Enjin (an ingenious pun referring to “Engine”), powering the ENJ coin, is one of those companies that are trying to take hold of the gaming space opened through crypto-networks and Non-Fungible Tokens (NFTs). These take the advancements already made by the mass multi-player online games and adding a touch of the cryptocurrency magic, through which people who play the game can also earn money. A dream come true for gamers, if you ask me.
Through Enjin, one can create NFTs and then subsequently sell them. The platform given by Enjin, a social gaming platform, allows for the storage of NFTs into a sort of vaults. Subsequently, the developers can then use the platform in question to construct in-game accessories and products that can be bought, sold, traded or used within the virtual world. Software Development Kits (SDKs) have been given to developers so that each can add their own unique touch the software.
It seems that the Enjin coin isn’t following in the footsteps of Bitcoin anymore. It is a known fact that the price of altcoins have a direct correlation with that of Bitcoin. So if Bitcoin drops, the whole market takes a hit. But gaming tokens are able to sustain themselves by being in a seen of a different light. There can be many explanatory factors for this fortunate deviation. One of the reasons can be the recent go-ahead given to the metaverse by the rebranding of the Facebook as Meta. One way towards the metaverse is to create a virtual interactive gaming network. But not all games are created equal though. Another reason could be the high earning of all the investors, with bullish performance of the coin showing a profit for 92% of the investors of the coin.
At the time of writing this article, the value of the Enjin coin is $2.97 with the trading volume of $1.3 billion. It has generally shown a positive increase in its value where its value went from $0.1185 with a trading volume of $3.41 million till its value now. The highest value of the Enjin coin has been $3.45 but after market corrections, it did come down. Another factor for the stinted growth is the Bitcoin bull run in the months of April, when the market crashed and many other cryptocurrencies faced the consequences. The current increase in value is also dubious as spikes in the increase of price represent short-term selling of a particular asset.