If you are a developer and want to create virtual items and integrate them into digital games, then you need to consider Enjin. Also, the Enjin ecosystem might interest gamers who spend money on in-game items to enhance their gaming experience.
Enjin is changing how game developers and gamers interact with in-game purchases by giving in-game assets intrinsic value.
If Enjin has piqued your curiosity, this guide will give you the necessary steps on how to buy Enjin coin, including the gains and risks associated with buying the coin.
Today’s Enjin Coin price is $0.676349 with a 24-hour trading volume of $286,382,045. Enjin Coin is up 4.89% in the last 24 hours. The current CoinMarketCap ranking is #71, with a live market cap of $606,279,338. It has a circulating supply of 896,399,956 ENJ coins and a max. supply of 1,000,000,000 ENJ coins.
What is Enjin?
With blockchain-based nonfungible tokens (NFT) powering the emergence of Web3, many NFT-based projects are gaining significant importance, and leading among them is Enjin. The platform has combined NFTs with the gaming industry. Game developers can now use the Enjin platform to create video game items as NFTs, thus, creating a new way for game designers to profit in the market.
In addition, players can also benefit when they sell in-game items on the Enjin NFT marketplace. All transactions in the Enjin ecosystem are powered by the native Enjin Coin (ENJ) token. The platform allows users to manage their transactions and digital assets through a simple mobile application.
Furthermore, the Enjin platform also facilitates gas-free transactions for NFTs and ENJ. Combined with Efinity, a Polkadot-based parachain, Enjin allows creators to mint tokens on specific blockchain networks focused on core functionality.
As the adoption of NFTs and Wb3 grows in the blockchain space, Enjin is poised to become one of the essential blockchain protocols, and this should translate into value for ENJ token holders.
What is an Enjin Coin, and how does it work?
The Enjin Coin was launched in 2017, and it is an ERC-20 compatible token that can be transacted using an Ethereum wallet. It is essential to know that the ENJ token is mainly used for transactions such as trading NFTs and buying different products in the Enjin network.
Besides this core purpose, Enjin can be used just like any digital asset and can be traded in different crypto exchanges. This coin also allows gamers to store unique gaming items such as characters, which can be liquidated for ENJ.
Additionally, gamers can access different partner gaming platforms through the Enjin wallet. They can also keep track of different tokens and collectible and sell digital assets to get ENJ tokens.
Each in-game collectible is ascribed a value in ENJ and allows gamers traders to trade NFT coins outside the gaming community platform with utmost security. This coin is unique because it has several use-cases and is an excellent long-term investment option.
Where can you buy Enjin coin?
You can buy Enjin coins in different cryptocurrency exchanges today. Here are five crypto exchanges to buy Enjin coins.
Binance is one of the world’s biggest and most popular crypto exchanges. Buying Enjin coin here has many benefits, such as lower fees and increased liquidity, enabling you to trade quickly.
Binance is well-suited for users living in Australia, Singapore, and the U.K. Residents living in the United States are prohibited from purchasing cryptocurrencies on the platform.
KuCoin is another popular cryptocurrency exchange and one of the most competitive regarding trading fees and costs. Furthermore, this exchange started by offering only crypto-to-crypto trading. Now, it offers more services such as P2P exchange capability and purchasing cryptocurrencies via credit or debit card.
Kucoin now offers Enjin cryptocurrency trading and over 300 other popular tokens. The exchange also accepts USA residents.
Gate.io was created in 2013 and has grown to become a reputable platform. Even though it is not the most popular yet, this exchange offers users an easy interface for beginners while maintaining robust and advanced charts for all skill levels. The exchange allows users to trade ENJ coins and other cryptocurrencies.
Huobi Global was also created in 2013, and since then, it has become one of the world’s biggest crypto exchanges. It is essential to note that Huobi Global serves more than 5 million users in over 130 countries. This crypto exchange doesn’t accept residents in the U.S. and Canada. Huobi Global is one exchange that allows people to buy Enjin Coin (ENJ).
Uphold is another top exchange where you can buy ENJ coins. The Uphold crypto-exchange platform is an innovative platform that meets the needs of its users beyond its ease of use. Furthermore, the platform stands out due to its credibility.
This exchange platform offers its users an intuitive desktop and mobile trading experience. The trading view is customizable, and with just a couple of clicks, you can make trades easily from your deposit methods without waiting for funds to clear your account.
How To Buy Enjin Coin on Binance
This guide will direct you on how to buy Enjin Coin with Binance. You can buy Enjin Coin (ENJ) with the lowest fees and highest security. Without further ado, here are the easy steps to purchase ENJ coin on Binance.
Step 1: Set up your free account on the Binance website or app
Your Binance account helps you purchase different cryptocurrencies. You need to open an account on Binance before you can buy Enjin Coin. On opening an account, you need to verify the account.
Step 2: Chose how you want to buy the Enjin Coin (ENJ) asset
Click the ‘buy Crypto’ link on the top left of the Binance website navigation, showing you different options in your country. You can consider buying a stablecoin like USDT or BUSD first and then use the coin to buy ENJ. Other easy steps are:
• Use a credit/debit card
If you are a new user, you can use your debit/credit card to purchase ENJ coins on Binance. The crypto platform supports both Visa and MasterCard.
