What Is Enjin (ENJ)? Should You Invest In ENJ And Where To Buy It?

Last Updated August 16th 2022

17 Min Read

It doesn’t matter how long you have been trading/investing in cryptocurrencies – you need to research any coin you want to invest in and determine whether it is the right coin for your portfolio. Enjin may be among the coins making waves at the moment, but you need to know every important detail that will determine the performance of the coin in the future before sinking your money.

At Trading Education, we also understand that an in-depth guide about a cryptocurrency helps our readers determine the best strategy to use if they eventually decide to invest in such a coin. With the right information, you can tell whether day-trading or HODLing will be the best strategy to make maximum profit from a coin.

So, what is Enjin? Should you invest in Enjin (ENJ)? And where can you buy Enjin today? Depending on how long you have been in the game, you may have several other questions about investing in Enjin. We will try to answer the most important questions in a manner that will help you make an informed decision.

Note that we may not directly state that you should buy a particular cryptocurrency or let it be. But every information you will find here will equip you with the knowledge to determine whether investing in a particular coin is the right move for you. It is essential, therefore, that you read carefully to understand and make the right decision.

If you want to buy Enjin quickly and easily, check out eToro!

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

What Is Enjin?

Enjin is a decentralized cryptocurrency platform that provides an ecosystem of interconnected, blockchain-based gaming products. It is more of a Platform-as-a-Service (PaaS), with a great structure and adequate features for developers to create gaming products.

Enjin is among the latest cryptocurrency platforms that tackle real-world issues. In this case, the decentralized, fully functional ecosystem streamlines the integration of enterprise blockchain solutions in the gaming industry. It has a robust blockchain infrastructure that businesses can leverage without writing even a single blockchain-related code.

Enjin does not only eliminate the technical barriers associated with gaming but also the financial barriers. It allows users to create products and also offers monetization strategies for developers. It is one platform informed gaming developers can leverage to gain a competitive advantage and increase revenue opportunities.

Like other cryptocurrency platforms, Enjin has a native currency that trades under the symbol ENJ. It is an ER-20 token, which means Enjin is somewhat based on Ethereum. In fact, the platform allows game developers to create and issue in-game tokens on the Ethereum blockchain. The tokens are backed by the Enjin coin, and they can be traded with real-world value.

It is important to note at this juncture that the Enjin coin/token is the investment asset we will focus on here. It is the digital asset you will have to buy to invest as a regular cryptocurrency trader/investor. For the purpose of this article, we can use Enjin, Enji Token, Enjin coin, and ENJ interchangeably.

A Brief History Of Enjin

The Enjin project started as far back as 2009. It was founded by Maxim Blagov and Witek Radomski as a gaming community platform. Blogov was the creative director of the company and also assumed the role of CEO. Radomski, on the other hand, was responsible for the development of the company's products and assumed the role of CTO.

You must have noticed that Enjin was started the same year as Bitcoin, but you should note that it was not a cryptocurrency platform at the time. The idea to integrate blockchain technology was reportedly proposed by Radomski in 2012 after he became excited about Bitcoin and its potentials. His first success in this line was convincing the company to start accepting Bitcoin for payments.

After Ethereum was created in 2015 and started supporting smart contracts for the creation of other projects, Radomski decided to create a blockchain-integrated software for the gaming industry. The company hosted an initial coin offering in 2017 and secured $18.9 million to develop the project.

A lot has happened after the successful ICO and Enjin now has a fully functional ecosystem that bringing a lot of innovations to the gaming industry. It is worthy to note that Radomski has been involved in other important endeavours, including the creation of the ERC-1155 token standard. This is the new standard for Ethereum-issued tokens and is also used for minting both fungible and non-fungible tokens. It was finalized in 2019.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

What Makes Enjin Unique?

Enjin is the first cryptocurrency platform to focus on gaming. The company, its software, and its token are designed to make the world of game creation and monetization super-easy for innovative minds. Enjin is also properly set up for the future of gaming in a digital world.

