Bitcoin is down about 30% from its all-time highs (xie xie, China!) Made a number on the coins high. I earned a good penny for owning Enjin in May and back in July, one of the top 10 non-expendable tokens (NFTs), measured by market capitalization. The last one I checked, I lost about 26%, but it’s actually better than my Bitcoin.
I bought Enjin because of NFT fashion.
In April, Tom Brady said he would launch an NFT company to sell digital art, digital audio, probably from his years being the best man in American football. There was no way to invest in Tom Brady’s NFT currency, so I went looking, asking my contacts with the cryptocurrency manager. The Enjin currency always stayed with them.
“Tom Brady fans weren’t pioneers in early cryptography and probably don’t understand utility and tokenomics, but they all understand the value of iconic moments coined as NFT and sold on the blockchain,” says Steve van Zutphen, CEO of Soccer App, which is the football version of football. “The utility is understood and in this way the NFTs bring cryptography to the mass market. Like Tom Brady, we are also taking advantage of this trend with the new NFT platforms ”.
We’ve all read about people spending hundreds of thousands of dollars on fake real estate in a video game and fake swords, also in video games. So my thought was that Enjin kind of trafficked in these things. On sign?
Enjin is a blockchain platform and marketplace designed for NFT, such as fake swords and fictional terrain. If you’ve ever seen Caprica on the SyFy channel, the prequel to Battlestar Galactica is the birth of the AI cyber workforce known as Cylons. The people of Caprica lived in both virtual and real worlds: they went to virtual clubs, bought virtual things. I imagine, in my little student pea brain C, that this would be the kind of coin that Enjin would flourish.
For the past two months, I have been in touch with Enjin to get to know the company better, and I have finally received answers to my questions. I suspect there are many more to add as this market grows.
For newcomers looking for new coins to add to their cryptocurrency portfolio, Enjin’s roots are in the games. The company was founded in 2009, when co-founders Witek Radomski and Maxim Baglov created the Enjin Network, a community social gaming platform that is probably unrelated to PlayStation and X Box games, so you don’t have to. never heard of cryptocurrency investor like me.
That said, the blockchain game The Six Dragons is supposed to hit PlayStation V. The Six Dragons allow players to craft NFTs using blockchain recipes created by other players, who pay with cryptocurrency in exchange for their service. Enjin is part of it.
Today, the Enjin network has more than 20 million users in more than 250,000 gaming communities. These are real gaming nerds, who want to keep their swords and space battle equipment.
“Our experience in the gaming space drew attention to the persistent problems facing the industry, which could be resolved through blockchain,” said Bryana Kortendick, Enjin’s vice president of operations and communications. “Most games use an internal centralized database to represent elements. While this is quick and economical, players lose purpose because they do not own their game items or the progress they make in the game. If the game shuts down, all progress and objects are lost. Decentralized NFT articles give you real ownership of these articles. ”
Blockchain-based articles can be more easily integrated across multiple platforms, allowing for cross-platform collaborations between game developers and major game brands such as Minecraft.
Since the launch of its NFT platform, Enjin has supported more than 1,114 million blockchain assets containing 12.5 million ENJ coins created and there are currently about 127,000 users.
In April, they launched JumpNet, which I think is one of those climate change tricks. It is a free blockchain that allows users to complete gas-free instant transactions for ENJ and Ethereum ERC-1155 smart contract assets. Using a “bridge,” ENJ can be moved to JumpNet, where it can be used for the intended purpose of minting carbon-negative NFTs without transaction fees.
We’ve been hearing a lot about the carbon footprint of cryptography since Elon Musk complained about it a few months ago and refused to allow the purchase of Teslas in Bitcoin because of that. Now, all of a sudden, cryptography is all about climate change.
But in addition to C02’s concerns, JumpNet led to the creation of more than 6.2 million assets that have been “minted” without commissions to JumpNet. Coining is what you do when you create a virtual sword, for example, backed by Enjin Coin.
