Enjin is an end-to-end NFT solution that anyone can use to create and launch their non-fungible tokens and related projects. Its technology lets creators grow, monetize, and innovate the business opportunities of NFTs.
Enjin lets you create non-fungible tokens, distribute them, and even integrate your projects with other decentralized applications running on blockchain technology. The Ethereum-based platform features an easy-to-use interface for designing feature-rich NFTs.
Enjin also lets creators develop NFTs that function faster, with zero transaction fees, and are environmentally friendly on the JumpNet platform. In addition to creating unique NFTs, Enjin users can also add “reveal codes” within their creations. These reveal codes function as virtual scratch cards, offering NFT owners discounts, product keys, and more.
Enjin Coin (ENJ) is the utility token of the Enjin ecosystem and can be used to back the NFT assets created on the platform. NFT owners can melt their non-fungible tokens for ENJ at any time. ENJ is also used to establish proof of ownership and authenticity of each NFT minted on Enjin.
Enjin Coin is an ERC-20 token designed on the Ethereum blockchain and is one of two tokens employed within the Enjin ecosystem. The second token used by the NFT solution is Efinity Token (EFI).
The purpose of Enjin Coin is to back the value of the NFTs created using the Enjin platform - be it digital collectibles, digital art, or music. Each of the NFT pieces minted on Enjin can be “melted” back to ENJ, allowing the cryptocurrency to function as a store of value.
The circulating supply of ENJ is controlled whenever owners melt their NFTs, ensuring the scarcity of the token and supporting its value in the market. Enjin NFTs backed by ENJ offer a more tangible value for creators and owners alike, setting them apart from most other NFT solutions in the crypto market.
The Enjin Coin has a total supply and a circulating supply fixed at 1 billion. As a limited, valuable cryptocurrency, the ENJ token not only supports the value of each NFT developed on the Enjin platform but is also used to regulate asset creation.
The Enjin project’s origin dates back to 2009 with the establishment of the community gaming platform Enjin Network. While Enjin Network continues to offer services to help users develop gaming-related websites, forums, and apps, the Enjin platform evolved into a separate entity when the company entered the blockchain space in 2017.
Enjin launched on the Ethereum blockchain with an initial coin offering (ICO) that helped raise $18.9 million. The Enjin Wallet was launched in January 2018 as an Android-based blockchain wallet, followed by an iOS version a few months later.
The Enjin platform’s mainnet launch took place in February 2020, followed by the launch of the Enjin Multiverse Program in March 2020. The Enjin Marketplace underwent a redesign by November towards the end of the year.
The Enjin Wallet added support for Dogecoin in February 2021, followed by support for Polkadot a month later. In March 2021, Enjin conducted a private token sale for the EFI token to raise more funds for the project.
The development of the Ethereum scaling solution JumpNet started in April 2021 to allow platform users to create and launch NFT projects on a more efficient infrastructure. In June 2021, the developers announced that JumpNet went carbon-negative, a big win for the energy-conscious NFT developer and consumer. The Efinity Rococo testnet was launched in March 2022, followed by the launch of Efinity on Polkadot in the same month.
Enjin Coin is one of the most exciting and promising cryptocurrencies to invest in, primarily as it caters to the emerging NFT sector. As an end-to-end service provider for all things NFT, the Enjin platform offers a highly convenient way for anyone to create, distribute, and manage their non-fungible token projects.
Enjin Coin's price could witness an uptrend as more NFT projects are developed and launched on its platform. The higher on-chain activity could increase the ENJ price and make it a valuable asset to invest in.
As more use cases for NFTs evolve shortly, investors’ demand for projects like Enjin could increase further. Interest in NFTs and platforms like Enjin amid mainstream businesses could also increase the Enin Coin price.
While it is impossible to make an accurate ENJ price prediction over any duration, the past performance of Enjin Coin indicates that the following factors could impact the crypto’s value:
An increased interest in non-fungible tokens (NFTs) and related projects and continued innovation in discovering more use cases for the technology could catapult projects like Enjin into the spotlight. This, in turn, could help drive up the price of Enjin Coin in the market.
The ENJ price statistics could also be boosted when more creators use the Enjin platform to design and deploy their NFT projects. Engaging projects could attract more consumers to the Enjin Marketplace and contribute to higher on-chain activity, which could also positively impact the value of Enjin Coin.
Finally, the market sentiment has a significant impact on the ENJ price action. Bullish sentiment among investors or a risk-on mood encourages higher buying activity across the market and supports the Enjin Coin value. On the other hand, a bearish mood or risk-averse sentiment could drive sell-offs among investors, sending the price of ENJ lower.
It is doubtful that the Enjin Coin price would reach a level as high as $100. The key reason behind this is the high circulating supply of the ENJ token.
Fixed at 1 billion, a value of $100 for ENJ token would make the Enjin market cap soar to $100 billion, an unrealistically high valuation for the project. For the Enjin Coin price to soar as high as $100, the developers behind the project should modify the token’s circulating supply through token burning or upgrade mechanisms.
A significant drop in the token’s supply could theoretically drive the ENJ price to a critical level. However, this is not something that could happen shortly.
ENJ is one of two native tokens used within the Enjin platform, along with EFI. Here are some of the critical use cases for the Enjin Coin:
All NFTs created on Enjin are backed with ENJ tokens. This enables better trust and authenticity and gives them a higher value in the market.
The scarcity of ENJ tokens increases as NFT owners melt their tokens into ENJ. This helps control the Enjin Coin’s supply and support its value.
ENJ is used to pay for NFTs listed on the Enjin Marketplace. You can use the token to buy, sell, and trade digital collectibles via Enjin’s official NFT marketplace.
You can trade ENJ against other cryptocurrencies to profit from market movements. Buy or sell Enjin Coin against other crypto assets or hold it long-term if you believe in the future potential of the Enjin project. Check the real-time Enjin price, ENJ market cap, circulating supply, 24-hour trading volume, and the latest crypto news before you trade Enjin Coin.
KuCoin lets you put your ENJ holdings to work and earn passive income. Visit the KuCoin Crypto Lending page to lend liquidity for ENJ on our platform. Earn attractive daily interest for your contribution over seven days, 14 days, or 28 days.
You can stake $ENJ on crypto exchanges or DEXs that offer this service. Here’s how to stake Enjin Coin:
1. Perform online research on platforms where you can stake ENJ. Find the best returns and select the most suited option based on APRs and reliability.
2. Open an account on the platform and fund your account with Enjin Coins.
3. Click on the Stake feature and select the number of ENJ tokens you wish to stake.
4. Enter the number of days you wish to stake your tokens.
5. Confirm the transaction, then sit back and earn rewards for staking Enjin Coin.