.
The use of these tools has made it simpler for developers to build new games, and they promise to make it less difficult to encourage widespread acceptance of Enjin as a platform for gaming creation.
The primary backend service of the Enjin Platform, Trusted Cloud is a cloud-hosted service that links games to the Ethereum blockchain. Trusted Cloud was developed by Enjin.
The Platform Application Programming Interface (API) enables developers to query and issue instructions to the Enjin Platform in order to expedite the creation of blockchain games.
Wallet Deamon is a piece of software that may be utilized to automate the authorisation process for transaction requests sent to and from the Trusted Cloud.
Blockchain software development kits Enjin, the company that developed the Enjin Platform, also launched an SDK for Unity at the same time. Additionally, software development kits (SDKs) have been made available for Java, Godot, and GraphQL.
The Enjin Platform has a product called Enjin Beam that streamlines the process of transferring and distributing NFTs assets. It gives users the ability to acquire NFTs by simply scanning QR codes with their Enjin wallets. When scanned, these QR codes open up connections to smart contracts containing locked Enjin NFT assets. These assets may then be transferred by starting a transaction.
This indicates that game developers have the ability to offer unique airdrops to players by only displaying a QR code to them for a certain amount of time. Because of this, marketing and advertising video games is made more simpler. Beams may also be adjusted to impose a variety of limits or conditions on the claim, such as a limit on the amount of times a wallet or IP address can stake a claim on a certain NFT.
The Enjin Marketplace is the next step in making the storing and trading of blockchain assets as simple and straightforward as is humanly feasible. When it comes to facilitating the widespread use of blockchain technology, this is one of the primary focuses of Enjin.
The inclusion of a marketplace inside the Enjin ecosystem guarantees that customers will be able to enjoy the following:
Safety: There is no longer any chance of being defrauded by dishonest dealers. When you sell goods, you should do so with the complete assurance that you will be paid for them, and when you buy assets, you should do so with the assurance that you will really get them.
Built using the UX that helps differentiate Enjin from its competitors, the unified experience (UX).
Convenience: You can finish all of your business without ever having to leave your mobile device.
Find assets that are for sale as well as their prices all in one convenient location with our seamless search.
Transparency: making decisions based on accurate information builds better markets.
The EnjinMarketplace lowers friction from the trading process by enabling anybody who is in possession of an ERC-1155 token to swiftly and simply put it for sale with only a few taps or clicks. This reduces the amount of time spent on trading. Scanning a QR code is all that is required in order to purchase assets from the Enjin Marketplace.
Enjin, the company that invented the Enjin Coin, has been the most popular platform for the creation of online gaming communities for a very long time. Since 2009, the firm has offered players a range of website builders, chat functionality, forums, and other tools that may be used to construct guilds and clans.
Even before the introduction of the Enjin Coin, the firm already had more than sixty million monthly pageviews, nineteen million registered users, and three hundred thousand gaming websites using its platform.
Due to the fact that the Enjin team will be rolling out this update across the whole Enjin ecosystem, which includes 300,000 websites and 19 million users, this should dramatically jumpstart the adoption of the Enjin Coin.
Pat LaBine and Anthony Diiorio, who were both involved in the creation of Ethereum, are currently serving as the project's advisors (previous producer and technical director at Bioware). Enjin has also collaborated with Unity, PC Gamer, and NRG eSports to develop these relationships.
Late in 2017, the team conducted a successful initial coin offering (ICO), which resulted in the raising of over $35 million. This sum of money is intended to be spent solely on the development, marketing, and expansion of the project.
Enjin possesses a powerful team, resources, partners, and backers, all of which contributed to the development of a mobile Smart Wallet, the Platform API, the Java SDK, a Minecraft plugin, the launch of the Enjin Starter launchpad, additional game plugins, the Efinity release, numerous SDKs, and other enhancements to the ecosystem, and the company is not showing any signs of slowing down in its pace of development.
