Enjin (ENJ) Price Chart

Enjin is a blockchain platform that aims to provide video game developers with a suite of tools and solutions for integrating distributed ledger technology into their games. It utilizes the Polkadot network to support creating and managing non-fungible tokens (NFTs).

Enjin empowers gaming engineers to create in-game items through Software Development Kits (SDKs) and APIs, and allows them to integrate blockchain functionalities into their code. This includes the ability to mint, manage, and trade NFTs representing in-game items, such as weapons, costumes, avatars, and in-game currencies. 

Participants can trade or sell these assets outside the game, potentially giving them real-world value. 

ENJ is the native cryptocurrency that fuels the Enjin network. It serves multiple purposes, such as allowing users to purchase and mint NFTs, trade on exchanges, and participate in the crypto ecosystem. 

In the lines that follow, we'll break down the mechanics of the Enjin network, and delve deeper into the critical functions of the ENJ token. 

ENJ Overview

Enjin token, also known by its ticker ENJ, is a native cryptocurrency used to power the Enjin platform. It supports various activities within its own ecosystem, as well as the broader blockchain gaming industry. 

ENJ is an ERC-20 cryptocurrency built on the Ethereum blockchain, meaning it can be traded and stored in Ethereum-compatible wallets.

Security 

Game developers can lock ENJ to back the value of NTFs they wish to create. In addition, Enjin's native token is used to pay transaction fees related to minting, trading, and transferring NFTs within its ecosystem. This helps secure the network, and incentivizes validators to maintain the blockchain. 

Staking

ENJ holders can stake their tokens and receive rewards in return. Like CEX.IO crypto staking, which allows our members to potentially earn up to 30% on supported cryptocurrencies, Enjin participants can earn additional ENJ tokens through staking mechanisms within the ecosystem. 

Moreover, users can also earn access to premium features and discounts on transaction fees as an incentive for supporting the network.  

Disclaimer: Please note that CEX.IO Staking currently doesn't support ENJ. 

Unique Features of ENJ

Enjin's native token serves several purposes, including: 

• Providing value to NFTs
• Incentivizing developers to create new games and contribute to the network
• Maintaining platform functionality 
• Minting and managing NFTs
• Participating in transactions on the Enjin marketplace
• Access to certain features of the Enjin Wallet

ERC-1155 Standard

It is also vital to note that the Enjin blockchain uses the ERC-1155 standard, which allows developers to create both fungible and non-fungible tokens within a single contract. This functionality could provide developers with the flexibility to create various types of digital assets. 

ENJ Tokenomics

ENJ has a capped supply of 1,795,528,620 tokens, with 1,379,841,766 ENJ in circulation as of this writing. This means a little over 23% of the total supply is still awaiting issuance. 

The initial token distribution included allocating 1 billion tokens, as follows:

• 40% to the pre-sale
• 40% to Crowdsale purchasers 
• 10% for incentives (community, beta testers, marketing, and strategic partners)
• 10% to the Enjin Coin Team and Advisors

The Role of ENJ in Gaming and NFTs

Developers who want to create blockchain-based assets on the Enjin platform, like in-game items or even virtual currencies, use ENJ tokens as backing. Once they create (mint) a new asset, a specific amount of ENJ tokens gets locked away in the smart contract coupled with that digital item. 

Simultaneously, creating new NFTs using Enjin's native cryptocurrency takes those allocated ENJ tokens out of circulation. 

Enjin Platform's Technical Aspects and Features

Enjin relies on a custom-built blockchain based on Polkadot, specifically designed for NFTs. Contrary to the Ethereum network, where NFTs are built on top using smart contracts, Enjin integrates NFT functionality directly into the blockchain itself. 

This means that the blockchain protocol handles the creation, transfer and use of NFTs, removing the need for separate smart contracts. This could potentially improve efficiency and streamline the process of minting new non-fungible tokens. 

Enjin Wallet

An Enjin Wallet is another feature this blockchain offers. Much like the CEX.IO online crypto wallet, which allows members to buy, sell, trade, and convert cryptocurrencies, the Enjin Wallet provides players with a tool to securely store and manage their digital assets acquired within integrated games. 

Enjin Marketplace

Furthermore, Enjin also provides participants with a decentralized marketplace, NFT.io. Users can buy, sell, and trade NFTs using this marketplace. It supports peer-to-peer transactions of in-game assets, aiming to offer a transparent and secure environment for trading digital items. 

Roadmap and Development History

Enjin is a software built on the Polkadot blockchain designed for the gaming industry. It was founded as a gaming community platform in 2009 by Maxim Blagov and Witek Radomski. 

Previously, it relied on Ethereum for its NFT functionalities through smart contracts. However, the platform transitioned away from Ethereum to utilize its own blockchain in 2023, marking its most significant milestone. 

The migration included transferring around 118 million NFTs from Ethereum and roughly 101 million non-fungible tokens from JumpNet, Ethereum's sidechain, to Enjin's mainnet. 