Enjin is designed in a way that every in-game item or token created is backed by ENJ, giving them real-world value and liquidity. What this means is that the tokenized items can be exchanged for other digital assets or even converted to real money.

To mint new (unique) fungible and non-fungible ERC-1155 tokens, game developers must send in ENJ. The minting process also removes the ENJ used for minting from the system, keeping everything in balance. The more custom tokens are minted, the more ENJ is removed from the ecosystem, creating some form of scarcity that will ultimately improve the value of the coin and the network.

Enjin is also unique because the coin uses a series of on-chain and off-chain processes. It is synced with the Ethereum platform in a way that ensures that transactions are validated by the Ethereum blockchain before digital items convert from non-tradable versions to tradable versions.

Don't Miss: Could Enjin Coin Be A Millionaire-Maker Coin?

More About The Enjin Token (ENJ)

The Enjin token or coin is the primary subject of this article. It is the tradable token regular traders and investors will need to buy to invest in the system. The coin was made available to the public in September 2017, in a presale event. About a hundred million tokens were given away as bonuses during this presale. The ICO was held a month after and fetched about $18.9 million worth of Ethereum.

The Enjin Coin (ENJ) is an ERC-20 token, which means it is issued on the Ethereum blockchain. It uses a proof-of-work consensus algorithm. The coin is powered by a smart contract, and this smart contract has undergone several audits in the past without any known issue.

At the time of writing this piece, the Enjin token is trading at $0.69 per token. ENJ's all-time low value of $0.01562 was recorded on November 02, 2017, and its all-time high value of $4.85 was recorded on November 25, 2021.

At the moment, ENJ’s market capitalization is $614 million, making it the #75th ranked cryptocurrency in the world. The fully diluted market capitalization, however, is $685 million. There are 896,399,955.57 ENJ in circulation, which is approximately 90% of the maximum/total supply of 1 billion ENJ.

Should You Invest In Enjin?

For the average investor, Investing in Enjin basically means buying and selling the Enjin coin. The goal is mostly to buy at a cheaper price and sell at a higher price, making profits as a result. You can also buy the coin, HODL until the price is really high, and then sell for a big profit. But is this something you should do?

You should only invest in Enjin if you have the stomach for cryptocurrency investment. ENJ is one of the most attractive coins now. Like other coins, it is volatile and generally seen as a risky investment vehicle, but the possibility of becoming rich by investing in Enjin is there.

The decision to invest or not to invest in Enjin crypto asset is all yours. However, you will need to weigh the merits and demerits of investing. In other words, you need to weigh the reasons to invest and the reasons not to invest and see if you can reach a personal conviction, based on your financial standing and affinity to risks.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Is It Safe To Invest In ENJ Now?

Safety is paramount when it comes to online investing. Our digital world is fun yet dangerous. There are cybercriminals in almost every country, targeting unsuspecting individuals as well as institutions that are not properly secured. So, is Enjin a safe place for online investment?

The simple answer to the question above is “yes,” Enjin is a relatively safe platform, and the Enjin token (ENJ) is a safe digital asset.

You will also play some roles to keep your digital assets safe when you invest. That is why we always insist that readers invest through a reputable platform and also store their assets in a safe digital wallet.

Major Reasons To Invest In Enjin

Are you still debating whether investing in Enjin can be the right move for you? Here are concrete reasons to trust your instinct and invest in the coin:

✅ Enjin already has multiple real-world use cases

Enjin was primarily built for the gaming industry, but it has since expanded to other uses. The platform allows for the creation and integration of next-generation non-fungible tokens with applications, games, and websites. These tokens can be used in the video game industry, as well as in the auto industry, big tech, and in the fast-growing DeFi subsector.

✅ Enjin has an active developer team

The level of developer activity is one of the few ways to tell the viability or otherwise of any blockchain. For Enjin, this is another major reason to invest. The developer team is super-active, adding interesting features and functionalities to make the blockchain better and more suitable for multi-industry adoption.