• Bank deposit
If you are a new user, buying ENJ through the bank deposit route is also easy,
From your Menu bar, go to “Wallet” and “Fiat and Spot.” Select “Deposit” from the top right corner of the screen. From the drop-down menu, select “USD” and then select “Bank Transfer (SWIFT). Input the desired deposit amount, then click ‘conform.” You will be prompted to input the bank information of the bank account to be used. The bank account will be saved for future deposits. Note that users can add up to 5 accounts. The reference code will be included in the SWIFT remittance. You will be presented with bank details to deposit funds into.
How to Buy Enjin Coin On KuCoin
Step 1: Create an account on KuCoin
Creating an account on KuCoin is easy and fast. Again, it is free. Upon opening an account, you need to verify your identity. Your passport and I.D. photographs are needed.
Step 2: Fund your account
Before you make your first deposit, make sure you have first completed the Google 2FA verification and that you have set the trading password of your account. Otherwise, you won’t be able to get your KuCoin deposit address. Go to “Assets” and select your Enjin Coin (ENJ), or if it is more convenient for you, type in Enjin Coin (ENJ) on the Search bar. Click on “Deposit” in line with the amount of ENJ coin you want.
Enter the ticker (BTC for Bitcoin, ETH for Ethereum) for the cryptocurrency you want to deposit and select it from the drop-down menu.
The KuCoin website will offer you a deposit address for your selected cryptocurrency. Copy the crypto address, which is a string of letters and alphabets. Then go to the cryptocurrency wallet of your choice. Send the amount of cryptocurrency you want to deposit to your copied address. The transaction might take a few minutes to complete.
Step 3: Check your balance
To check your balance, go to “Assets” and “Main Account” at the navigation bar of the KuCoin website.
You will see your account balance immediately after your transaction has been processed.
Step 4: Buy Enjin Coin
After you have followed Steps 1 to 3, you need to place an order to buy Enjin Coin. To do this, go to the “Exchange” tab on the KuCoin website.
We have assumed you have either deposited BTC or ETH. Then on the top left corner, select BTC market and search for ENJ/BTC pair (if it was BTC that was deposited). If you deposited Ethereum in Step 3, choose ENJ/ETH pair.
After clicking on it, the price chart will appear, then place your order on the right-hand side. To proceed with your order, you must use the 6-digit trading PIN password you choose while creating the KuCoin account.
If you want to purchase ENJ when it reaches a specific price, use the “Limit Order.” Enter the desired price (in BTC) and the amount of ENJ you want to purchase, then click on “Buy.”
Besides basic trading, KuCoin has an advanced trading option for more experienced users. For advanced trade experience, select the “Advanced button.”
Congratulations, you have placed your first order for Enjin Coin.
Best crypto wallets to store Enjin Coin crypto
Before buying blockchain assets, it is essential to have a secure wallet to store them. In the case of Enjin Coin, you can either store it on a software or hardware wallet. You also store your coin in a web-based wallet.
Best hardware wallet
Ledger or Trezor
One of the best places to store Enjin Coin (ENJ) is an encrypted hardware wallet like those made by Ledger and Trezor.
It is also essential to know that these hardware wallets use high encryption techniques to keep your cryptocurrency safe and secure them from simple phishing attacks. Furthermore, if the wallet was stolen or compromised, Ledger or Trezor hardware wallets allow users to recover their funds through mnemonic seed phrases.
Best web-based wallet
For web-based wallets, you can store your Enjin coins on MyEtherWallet. This wallet allows users to store their coins without downloading any software.
Furthermore, MyEtherWallet also allows traders a web-based solution to log in from anywhere. Even though users need to maintain caution from phishing attempts by fake copies of the website, you can easily send your Enjin coin to your MyEtherWallet address. This web-based wallet supports ERC -20 tokens.
Best software wallet
You can use the Enjin Wallet to store your ENJ coins. The Enjin Wallet is a cryptocurrency wallet for Ethereum, Bitcoin, Litecoin, Enjin Coin, ERC20, ERC721, and ERC1155 tokens. This software is one of the most popular software wallets today. To get started, download Trust Wallet on Android or iOS for your device.
Advantages of Buying Enjin
• Develop and monetize games the way you want
Using the Enjin platform, you can develop and monetize games the way you want. You can create blockchain-powered applications for the web, mobile, and desktop. The Enjin platform brings no-code or low-code tools to add to your blockchain into your website. You will earn when users trade digital assets created by you, either through P2P or the Enjin marketplace.
• The Enjin marketplace
With the Enjin marketplace, you can lead blockchain projects that feature rare digital assets. In addition, you can use the Enjin wallet to purchase the gaming items and collectibles you want.
• The Enjin wallet
The Enjin wallet comes with zero ads and trackers. Your private keys remain your own.
Risks of Buying Enjin
• Extreme volatility
Buying an Enjin coin can be extremely risky due to its unprecedented volatilities and unexplainable price jumps. Only risk-tolerant traders are advised to invest in Enjin coins.
• Stiff competition
The Enjin ecosystem relies heavily on its involvement in the gaming/entertainment industry and its readiness for the anticipated NFT explosion. But it is not the only player in any of these niches, as it faces stiff competition from the Ethereum and Tron networks.
Conclusion – Should you buy Enjin (ENJ)?
Enjin has what it takes to thrive in the market. It is also evident that the coin will be more valuable. With that in mind, it has a huge promising blockchain technology, making the coin worth buying. This is not investment advice; as always, do your own research before investing in this token.