There have been a number of initiatives initiated in relation to gaming, such as Enjin crypto rivals WAX and GameCredits; however, none of the three have yet established themselves as the dominant option.
Enjin CMO Elija Rolovic has categorized these differences by calling Enjin Coin the "Ethereum of Gaming" while calling the competition nothing more than "tokenizing their centralized games/marketplaces." Nevertheless, there are distinct differences between the three, and Enjin Coin has been dubbed the "Ethereum of Gaming" by Rolovic.
On the Enjin Coin website, you will be able to locate the Enjin Roadmap. There are a lot of exciting things that are going to happen in the near future, and the relationship with Efinity is not the least of them. Efinity will implement a sidechain onto the Enjin blockchain that will function in a manner analogous to that of Bitcoin's Lightning Network.
This circumvents the increasing network congestion on the Ethereum network as well as the increased transaction fees that have been incurred as a result of this. Theoretically, it will make it possible for the Enjin network to support millions of users while maintaining blazing-fast transaction rates and almost nonexistent transaction fees. In addition to this, it will ensure that all transactions are kept on the Ethereum blockchain so that they can continue to be trustworthy.
It is anticipated that the video gaming industry will experience a surge of innovation as a direct result of the introduction of games that are powered by blockchain technology. This will be the natural conclusion to such games. Another interesting feature is the imminent installation of the Enjin Blockchain Explorer, which will ultimately make it possible to browse through all ENJ assets. This will be a tool that will be implemented in the near future.
Check out the Enjin Timeline that was put up by the team if you are curious to learn more about the things that the Enjin team has already achieved.
Only little more than 750 million Enjin Coins (ENJ) are now in circulation, making the total quantity of Enjin Coins (ENJ) 1 billion. During the crowdsale, eighty percent of the ENJ were sold, and the remaining twenty percent were divided between the Enjin team and its advisors.
It is reasonable to anticipate that the amount of circulating Enjin crypto currencies will continue to decrease given that each time a custom asset is produced, the quantity of ENJ corresponding to that asset is withdrawn from circulation. It is anticipated that this will result in an increase in the value of ENJ tokens over time.
Since it first opened its doors in November 2017, the ENJ has not come across anything that is particularly out of the ordinary. During the market rally in December 2017, it moved in the same direction as the market as a whole, and then in January 2018, it followed the market down. During the bull market of 2021, Enjin saw a very excellent upswing, exploding to an all-time high of just over $4.5. However, along with the rest of the market, it experienced a precipitous decline in the second half of 2021 and into 2022.
As for a forecast of the Enjin price, it is difficult to provide an accurate forecast of the Enjin price or any other specific price given that the vast majority of price forecasts were proven to be grossly inaccurate in 2021. However, there is some evidence to suggest that the price is likely to increase in the near future. As soon as we see a more positive market for cryptocurrencies, it is anticipated that ENJ will be boosted along with the rest of the market, potentially returning to all-time highs and even surpassing those levels.
In addition, it is anticipated that ENJ will see significant price rises as a reaction to the introduction of products and the news of partnerships. Positive developments in the business, such as Efinity and the Enjin Starter Launchpad, are now being worked on by Enjin, which is one of the companies with the most active development. The unprecedented rate of adoption that blockchain games and metaverses have been seeing will also have an impact on Enjin. It is also anticipated that it will increase as it obtains wider popularity owing to the withdrawal of ENJ from circulation when new assets are uploaded to the blockchain. This is another reason why it is anticipated that it will climb.
EFI is the native token of Enjin's Efinity parachain on Polkadot, and it will be the very first 'paratoken' (a token standard that is compatible with both the Polkadot and Kusama ecosystems) ever issued on the network. To vote in governance events, pay transaction fees, reward network members, and maintain the liquidity of fungible and non-fungible tokens on the network, EFI will be employed.
