With literally thousands of cryptocurrencies out there at the moment, figuring out the next big thing and what to invest in can be tough. One of the most interesting currencies to come on our radar in 2021 is Enjin coin, now let’s see why…
What is Enjin Coin?
What’s more interesting is to start off with what Enjin coin used to be, leading up to what it is now.
Enjin coin (ENJ) originally started life as a cryptocurrency and blockchain that was specifically designed solely to serve the video game industry. Enjin created the coin on the Ethereum blockchain in order to facilitate easy and efficient in game transactions for over 20 million videogamers.
Enjin coin is a value token that gets locked in and becomes an NFT when it enters the ecosystem of the Enjin platform. Once in the platform, the NFTs can be traded, swapped and integrated, essentially creating an in-app economy.
Enjin – The Company
Enjin is a Singapore based company that created a platform designed to help gamers create communities around the games they play, tokenize in-game items and facilitate trades between players, among other things. Additionally, the company partnered with Samsung back in 2019 to integrate its technology into the S10 phone model.
The video game market is, of course, well tapped, but Enjin has thus far been successful in creating a gaming cryptocurrency that can be used for cross-platform trading. But can Enjin coin now cross the barrier of being picked up for wider use than solely within the gaming industry?
There are strong signs that it could, and the value of the coin has been steadily increasing in 2021. Why? It all started with a game changing move in Japan back in January.
How Japan Changed the Game
In January of this year, Enjin became the first gaming cryptocoin to get whitelisted to be used in Japan. As a result, the token has been listed on Japan’s Coincheck exchange, meaning users have since been able to purchase ENJ with Japanese yen.
This is a massive game changer and has given many a lot of faith in the future of Enjin coin. Japan has some of the most stringent regulation rules and measures to negotiate, as the country is one of the few to have a self regulatory body dedicated to its crypto exchanges – the Japan Virtual Currency Exchange Association (JVCEA).
What’s Happened to Enjin’s Value Since?
Since the Japanese green light, Enjin’s value has shot up remarkably, from less than $0.25 to around $2, though it has fallen to around $1.55 at the end of Thursday trading. It’s a sharp rise, but still a low priced coin compared to the big name cryptos. If the trajectory continues as it has been, it’s easy to see why many are considering this to be a sound investment. As is always the case with crypto though, things don’t always go as forecast and the volatility works both ways.