Enjin Pump and the Reason Behind It

Enjin is the leading blockchain gaming project, and its achievements outshine a lot of other projects. Over the past week, its native coin has seen some immense price movements and tremendous support.

To remind, the first significant price movement happened when Microsoft announced its partnership with Enjin last December. It immediately boosted investors’ confidence.

A more recent pump has also been an impressive one. Here are some reasons why it happened.

Contribution to the ecosystem 

  • The company’s CTO and co-founder Witek Radomski introduced the ERC1155 protocol which became the official Ethereum standard in June 2019. This standard has become the norm for minting NFTs;
  • EnjinX, an Ethereum explorer, is the best way to find data on the blockchain. This platform also allows users to find data on NFTs;
  • The Enjin Wallet is one of the best, secure and most user-friendly wallets out there. It also has a Dapp browser, access to the marketplace and the best storage for NFTs.

Development 

  • Enjin has been in development for the last two years;
  • The company itself has been around for over 10 years;
  • While CocosBCX, Steem and Wax provide quite healthy competition, Enjin has a serious competitive edge. The number of quality games on its platform is continually growing. Forgotten Artifacts is an amazing example of how the platform managed to integrate itself into a classic hack and slash game.

Partnerships 
  • Microsoft introduced Azure Heroes, a recognition program that issues special NFTs upon completion of a specific task;
  • UNITY – Game developers can integrate blockchain-based gaming items easily using the Enjin SDK on Unity;
  • Binance recent giveaways to celebrate the holiday seasons are collectibles made using Enjin;
  • Crypto.Com app allows you to pay for goods and services with their MCO Visa card using ENJ;
  • Altcoin Buzz Collectibles are made on the platform. The Black Knight Ashor is an NFT by Altcoin Buzz which is usable as a skin in Forgotten Artifacts;

  • Enjin is the only wallet that can directly access the back end blockchain element that is built on Knox;
  • EnjinX – This Ethereum explorer will eventually have a Kickstarter type platform for games to fundraise;
  • Enjin Wallet – There is an in-built exchange where users can also trade cryptocurrencies using Kyber Network, Changelly or Bancor. Users of the wallet can also trade their NFTs within the wallet.
  • The Enjin marketplace is the key part of the ecosystem. The process of buying and selling NFTs is very smooth whether when using a browser or a mobile app.
  • Enjin SDK – For Game Devs to build games and integrate blockchain items into their platforms;
  • Games – There are over 50 games available on the platform. They use ENJ to mint their game items. The numbers are expected to go up once mainnet is ready.

Token Utility

  • All NFTs on Enjin are minted using the ENJ token, including the ones made by Microsoft and Binance;
  • All NFTs in the Enjin ecosystem can only be bought and sold using ENJ.
Mainnet Launch
  • Enjin Mainnet’s launch is approaching, and there is a lot of excitement regarding that. The company recently tweeted about this. Thus, full-scale marketing and the gates for new game developers will open. This will allow the company to showcase the full potential of its project;
  • Mainnet for Enjin does not mean it’s making its own blockchain. The mainnet launch for Enjin simply means the company will launch a developer’s portal. Everyone will be able to mint their own NFTs and blockchain items and to integrate them. The process of minting has been performed by the Enjin team until now. But it will become automatic after mainnet.
Rumors 
  • There are rumors that the Enjin Telegram chat will partner with a big car manufacturer. We have seen some info about that on EnjinX and it’s similar to the Microsoft rumor that had been circulated prior to the collaboration;
  • There is also speculation that Samsung is about to make an announcement. But there isn’t any proof to back that.

Possible issues that the company faces

  • Scalability: When Ethereum gets clogged, the network becomes congested. ENJ might take a hit because of this;
  • Industry: The Gaming industry is yet to accept NFTs;
  • Because of ENJ’s surge, NFTs might melt. That said, War of Crypta has some NFTs that are backed by 10,000 Enjin.

Still, we should expect a lot of great things from the platform this year. With so much going on, the upcoming months will be a blast. So stay tuned.

Links

Website
Wallet
Marketplace

DISCLAIMER:

The information discussed by Altcoin Buzz is not financial advice. This information is for educational, informational and entertainment purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

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