There are a total of 2 billion Efinity Coin (EFI) tokens available, with around 169 million EFI tokens now in circulation (representing 8 percent of the total supply). The following is the breakdown of the token distribution for EFI:
For the purpose of financing the ecosystem's growth, 35% of the total supply was allocated to the ecosystem, 20% was allocated to the parent business of Enjin, and 10% was allocated to the project team.
15 percent of the supply was reserved for staking and pools as a way to increase participation in the activity.
In the end, investors that participated in the private sale round or the public sale round, both of which took place a number of months ago, received 15 percent and 5 percent, respectively, of the revenues.
The EFI token is distributed in the form of prizes to the following in order to encourage users of the network to participate:
Collator Nodes are responsible for operating the network.
Users who determine the course that the network will take.
The finding of prices by buyers and sellers working together.
Grants from the Community Pool may be made available to builders and developers that submit Efinity-based project proposals.
The value of the tokens held by early adopters and producers can be increased through the use of bonding curves and liquidity.
Enjin is without a doubt one of the most intriguing initiatives currently underway in this field due to the fact that it possesses its very own comprehensive ecosystem, which includes not only NFTs but also games, launchpads, and other features. The Enjin team is hard at work developing one of the gaming ecosystems that will be among the most strong in the industry. With their collaborations, their development, the introduction of the impending NFT.IO Enjin NFT launchpad, and their Efinity project working with Polkadot to bring Enjin NFTs to DOT, we have a very positive outlook on Enjin. We look forward to seeing what the future holds for Enjin.
Enjin is the antithesis of many other tokens, which is one of the reasons why many investors are bullish on the price appreciation of the token. One of the biggest criticisms leveled against many tokens is that there are just no uses for them or very few demand drivers. Enjin, on the other hand, could not be more of the opposite. Think of all the Axies that were coined for Axie Infinity as an example of an NFT that will have ENJ tokens infused into it when it is created on Enjin. If Axie had been developed on Enjin, then ENJ tokens would have been locked into each and every Axie; talk about a big demand driver and supply shock!
You don't need to worry about heavy supplies being dumped on the market or about any inflation starting up anytime soon because nearly the entire supply of ENJ tokens is already in circulation. Because of this, the second thing that looks great for the ENJ token is that nearly the entire supply is already in circulation. Enjin also takes great pleasure in being more environmentally friendly than many of its rivals, which provides them with an advantage in the event that legislation begins to crack down on cryptocurrency projects that are harmful to the environment.
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The distribution of ENJ tokens appears to be rather robust as well. Since the number of unique wallet addresses contains more than double Enjin's market cap, this indicates that only a small number of whales possess concentrated supply, making it unlikely that a large number of whales will dump ENJ tokens into the market.
When it comes to making an accurate price projection, this will be contingent on the level of acceptance that the Enjin ecosystem is able to achieve within the Metaverse, NFT, and blockchain gaming communities. However, given all of the attention and interest that has been focused on this sector, it would not shock me to see ENJ's price reach between $4 and $5 by the year 2025. This is a roughly sixfold increase from its current level.
The Enjin token may be acquired on most of the main cryptocurrency exchanges, however Binance is the one we suggest. Both Gate.io and Coinbase have a respectable amount of daily trade activity.
Despite the fact that Binance controls the vast majority of the trading volume, the remainder of the volume is rather evenly dispersed throughout the several other exchanges. This bodes positively for the price discovery of ENJ tokens since there are more exchanges to close mispricing as a result of this development.
When you have obtained ENJ, you will want to keep it safe in an offline wallet that is not connected to the internet. It's possible that Enjin's personal wallet is your best bet. Given that this is an ERC20 token, however, you are free to store it in any wallet that is compatible with Ethereum, including hardware wallets, as long as the wallet meets the requirements.
