Enjin Coin Price Prediction for & Why You Should Get Some
In the current market cycle, there have been many factors that contributed to the price increase of cryptocurrencies. The institutional interest in Bitcoin brought the entire market more legitimacy. Then, the evolution of the DeFi market provided additional opportunities to make passive income.
That said, one of the biggest market drivers was the emergence of NFTs. Consequently, many blockchains that focus on NFTs have grown considerably in value since the beginning of the cycle. One of these projects is Enjin Coin.
In this article, we provide a thorough Enjin Coin price prediction. We analyze Enjin Coin’s fundamentals and lay out the pros and cons of this project. Additionally, we cover developments in its ecosystem that could have an impact on the price, as well as the NFT market as a whole.
Finally, we will apply these findings and combine them with some sound technical analysis to give you the most accurate ENJ price prediction possible. So let’s delve in, shall we?
Table of contents
- What is Enjin Coin?
- Advantages and drawbacks of Enjin Coin
- Major updates in the Enjin ecosystem
- Enjin Coin price prediction – Enjin Coin historical price action
- Enjin Coin price prediction for 2021
- Enjin Coin price prediction 2025
- Enjin Coin price prediction 2030
- ENJ price prediction today – What other experts say
- Wrapping up
What is Enjin Coin?
Enjin Coin was launched in 2017 by co-founders Maxim Blagov and Witek Radomski through a successful ICO that brought in $19 million in funding. The project’s goal appealed to investors as it was one of the first blockchain solutions focusing on gaming.
The initial idea was to provide a platform where gamers could manage in-game items as NFTs. This would allow them to have proof of ownership of everything they accomplished in their favorite game. Consequently, players could resell their hard-earned items or characters on the open marketplace and make profits through this mechanism.
Their first functioning product was the revolutionary Enjin wallet. At the time, it was one of few mobile wallets to offer non-custodial management coupled with integrated decentralized exchanges such as Changelly. More importantly, it offered a one-stop shop for managing popular cryptocurrencies, ERC-20 tokens as well as NFTs created on its protocol.
Next came the SDKs, which allowed developers to integrate Enjin NFTs into their games. However, there was one major advancement that separated Enjin from other projects of its type.
How did Enjin innovate the NFT ecosystem?
Enjin brought one of the biggest advancements to the NFT environment in recent years – the ERC-1155 smart contract protocol. Unlike the original ERC-721 protocol which allows the creation of non-fungible tokens, ERC-1155 offers the possibility to mint both fungible and non-fungible tokens in the same smart contract.
This is especially useful in games, as developers can create the in-game currency (e.g. gold coins) to be fungible. At the same time, the blockchain records the other unique items or characters as NFTs.
The smart contract itself has advanced features, which allows developers to define complex interactions with the NFTs. For example, they can program them so that the owners can rent, combine, loan, or even destroy the NFTs in their possession. This effectively leads to a metaverse where the gaming economy could depend on this type of smart contract alone.
How does the ENJ token work?
Like with any other cryptocurrency, users can buy and sell Enjin to make profits speculating on its price. However, the use cases within its ecosystems are far more interesting. You can use ENJ to:
- Mint new NFTs – developers or users need to pay with ENJ to create new digital assets on the blockchain. As such, the system automatically assigns the value in ENJ tokens locked in the smart contract to each NFT.
- In-game use – ENJ can be integrated within the games themselves to serve as an in-game currency or reward. Consequently, developers have the freedom to choose between ENJ or creating fungible tokens using ERC-1155.
- Melting NFTs – NFTs created with ENJ can be destroyed and their value recovered in the form of ENJ tokens.
All in all, ENJ is a multipurpose cryptocurrency, ideal for creating and managing NFTs.
Advantages and drawbacks of Enjin Coin
Before we go further with our Enjin Coin price prediction, let’s have a look at the main pros and cons of the project.
The ecosystem is quite versatile and brings the following benefits to its users:
- Enjin SDKs – these development kits allow programmers to easily integrate the ENJ protocol in all types of games, including role-playing games, collectibles, etc.
- Batch transactions – multiple NFTs can be transferred within a single transaction.
- Cross-game assets – developers can create NFTs used across different games, increasing the value of these assets for the player.
- Programmable NFTs – NFTs created with Enjin SDKs are incredibly flexible and developers can easily adapt them to the type of game they are deployed in.
- Increases NFT adoption – the ERC-1155 protocol sets the groundwork for a metaverse, where any type of real-world asset can be tokenized and freely exchanged on the open market.
- Enjin works toward green NFTs – Enjin has vowed to provide carbon-neutral NFTs by 2030s, thanks to the implementation of JumpNet and Efinity.
With that said, we need to mention some important drawbacks, all of which partially impact our Enjin Coin price prediction.
- High transaction fees – Enjin runs on Ethereum, and because of this, minting and exchanging NFTs on its mainnet is subject to high fees. This is a side-effect of the increased popularity of the Ethereum blockchain for DeFi and NFTs.
- Low TPS capacity – using Enjin in real-time requires thousands of transactions per second and continuous communication with the Ethereum blockchain. Considering that the Ethereum network is already saturated, mass-scale applications in AAA titles for Enjin aren’t practical.
With that said, the development team has been continuously working on improving upon these shortcomings. We follow our Enjin Coin price prediction with the latest network upgrades that should solve most of the aforementioned issues.
Major updates in the Enjin ecosystem
To continue our Enjin Coin price prediction, worth noting are the following present and upcoming upgrades of the Enjin ecosystem.
