Launched on the Ethereum mainnet in June 2018, Enjin Coin (ENJ) is an Ethereum-based cryptocurrency and a digital store of value utilised to back the value of blockchain assets like non-fungible tokens (NFTs).
It is a project of Enjin, a company that supplies an ecosystem of interlinked, blockchain-based gaming products.
Every asset minted with the Enjin Platform incorporates ENJ, a minted resource which is locked within NFTs and remove from circulation.
Enjin enables game developers to tokenize in-game items on the Ethereum blockchain.
Enjin uses Enjin Coin to back the digital assets such as NFTs issued utilising the Enjin platform, meaning that items can be purchased, sold and traded with real-world value
Users can use Enjin Coin can be used as a currency and the Enjin Wallet to buy, sell, and trade NFTs.
Enjin integrates with games and allows users to handle and store virtual goods for games. These can range from in-game currencies to tokens representing unique.
According to CoinMarketCap, Enjin Coin utilised a series of smart contracts to which game developers send ENJ to mint new, unique fungible or nonfungible ERC-1155 tokens which can be traded on the Enjin Marketplace.
Enjin Coin also utilises a series of both on-chain and off-chain processes.
Enjin Coin will take part in the development of the Metaverse which makes it a Metaverse cryptocurrency.
Enjin Coin has a fixed total supply of 1,000,000,000 ENJ tokens with 823,130,411 ENJ tokens in circulation.
At the time of writing, Enjin (ENJ) is trading at $1.61 with a market cap of over $1.4 billion.
Enjin Coin (ENJ) can be purchased on Uphold, Coinbase Exchange, Binance, Uniswap (V2), Gemini, Kraken, KuCoin etc.