Enjin has a robust ecosystem, multiple-utility use cases, many demand drivers, healthy distribution and tokenomics, and is building in growing industries such as the Metaverse, NFT, and blockchain gaming spaces; however, we are unable to offer investment advice, and you should always do your own research. Despite this, you should always do your own research. When considering an investment in a cryptocurrency project, many institutional and venture capital companies have shown their support for the project. This is one of the positive aspects that crypto investors typically search for.
Enjin is a corporation that provides an ecosystem of blockchain-based gaming applications and non-fungible tokens (NFTs), and Enjin Coin is one of their initiatives. It is possible to tokenize in-game goods on the Ethereum blockchain owing to Enjin's Jump Net, which is a game-changer in the non-fungible token (NFT) market. Enjin enables developers to tokenize in-game items on the Ethereum blockchain.
Although it was developed to interface with games, Enjin may be used as a kind of currency within games. It is necessary to have Enjin Coin in order to manufacture in-game NFTs and you may use it to buy, sell, and trade non-fungible tokens (NFTs) across all of Enjin's NFT markets. Because owners of NFTs have the ability to convert their NFTs back into ENJ at any moment, Enjin functions as a kind of authenticator and "gold standard" backing for NFTs. The Enjin Coin has a low supply and is designed to be inflation-resistant.
Both the Enjin Platform and Coin were developed by a group of people with more than ten years of experience working in the technology and gaming industries respectively. Since the beginning of the ecosystem five years ago, the development team has been hard at work continually improving the platform and constructing new products for it. In addition, the token smart contract has been subjected to an independent audit by Callisto Network, which reported that no major problems were discovered throughout the examination.
ENJ can be staked in order to receive EFI tokens as rewards, and vice versa. Users are required to mint and inject NFTs with ENJ in order to stake ENJ. The infusion of ENJ is then staked automatically, and the maker is rewarded with EFI for their efforts. In addition, certain centralized exchanges provide the opportunity to earn ENJ staking rewards by locking up ENJ for a set amount of time.
Enjin maintains an active presence on the social networking platforms Twitter and Discord. Users are able to keep up with their work by visiting these sites as well as their official blog, which has frequent updates.
The Efinity Coin, abbreviated as EFI, is the native utility token of the Efinity parachain, which is built on top of the Polkadot ecosystem. EFI is used to vote on governance issues, pay transaction fees, secure the network, and reward network participants.
Can I place a bet on Efinity? You can, in fact, stake Efinity in order to unlock a variety of benefits, including as the ability to vote on governance decisions, the creation of distinct accounts, a reduction in transaction costs, and so on.
The Enjin Coin project intends to contribute something useful to the virtual goods industry, which is now worth $17 billion. They expect that by placing gaming assets on the blockchain, they would be able to avoid fraud in the sector, which, according to certain measurements, impacts almost 80 percent of all transactions.
That would be a significant step forward for the video game industry as a whole, as well as for individual gamers. Because Enjin currently has such a big client base, widespread acceptance of the coin should occur quite rapidly given the company's size.
Having said that, it is still a brand-new initiative and one that has not yet been validated. To this point, the team has done well in fulfilling the goals that they set for themselves in their roadmap. If they want to demonstrate that the Enjin Coin is viable, they will need to continue meeting these goals.
Because of their cooperation with Unity, they should be able to get closer to achieving one of their goals, which is the development of genuine games that can be played on the blockchain. This will contribute to the expansion of the use of the Enjin Coin. Although there is little evidence to support the project's viability just yet, it appears to have a promising future.
The Enjin project has made significant headway, as seen by the introduction of a user-friendly blockchain explorer, an in-wallet dApp browser, and a marketplace that makes it simple for players to purchase and sell the virtual assets they have accumulated while playing multiverse games.
The ongoing expansion will assist in driving acceptance, but what the project desperately needs right now is a blockbuster game that will attract millions of players. They only need one blockbuster title like that one to make the ENJ currency and the Multiverse popular in the gaming world.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.