Enjin's move to their own blockchain wasn't just a technical shift. It potentially brought real advantages to users. They introduced two key features:

• Built-in Royalties – Allowing creators to automatically receive a cut of every future sale of their NFTs directly on the blockchain.
• Fuel Tanks – Developers can cover user transaction fees, essentially giving participants three months of free transactions within the Enjin ecosystem.

By baking these features right into the system, this switch to a custom blockchain could mean a smoother experience for users.

Market Performance and Trading

The price of ENJ has experienced significant price swings. At its lowest point, on November 12, 2017, it was only worth $0.01. However, it reached a record high of $4.82 on November 25, 2021, which was an increase of over 48,000%. 

Those interested in tracking the real-time value of ENJ can explore our live cryptocurrency prices or visit our Sport Trading platform to find out how Enjin's native token compares against USD and USDT. 

Community and Ecosystem

Enjin fosters an active community known as "Enjineers," which maintains a strong presence on platforms like Facebook, Discord, Instagram, Telegram, Twitter (X), LinkedIn, and Reddit. 

Also, Enjin regularly hosts events, workshops, and hackathons to promote collaboration and education within the community. 

Furthermore, Enjin partners and integrates with game developers, blockchain projects, and other industry players. 

The platform attracts 60 million monthly views and facilitates millions of USD transactions through community stores. Currently, ENJ is being integrated into the Enjin CMS platform, reaching over 250,000 gaming websites.

The Enjin blockchain has partnered with industry leaders like Unity, PC Gamer, and NRG eSports, aiming to position the network as a potential major force in the convergence of gaming and blockchain technology.

Environmental Initiatives and Future Plans

In an effort to promote sustainability, Enjin introduced the JumpNet blockchain in April 2021. This blockchain utilizes a proof of authority (PoA) consensus mechanism, potentially offering more energy efficiency than a proof of work (PoW) system. 

JumpNet operates on only five nodes, a feature that has the potential to significantly reduce its energy footprint. Compared to the Ethereum network, its estimated power consumption is a mere 0.000002%, which could put the network on track to deliver a more eco-friendly approach to on-chain gaming.

Furthermore, in an attempt to reduce Enjin's carbon footprint, the network introduced Efinity, which utilizes a proof of stake (PoS) consensus mechanism. Efinity's estimated power consumption is predicted to be roughly 4,060,000,000,000 watts per year, or ~0.15% of the electricity used by the Ethereum blockchain. 

In parallel with efforts to minimize environmental impact, Enjin blockchain aims to continue empowering developers, enthusiasts, enterprises, and large communities to bring new ideas and innovations into the digital items landscape. 

The latest effort toward this goal was launching Efinity Matrixchain, which aims to offer users the ability to seamlessly transition their data. Unlike the original Efinity design, the Enjin Matrixchain utilizes the ENJ coin as its native currency. 

Educational Resources

CEX.IO provides interested parties a closer insight into Enjin's core functionalities and real-time price performance. However, those looking to learn more about the inner mechanics of the Enjin blockchain can visit its official webpage. 

Curious enthusiasts can access valuable resources, including comprehensive documentation for developers, and learn more about Enjin's API functions and best practices for building blockchain games and managing tokens. 

ENJ holders who wish to become validators and engage in Enjin's staking process can visit the Staker section for details on eligibility and pathways toward potential rewards. 

Creators can explore the NFT.io marketplace to learn how to access available listings, and connect with other NFT enthusiasts. 

Finally, Enjin's Learning Hub empowers potential participants by exploring the creative applications and diverse use cases of the Enjin Blockchain.

FAQs

How to buy ENJ with CEX.IO?

Customers can acquire ENJ through our iOS and Android-compatible crypto payment mobile app and Spot Trading platform. The most intuitive way to obtain ENJ is via Instant Buy, which supports various payment methods, including credit and debit cards, bank transfers, e-wallets (Skrill, Neteller), and mobile payment processors (Google Pay and Apple Pay). Note that the availability of specific payment solutions varies between jurisdictions.

Can I buy ENJ in the U.S.?

Unfortunately, ENJ is not available for U.S.-based customers. However, those willing to trade cryptocurrency in the U.S. can explore our supported cryptocurrency list, which offers 30+ digital assets, including major cryptocurrencies like Bitcoin and Ethereum, as well as stablecoins like USDT and USDC. CEX.IO provides U.S.-based users multiple gateways to effortlessly buy USDT in the U.S., via credit and debit cards, PayPal, Google Pay and Apple Pay. 

What is CEX.IO Savings?

CEX.IO Savings offers a flexible pathway for crypto enthusiasts to grow their holdings. This service allows eligible members to deposit various popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) into a dedicated crypto savings account. Crypto aficionados can effortlessly put their idle crypto to work and potentially earn additional rewards.