Enjin Coin (ENJ) is one of the rapidly growing cryptocurrency projects in the blockchain world. The project aims to bring the power of blockchain technology to the gaming world while leveraging NFT assets and decentralisation. Launched in 2017, this cryptocurrency has seen significant growth and is now among the largest digital assets in the market.

Built on the Ethereum blockchain, this project caters primarily to game developers, players, and investors interested in NFTs. The technology serves as an ecosystem used for NFTs, games, and other distributed applications. This article by Zatrun.com, sheds light on a series of topics of interest such as what ENJ coin is, Enjin Coin reviews, and its future. Let’s start by explaining what the project is all about.

What is Enjin Coin and How Does It Work?

Enjin Coin is a blockchain and cryptocurrency project launched by Enjin, a Singapore-based company, in 2017. This digital asset is built on the Ethereum network and uses the ERC-20 smart contract, meaning you can send and receive ENJ coins through an Ethereum wallet. However, the project is more than just a send-and-receive cryptocurrency, as it hosts many features that encompass ENJ, NFTs, and the gaming world.

The project’s biggest feature is its unique connection to gaming. This connection is large, unlike what we typically see on a blockchain platform. Firstly, the platform has an architecture that can integrate with games. For example, players can buy and sell digital NFTs that can be used in multiple games on Enjin. The platform also offers developers the ability to create, design, store, and trade content.

Enjin Coin’s primary focus is on games and gaming communities. The project aims to provide the best services for Ethereum and game developers. To achieve this, it supports the creation of websites, forums, and applications that effectively target players. Additionally, through NFT technology, it brings some innovations to games. For example, in-game items such as swords, shields, and clothes can be bought and sold as NFTs on the Enjin marketplace. These NFTs can be used in games supported by the ecosystem, such as Lost Relics and Spirit Clash.

Meanwhile, ENJ coin develops all its products in a way that a user who is distant from the blockchain field can understand. So, it is possible to use many products and features in the ecosystem with simply basic computer usage knowledge. The constantly evolving project has also developed its Ethereum-based wallet application. In addition, with its Efinity product, it has significantly improved blockchain scalability and formed partnerships with major game companies such as Ubisoft and Unity.

Is ENJ a Good Investment?

The entire crypto world is on the brink of a collapse. Bitcoin has dropped 75% from its all-time high amid broader market declines caused by severe inflation and US Fed rate hikes. Additionally, industry leaders such as FTX and Terra (LUNA) have gone bankrupt, dealing another blow to the market. Therefore, Enjin Coin is currently trading at a low price like all other cryptocurrencies.

However, analysts are expecting a rise in the market, especially in the second half of 2023. Currently, Bitcoin must find a bottom before it can start rising. After BTC does this, it is likely that other altcoins will follow with a similar price movement. Therefore, analysts are pointing to the second half of 2023 for a rise in Enjin Coin’s price. However, remember that no one can predict what will happen in the crypto market. Positive and negative developments in the ecosystem can also affect the price of the asset.

The future looks bright for Enjin Coin, currently the 92nd largest asset in the cryptocurrency market. The asset dropped by around 90% from its all-time high of $3.84 during the 2022 bear market and is currently trading at $0.30. However, it continues to make a name for itself through NFT and gaming partnerships, leading analysts to have positive long-term price expectations for the asset.

According to a price prediction model based on an algorithm, ENJ coin has the potential to surpass $0.81 within 2023. However, note that this prediction does not consider the price of Bitcoin and a bull market. The robot’s year-over-year prediction indicates that the cryptocurrency will exceed its previous all-time high by 2028. The robot predicts a price of $5.84 for the asset in 2028.