This is a growing platform, so Enjin Coin may have some room to grow with the NFT market and while some of these things are ridiculously high priced, others are more realistic and are they may consider player art or player equipment than other players or artists. , you may find valuable.
The Enjin platform now has more than 95,000 registered users, up from 36,000 in January. More than 830,000 items have been marketed in the Enjin market since 2017. The Enjin Wallet and crypto / NFT app has been downloaded over 2.3 millions times.
“We are working with more than 55 game and app developers on an official basis as part of the Enjin adopter program,” Kortendick said.
This is important for Enjin’s growth, of course, because it needs more Enjin-backed NFT. The trend is your friend in this one.
“ENJ’s basic utility is to directly return the value of the elements in the blockchain. It’s like a gold standard for digital assets,” he says. “Enjin acts as a guarantee of value and certificate of authenticity. ENJ can be extracted from items using a process called merging, so if you have a sword for a game you no longer play, you could always melt the item to receive the ENJ value from within or change it to a market “.
I asked about the Reddit rumor factory that would allow Enjin Coin to shop for the game at Electronic Arts
His Polkadot NFT project, Efinity, recently raised $ 20 million from his symbolic EFI candle on Coinlist. They got 100 million IFI. It sold out in 2.5 hours and subscribed excessively, with 652,000 people registered to participate in this offer, the second highest demand for a new listing on Coinlist.
For investors, if the price of the Enjin currency manages to advance beyond $ 1.59, “the bulls will return to the driving position,” says Elliott Laybourne, cryptocurrency investment analyst and Investing Cube columnist. Enjin is currently trading at around $ 1.39. “An achievable bullish target is the May 26 high at $ 2.16,” he says, if Enjin spent $ 1.60.
“A token assigned to an image, video, or audio URL creates digital scarcity and authenticity in items. People love scarcity and collection, so it’s not uncommon for this market to grow 800% during the first 4 months of 2021, “says Van Zutphen of TheFutbolApp in Licthenstein.” The market is as big as the Internet, with an integrated payment system and showcases around the world. store that sells collectibles, you can place your item in a digital storefront all over the Internet and receive secure payments directly without intermediaries.You can find out which items have value for people faster: the price of the “It takes decades. That’s a lot faster. And it’s fun,” he says.
Yes, but can the Enjin currency grow by 1,000%? This seems to matter to all investors in cryptography.
Nobody knows. But at less than $ 2 per “share,” no one will break down buying 100 ENJs, that’s for sure.
These things are like roulette, only instead of betting off, you’ve been betting on 0 and 00 and waiting for the best. If you win, the payout is huge. Like Kenny Rogers’ player, “you have to know when to leave and know when to run.”
“We see a future where game economies are becoming as complex and nuanced as real-world ones, with players wanting to own all of their player experiences,” says Kortendick. “This will move the social paradigm to user-generated content and more to user-generated value, where people can create products and services with each other in the digital world, thanks to blockchain and NFT technology.”
This is the fundamental case for Enjin Coin in a nutshell. They are building an NFT ecosystem that will give companies, developers, and the gaming audience everything they need to create, integrate, negotiate, distribute, and use NFT.
If you believe in NFTs, you are buying some Enjin currency.
As an investor, I’m not sure I believe in NFTs. But Tom Brady yes, and apparently tens of thousands of others, yes, and that’s why I put some risk on Enjin Coin. If it explodes, I don’t lose all my encryption chips.
Enjin people are bullish, like everyone else in cryptography.
“We are beyond excited about the inevitable symbiosis of NFTs with augmented virtual reality and artificial intelligence,” Kortendick says. “These technologies, combined with NFTs and blockchain, will allow the emergence of a true decentralized metaverse.”
Metaverse is another world. Remember the previous comment on Caprica. You can read about Metaverse here.
“This new reality will provide incredible opportunities for socialization, creativity, economic activity, and social mobility,” Kortendick says. “I think it will replace the Internet as the main stage of social, cultural, political and economic activity.”