JumpNet is a layer 2 scaling solution for Ethereum, created specifically to accommodate Enjin users. Once the user moves their ENJ coins on JumpNet, they can:
- Mint NFTs for free.
- Enjoy free, instant transactions.
It’s a great workaround for the current state of the Ethereum high fees, as users need to pay transaction costs only once. Moreover, JumpNet is carbon-negative, which solves a major concern about NFTs consuming too much electricity. Worth noting that there are some limits to how many transactions a single user can make on JumpNet.
At the moment, JumpNet only supports ERC-721 tokens, with an ERC-1155 upgrade already underway for the end of August 2021.
Efinity is a sidechain created on Polkadot, that will be integrated into the Enjin ecosystem as a cross-chain solution for scaling NFTs. The team created Efinity to complement Enjin, rather than replace it. As such, it gives ENJ holders the possibility to stake their tokens on the blockchain and earn rewards for doing so.
Moreover, holding EFI tokens will allow users to increase the limits of the number of transactions they can do on JumpNet.
The development team is working on an updated wallet that will bring a new interface and additional functionalities for ENJ and EFI holders. The wallet will conserve its current swiss-army knife aspect. More importantly, it will provide a more streamlined method of handling NFTs across Enjin, JumpNet, and Efinity as well as staking ENJ on Efinity.
In a nutshell, the wallet will work as a bridge between the three major pieces of the Enjin ecosystem puzzle.
Enjin Coin price prediction – Enjin Coin historical price action
Before we go further, it will be interesting to have a look at the historical price action of ENJ. Because markets usually repeat some patterns, this can give us some additional insight into our Enjin Coin price prediction.
Like many other cryptocurrencies during the 2018 ICO boom, Enjin’s price skyrocketed by 4000% shortly after it was introduced in the markets. However, the bear market that followed shed off 85% of the ENJ token value. After a short recovery, another 85% was lost, totaling at -95% since its all-time high of $0.54.
The price reached new lows of $0.03 before ENJ experienced another explosive 750% rally at the beginning of 2019. The euphoria didn’t last long and the value declined shortly thereafter, dropping 80% by the end of 2019.
Enjin performed remarkably post-COVID19 crash, reaching 750% gains by the end of the summer of 2020. However, this was nothing compared to the extreme 3000% rally that started at the beginning of 2021 and lasted until May. The candles reached $4, a new all-time high for the gaming token.
The subsequent crash brought prices down by 80%, and ENJ was worth less than $0.7 at the beginning of summer 2021. Following the rest of the market, prices have entered a stark recovery and ENJ has gained more than 150% up until now.
Enjin Coin price prediction for 2021
Following the current market technicals in our Enjin Coin price prediction 2021, two different scenarios could happen:
- The price could follow the current increase and cross the previous ATH of $4 sometime at the end of 2021. At the beginning of 2022, ENJ could be worth around $5.5 in this scenario, an increase of 225% from its current price of $1.7
- The ATH could act as a psychological resistance and the candles could get rejected from this level. In this case, the price should reach $3 by the beginning of 2022.
If you are wondering how to apply this Enjin Coin price prediction yourself, check out our article on trading altcoins in bullish situations.
Enjin Coin price prediction 2025
Considering historical price action, the price of Enjin could decline by as much as 85% during the next bear market. While we can’t exactly predict when this will happen, we can assume that the price of ENJ could peak at $10 before this event.
Consequently, prices should return to $1.5-$2 levels during 2023-2024, until the next bullish market cycle. If the team keeps pushing out regular updates, the ecosystem could become the go-to platform for blockchain gaming. Consequently, ENJ price could reach as high as $50 in the best-case scenario (+1150% since the current ATH).
Enjin Coin price prediction 2030
Making an accurate Enjin Coin price prediction 2030, almost a decade in the future, is speculative at best. Faster and better gaming blockchain ecosystems might have overtaken Enjin by then, or the technology might have become obsolete altogether.
However, we can still imagine a scenario where Enjin prevails in this extremely competitive industry. By 2030, gaming has migrated entirely on blockchain technology and almost all items are handled as NFT and shared in a metaverse.
Enjin could become the main cryptocurrency used by gamers and prices could reach as high as $100 per single ENJ token.
ENJ price prediction today – What other experts say
It’s always interesting to compare our Enjin Coin price prediction with those from other experts. Exploring additional analyses is essential for forming an informed opinion on future price action.
- DigitalCoin is much more conservative with their Enjin Coin price prediction, putting it at $2.7 by the end of 2021. For 2025, they believe the ENJ price should reach $5.5.
- Coinquora, on the other hand, is closer to our prediction. By 2022, they predict Enjin reaching $4.5, and $15 by 2025.
- WalletInvestor – in their 1-year Enjin Coin forecast, WalletInvestor places it just above $3.5. For their 5-year price prediction, they hope to see it reach $9.4.
In this article, we attempted to give you a thorough fundamental and technical analysis of the Enjin cryptocurrency and its ecosystem for gaming. This allowed us to provide you the following Enjin Coin price predictions:
- Enjin price prediction 2021 – $3 to $5.5.
- Enjin price prediction 2025 – $25 to $50.
- Enjin price prediction 2030 – over $100.
As the Enjin team solves the scaling issues of the Ethereum network, we could see ENJ tokens massively appearing in games. As the adoption of the technology rises, so should the awareness of the platform and the value of ENJ itself.
Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://go.payb.is/FCA-Info