The Enjin developer team has even been involved in projects outside the immediate blockchain. In March 2021, it started work on a blockchain for Polkadot NFTs called Efinity. There are several other projects we can’t start discussing here. The point to grab is that Enjin has a strong and active developer team, so it will continue to grow and attract users.

✅ It has a large community of developers and ardent users

The community backing a cryptocurrency plays a critical role in its success or otherwise. Dogecoin is a good example of a crypto that mostly depends on its community to grow, and it has been doing well in recent years. Enjin is poised to have even a larger community when compared to most cryptocurrencies. It boasts of a robust infrastructure that is loved by developers. As the blockchain for gamers, it is also in a good position to attract millions of users every year.

✅ Enjin is supported by a scalable network

One of the factors that determine success in the crypto universe is adoption, and adoption is influenced by key factors, including scalability. Enjin is a scalable network that makes transactions faster and more fun. It is not weighed down by Ethereum, rather, it uses a Proof-of-Stake algorithm that validates blocks every other 6 seconds and can handle thousands of transactions per second. It is almost impossible to experience lagging on the network.

✅ Opportunities to stake and earn

It is possible to earn passive income in cryptocurrency investment even when you are not actively trading. You can do that when you stake your tokens, but not every cryptocurrency supports staking. Fortunately, Enjin is one of the platforms that support staking. Through staking, you can offset losses during downswings, even as you wait for the market to improve. Staking is also great for those who are investing long-term.

✅ Enjin has a low regulatory risk

Many cryptocurrencies have been hit by regulations in the United States and elsewhere. These are mostly synthetic security tokens and tokens with some elements of centralization. Enjin is perfectly decentralized and its governance is determined by token holders. In fact, it appears the developers focused on creating a digital asset with the lowest regulatory risk. This is obviously why big companies, including the all-mighty Microsoft, are using it to run their blockchain projects.

✅ It has secured important partnerships

It is one thing to be used by big cooperations and it is another thing to enter into a partnership with a prominent company or group of companies. Enjin is already in partnership with many big companies, including Samsung. If these big corporations see something big in Enjin, regular investors should be assured that they are backing the right asset.

✅ It has performed relatively well since its launch

In November 14th, 2017, ENJ was trading at $0.02869 per token. Less than four years afterwards, it crossed the $1. In fact, it reached an all-time high of $4.85 per token in 2021. There is a good chance that it will suppose the all-time high in the next major bull market. In all, ENJ has performed relatively well in the last four years, especially when you compare it to coins released within the same period.

✅ Enjin is still a cheap coin

Some people see cheap cryptocurrencies as inferior to expensive ones. In many instances, this is not always the reality. Being cheap is actually a good thing for a quality cryptocurrency and you should aim to buy when the price is cheap. ENJ is currently selling for less than $1 per token, so you can start investing with little capital. If you are a HODLER, you may be surprised at what your modest Enjin investment can fetch in years to come.

✅ Enjin is now available in major exchanges

When a relatively new cryptocurrency is listed in almost all the major exchanges, then you can be sure that it has earned a reputation in the crowded industry. Enjin is available in major exchanges and some of the most trusted brokerages like eToro.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Reasons To Think Twice Before Investing In Enjin

Enjin may be an incredible platform with lots of happy users and investors. This does not mean it is perfect. In fact, there are reasons you may want to reconsider investing in ENJ, and the major ones include:

❌ Just like other cryptos, Enjin is volatile

Volatility is a major problem in the cryptocurrency universe. Depending on your approach to investing, it can be seen as a good thing or a bad thing. But generally, an asset that is too volatile is too risky as an investment vehicle. You can make a lot of profits today and lose everything tomorrow. You need to have the stomach for it and be ready to learn strategies to navigate the market.

❌ The Enjin Wallet is not open-source

Enjin has a multi-use wallet, which is great to an extent. Actually, the wallet is pretty good and of the right quality. This is also an indicator of developer strength. However, there is an issue with the Enjin wallet. It is not open-source, which means it lacks adequate vetting.

