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How to Buy Enjin Coin Online in 2024
Enjin is software that developers can leverage to create and manage virtual goods on the Ethereum blockchain. Enjin Coin or ENJ enables the developers to mint items for gaming environments within the platform.
The platform was specifically designed to enable the creation, distribution, storage, trading, and integration of tokenized digital assets, primarily focused on gaming and enterprise use-cases.
This guide will give you an in-depth look at how you can invest in Enjin Coin (ENJ).
What Is Enjin Coin
Enjin users can leverage the platform and create what is known as ENJ-backed digital assets. They can then be used in different ways— from digital vouchers to NFTs used in gaming, and more.
The cryptocurrency token ENJ was created on the Ethereum Blockchain. This makes Enjin Coin an ERC-20 token, which means that the project doesn’t only facilitate transactions but also implements smart-contract functionality.
The Enjin platform also provides an extensive list of features through a public API as well as software development kits (SDKs).
The Enjin Project allows users to create and manage virtual goods, meaning that adding cryptocurrencies to the gaming world is a much more straightforward process.
Enjin Coin has a market cap of over $261.3 million, ranking #183 on the Coinbase exchange, and is at 83% of its maximum circulating supply.
- Developers can easily create and integrate NFTs into applications, games, and websites
- Enjin has a wallet that offers dual encryption
- The Enjin marketplace has over 10 million items
- Enjin Coin does not have any physical assets that back it
- The wallet on offer isn’t open-source
How Does Enjin Coin Work
Developers who mint with the Enjin platform need to use the ENJ coin. The required amount of these ENJ coins is removed from their wallet and locked within the assets they end up creating. This eliminates the tokens from the market and creates a higher level of scarcity while also providing a solid use-case for the token.
Additionally, Enjin provides software development kits involving Unity, Java, Godot, and others. This means that millions of developers have an easy way to integrate their existing projects or create new ones with technologies they are familiar with.
Additionally, there is an online marketplace with over 10 million digital items that allow users to discover, buy, sell, or trade unique blockchain-based assets.
There is also the Enjin Beam, a digital asset distribution system specifically created to allow developers to send thousands of NFTs to users by simply scanning QR codes. Additionally, there’s the smart wallet, where blockchain assets can link with games and apps.
Efinity is an Ethereum-scaling product that enables fast and free transactions for ERC-20 and ERC-115 tokens. Additionally, the wallet allows users to access inventory, which enables them to connect to multiple games and use their items within each game separately. They can also transact between themselves through the Enjin wallet, allowing them to trade coins and items outside of the gaming environment, and they can even sell their digital goods for ENJ tokens through the wallet.
With all of this in mind, Enjin’s use case, alongside the scarcity of the NEJ token, creates a high-value proposition.
In order to mint virtual items, developers need to lock up ENJ tokens. To create as well as destroy in-game items, developers need to complete a total of five steps. The first step is the acquisition step, where developers buy ENJ. Then there’s the minting step, where developers design in-game items through the usage of the purchased ENJ coins.
Thirdly, the gaming part is where the players get the tokens and use them for in-game activities. The fourth step—the trading step, is where players can trade tokens among one another, and the fifth and final step is the melting step, where players sell tokens for ENJ coins.
Ways to Buy Enjin Coin
The Enjin Coin (ENJ) coin can be purchased in various ways.
You can use cryptocurrency exchanges, CFD brokers, cryptocurrency exchanges, P2P marketplaces, or in-person trading.
CFD Brokers: Contract for Difference (CFD) brokerages are one of the main ways through which you can purchase Enjin Coin (ENJ), and they serve the role of a middleman that connects you with the cryptocurrency market. Here, the brokerage here sets the price for the token.
Cryptocurrency Exchanges: You can buy ENJ on many cryptocurrency exchanges, however, the market sets the price of the token instead of the brokerage.
P2P Marketplaces: Then there are peer-to-peer cryptocurrency marketplaces, which essentially connect you directly with a seller that wants to sell the Enjin Coin (ENJ).
In-Person Trading: You can meet someone in the real world and coordinate everything eye-to-eye, after which they send you the cryptocurrency to your wallet.
Here is everything you need to know about buying Enjin Coin (ENJ) on most cryptocurrency brokerages or exchanges:
Step 1: Create an Account and Verify It
Sign up to the preferred cryptocurrency exchange or brokerage. You might be prompted to complete a know-your-customer or anti-money-laundering procedure in order to complete the account creation process.
Step 2: Fund Your Account
Next, you will need to fund your account with some funds. To do this, you can use a credit card, debit card, direct bank wire transfer, e-wallet, or just transfer crypto from your pre-existing cryptocurrency wallet, if you have one.
Step 3: Click “Buy”
The final step is for you to look up Enjin Coin on the exchange or brokerage. You should see a “Buy” option that you can click on and confirm.
How to Invest in Enjin Coin
Besides buying Enjin Coin, you always have the opportunity to invest in the token instead.
With investing, you aren’t just buying the token but can speculate on whether the price of the token will go up or down in value, depending on the market conditions.
Here is everything you need to know about the options you have when it comes to investing in Enjin Coin (ENJ).
Brokerages: You have a wide selection of cryptocurrency brokerages that will allow you to easily invest in Enjin Coin (ENJ). Many of them feature useful information, as well as trading charts.
Exchanges: Speaking of charts, exchanges will offer you direct exposure to the market, where you can easily trade and view analytical data. Usually, exchanges will have the most cryptocurrency tokens on offer.
ETFs: You also have Enjin Coin (ENJ) exchange-traded funds or ETFs that serve as another option.
Index Funds: You can use ENJ index funds instead of buying or investing directly in the ENJ token.
Mutual Funds: Through mutual funds, you are investing in the fund instead of the ENJ coin directly.
Trusts: With trusts, you can trade shares of the tokens in a brokerage or cryptocurrency exchange.
Apps: There are also specific cryptocurrency trading and investing applications that will provide you access to the Enjin Coin (ENJ) coin, which you can leverage on the go.
Is It Safe to Invest in Enjin Coin Right Now?
There is always a risk in investing in Cryptocurrencies as they are volatile. There are no guarantees that a token might go up or down in value.
With regards to security, use a cryptocurrency brokerage that is fully regulated and has KYC and AML procedures in place.
