Enjin Coin (CCC: ENJUSD) is a cryptocurrency token that purchases in-game virtual items. Its main consumers are the blockchain’s online game players. On top of that, Enjin is a store of value used in the fast-growing non-financial token (NFT) market.
This is unique among the many cryptocurrencies that exist. Enjin’s market capitalization is $2.2 billion, ranking 62nd in the world by market capitalization of cryptocurrencies.
Over the past three months, the ENJUSD has risen 124% from its recent low of $1.203 on September 27th to $2.71 as of December 6, and after reaching a high of $3.50 on November 5th. Not long ago, Engin was on a roller coaster ride.
Standout Features of ENJ Platform
Enjin Coin is under Enjin. It is the company behind the Enjin network. An Ethereum-based social gaming platform (CCC: ETHUSD) that allows users to host websites, clans, chats, and virtual item markets.
Additionally, each engine token has a “melting” feature. As shown in the text, if it operates to trade or issue NFTs, NFTs can be melted down to the underlying ENJ-USD value. This is unique among Ethereum-based social games.
To suffice things, Enjin recently announced on November 4th that it had formed the Efinity Metaverse Fund. The fund will raise $100 million to support network growth and support “ecosystem partners.” This appears to be mainly related to Enjin’s Polkadot (CCC: DOTUSD) based NFT blockchain Efinity (CCC: EFIUSD
The $100 million fund will be provided through crowdsourcing to support Efinity’s bidding on the Polkadot auction network. Enjin with Efinity, the Enjin wallet, and NFT.io are the ones who help integrate the marketplace for NFT Efinity. Wherein, assisting these groups is their main priority.
They also fund practices of Efinity on Polkadots in the Metaverse project.
The project also incorporates Enjin and tokens. The foundation will also support game projects and buy back tokens for some small cryptocurrencies.
The main point is that organizations that provide cross-chain integration with the Enjin ecosystem are supported by the foundation. Basically, it’s a good marketing expense to push the entire Enjin platform.
Effects on Enjin Today
One of the new aspects of Enjin is that it is deeply embedded in both game tokens and NFT tokens. This is the core of the popular metaverse these days.
Despite that, as measured by DefiLlama.com, ENJUSD does not appear as a major contributor to Total Value Block (TVL) in wallets or apps. However, since ENJUSD does not actually participate in DeFi (Decentralized Finance), there is no need for that.
Most of the integrations are for games, NFTs, decentralized applications (DApps) related to NFTs, groundbreaking projects, and Efinity games.
According to Coin Telegraph’s point of view, the foundation also plans to give assistance to some game projects that uses any platform alongside the metaverse, NFT, and some areas connected to the Enfinity infrastructure.
ENJ Coin Projections
Basically, this means that it will take time for the engine network and the ENJUSD token to be in the spotlight and build their value. The price will reflect during its duration.
It’s great that the token has grown so much over the past 3 months. This means that engine investors just have to be patient. However, it may take some time for the network to participate in this evaluation. As a result, it takes some time for ENJUSD to move even higher.
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