❌ The Enjin coin has no physical backing

Some of the best digital assets have physical backing. However, this is not the case with Enjin and, quite frankly, many other cryptocurrencies. The coin might have been a lot more valuable if it had physical backing in the form of assets, profit, or commodity.

Where Can You Buy The Enjin Token (ENJ)?

Safe cryptocurrency investment starts with buying digital coins from the right source. There are different ways to buy cryptos, as well as different platforms you can buy from. But your approach matters when you want to minimize risks.

The commonest place to buy Enjin and other cryptocurrencies is cryptocurrency exchanges. Exchanges share similarities with the stock market, but they are focused on cryptos and have unique rules. Good examples of exchanges you can buy from are eToro and Coinbase Pro.

You can also buy Enjin from brokerages. There are a few stockbrokers that allow users to buy and sell cryptocurrencies from their websites. These are progressive brokerages that understand that cryptocurrencies will likely go mainstream in the near future.

People also buy cryptocurrencies from apps and websites that are not officially exchanges or brokerages. These are mostly peer-to-peer platforms that facilitate buying and selling of cryptocurrencies and charge fees. While buying from such apps can be really simple, it is considered risky.

Best Platform To Buy Enjin

From the few paragraphs above, you can deduce that brokerages are the safest places to buy cryptocurrencies. Standard exchanges are great, but they are susceptible to hacking. You can buy a digital coin from an exchange, but leaving your asset on the exchange can be disastrous. Most exchanges have been hacked in the past, and they remain prime targets of hackers.

Coming to the brokerages, there are just a few that supports buying and selling of cryptocurrencies. You also need to consider such factors as trustworthiness, security features, and fees of such brokerages. When you consider all the important factors, you will find that eToro is one of the very best platforms to buy a cryptocurrency.

In addition to being a reliable brokerage, eToro offers interesting features and ease of use. It is recognized as one of the best social trading platforms for traders and investors. It is great for users of all experience levels. You will be able to buy and sell other investment vehicles on eToro, including ETFs, stocks, indices, currencies, and commodities.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

What Next After Buying Enjin?

Buying and selling Enjin cryptocurrency is just an aspect of online trading and investments. You need to know several other things if you want to play safely in the market. One of the most important things you need to know is how to keep your digital assets safe.

Crypto assets are best stored in digital wallets. A quality digital wallet keeps your assets safe from hackers and other malicious individuals.

Another wonderful thing about buying and selling Enjin crypto asset with eToro is that it provides you with a secure, multi-token digital wallet. The eToro wallet has some of the most important features and functionalities to make your crypto investment journey easy, fun, and less risky.

Key Points To Keep In Mind

We’ve discussed most of the important things you need to know before investing in Enjin. Here are the key points you should keep in mind while deciding whether or not to invest in the coin:

Enjin is a unique cryptocurrency platform that provides cutting-edge solutions to technical and financial barriers in the gaming industry.
Enjin has a strong developer team that is constantly improving the blockchain and working on other wonderful projects.
Enjin already has multiple real-world use cases, including gaming, big tech, the auto industry and more.
Enjin was designed to have very low regulatory risk.
Enjin has a large community, comprising developers, partners, gamers, and many other people across several industries that have adopted the platform and its token.
Enjin is still a cheap token but has huge potentials for growth.
Enjin owners can stake their assets and earn passively from them.
Enjin is great for long-term investment.
Enjin is volatile, just like other cryptocurrencies.
eToro is one of the best platforms to buy and sell Enjin.

Are You Ready To Invest In Enjin? Do It The Smart Way

Enjin Cryptocurrency investing can be very rewarding, especially when you play the game the right way. Regardless of your experience level in online trading, you need to research extensively to know what to buy, when to buy, when to sell, when to HODL, and more.

Being smart in cryptocurrency trading means getting the right information at the right time and using such important information to make investment decisions. You can always find the right information here.