Gaming tokens and metaverse coins are the next big thing in the cryptomarket. In this article, we will shed some light on the ENJ coin or Enjin coin and everything about it you need to know before investing. Further, we’d be going through the steps to buy ENJ and also have a look at the platforms where you can buy Enjin tokens.
Summary
- ENJ is the native currency of the Enjin ecosystem.
- NFTs can be melted into ENJ.
- ENJ is based on the Ethereum blockchain.
- You can buy ENJ on different exchanges like 1inch and Coinbase.
What is Enjin?
Enjin provides an ecosystem of interconnected blockchain-based gaming products. It offers a social media gaming platform through which gamers can create websites, clans, and much more. It is called The Enjin Network.
One of the great features of Enjin is it helps someone convert in-game tokens into Ethereum based cryptocurrencies. This cryptocurrency is called the Enjin coin or ENJ.
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What is ENJ Coin?
ENJ is one of the high-flying metaverse tokens. They are ERC-20 coins that mean the in-game tokens are tokenized under the Ethereum blockchain. In simple words, ENJ is a digital store of value used to back blockchain assets like NFTs.
Also Read: Non-Fungible Tokens Explained
What makes ENJ Coin unique?
Every asset that a user mints from Enjin contain ENJ. It is locked inside NFTs and also removed from the circulation. These ENJs provide a variety of features to the users, such as:
- It infuses them with the reverse value, which means you can easily convert ENJs into NFTs just like before.
- It gives them instant liquidity, which becomes very handy.
- It will provide you with some utilities in certain games or apps.
- The transactions are easy, seamless, and also transparent.
- One of the critical features of enjin is its Melting function which helps the user to destroy the blockchain assets at any time to retrieve the ENJ Coin.
- It is anti-inflationary, which means the value won’t be inflated, even if the market value keeps rising or falling.
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Where to buy ENJ Coin?
You can buy ENJ or Enjin coins from various exchanges like Binance, Bithumb, Coinbase, etc.
How to buy ENJ Coin?
You can find a plethora of exchanges to buy ENJ. In this article, we will be showing you how you can buy ENJ on Binance and 1inch.
How to buy ENJ on Binance?
- Head over to Binance and log in. If you do not have an account, create an account, it is free and very easy.
- Once you are on the home page, you will find the TRADE option on the top. Go to TRADE>CLASSIC.
- You will land on a page where you will find a search bar on the right-hand side. Type enj, and you will find loads of results.
- Choose your currency medium wisely. You can buy it with BTC or USDT. in this case; we are buying it with USDT because it has the same value as US dollars. Make sure you have the trading currency in your wallet.
- Once you select the option, scroll down, and you will find a menu where you can enter the amount of ENJ you want to buy.
- Once you enter your desired number, click on buy ENJ. You are now a proud owner of ENJ or enjin coin, cheers!
To learn more, read our Binance Review.
How to buy ENJ on 1 inch?
- You must have a wallet like metamask, Coinbase wallet, Trust wallet to keep your coins.
- Head over to 1 inch website or to the app if you are using your mobile.
- In the trade section, you will find two modes: simple and classic. Choose one of those.
- Click on the connect wallet button on top right and choose your wallet.
- Select a token from the drop down menu. Put your input coin in you pay section and select ENJ in the you receive section.
- Give permission to swap and then click on swap token.
Also, read: A Complete Guide to the 1inch Protocol
ENJ Coin price
Just like any other cryptocurrency, the Enjin coin or ENJ is volatile, and its price fluctuates, time to time. You can have a better idea of the price and Enj coin price prediction from Coinmarketcap.
ENJ Tokenomics
ENJ has a fixed maximum supply of 1 billion tokens, decreasing with time to increase its value. According to the data on 22nd November 2021; The stats are down below:
- Total Supply: 1,000,000,000
- Circulating Supply: 934,340,659
- Assets: 1,142,802,232
- Locked in assets: 12,368,229
- Holders: 149,676
- Token transfers: 1,812,48
Also Read: A Beginner’s Guide to On-Chain Analysis
Why should I buy ENJ Coin?
There are many options when it comes to buying a Metaverse token, but there are some reasons that can make you consider buying ENJ.
- NFTs can be melted back to ENJ anytime. It increases confidence in assets.
- The perceived value of NFTs is correlated to their ENJ backings. The value of ENJ will differ in the case of different NFTs and vice versa. It makes ENJ a gold standard.
- The ENJ stored within NFTs works as proof of the origin of the coin. It also ensures their compatibility in the Enjin ecosystem.
- To increase the value, existing NFTs are melted, increasing their scarcity.
- ENJ is limited. The only way to regulate it is to back it up with NFTs, this makes the coin non-inflationary.
- It is tangible, which means ENJs backed with NFTs hold a specific value and can be melted at any time.
How secure is ENJ Coin?
ENJ or Enjin coin is an ERC-20 coin which means the transactions are handled by Ethereum blockchain. Ethereum blockchain is one of the safest platforms out there. A proof of work consensus algorithm secures it. Furthermore, miners are competing to add new blocks to the blockchain, which means the chain becomes even safer with every transaction.
Conclusion
Investing in a metaverse coin always has various features, making them popular and valuable. Enjin Coin has a high gain, and it is very secure, so you can easily consider investing in it, although we always suggest you do your homework before investing. We hope this article will help you get started with Enjin coins and show you how you can buy them very quickly.
Frequently Asked Questions
Is ENJ secured?
How many ENJ is circulating in the market?
Can I buy ENJ with real money?
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