Blockchain technology and cryptocurrencies have taken the world by storm. Since 2019 alone, cryptocurrency adoption has grown by nearly 2300 percent, according to the 2021 Geography of Cryptocurrency Report by Chainanalysis.
Along with Bitcoin (BTC), Ethereum (ETH), and meme cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), etc., many others have proved to be a major attraction for investors and blockchain developers. Enjin Coin is among these altcoins.
Enjin is a platform that has empowered users to create their own NFTs (and FTs) since 2017. Enjin provides services for evolving the blockchain and gaming industry and also operates a virtual goods marketplace for digital assets on Ethereum.
Read on to learn everything you need to know about the Enjin Network, the Enjin Coin (ENJ), and how to buy Enjin (ENJ).
Let’s dive in!
What Is Enjin Coin
Enjin coin’s parent company Enjin was launched as a Gaming Community platform in 2009 in Singapore. The founders of the company are Maxim Blagov and Witek Radomski.
The company’s objective was to grow the gaming industry, and its first product was the Enjin Network designed for gamers. The Enjin Network has grown to over 20 million users in the past decade.
The company dwelled into Bitcoin and cryptocurrencies as early as 2012 due to the interest of Witek Radomski in Bitcoin. As a result, Enjin became one of the first companies to accept Bitcoin as a payment method for its customers.
In 2017, the company incorporated blockchain technology into its functioning by conducting its first ICO that raised $18.9 million. The cryptocurrency Enjin (ENJ) came to life through the ICO and was created on the Ethereum blockchain. However, it dates back to 2009, when its gaming community platform was launched.
Witek Radomski is one of the first people to write the code for the first NFT (Non-Fungible Tokens). It makes the Enjin coin one of the tokens with the most real-world use cases and strong fundamentals behind it.
Since the Enjin coin’s parent company is focused on gaming, Enjin coin is solely meant for the gaming industry. The Enjin blockchain aims to enable everyone to easily mint, trade, distribute, and integrate blockchain assets, etc.
In 2020, Enjin launched its blockchain asset development platform, the Enjin Platform, designed to enable tokenized digital assets’ creation, distribution, storage, trade, and even integration.
Enjin users are focused on both gaming and enterprise use cases. They create ENJ-backed digital assets on the Enjin platform and use them creatively – from art NFTs (non-fungible tokens) to digital vouchers to items used across different video games.
The Enjin platform is the ultimate all-in-one tokenization platform based on the user-first approach. Every token minted on the Enjin platform is backed by the Enjin token, giving it real-life liquidity.
The platform can be used to mint both Fungible tokens (ENJ coin) and Non-Fungible Token (NFTs).
All these features make Enjin one of the world’s leaders in the NFT space.
Price Analysis of Enjin Coin
The Enjin Coin was launched in June 2018 on the Ethereum Mainnet.
The price of the Enjin Coin has been going up steadily over the years to reach an all-time high of $4.73 on 25th November 2021. Even though the token’s price has come down below $2.5 as of 14th December 2021, it remains one of the hottest cryptocurrencies in the market.
Learn more about the Enjin Coin, the price history, etc., on CoinStats.
The maximum supply of ENJ tokens is capped at 1,000,000,000 with 934,340,660 tokens already in circulation with a total market cap of USD 2.2 Billion, according to CoinStats. This leaves an immense potential for the market cap to grow and the price to increase further in the long run.
How to Buy
The ENJ token is one of the most sought-after cryptocurrencies in the market, and it’s listed on almost all major centralized and decentralized exchanges.
The following image displays the major markets where you can buy Enjin Coin ENJ:
Buying ENJ is very straightforward and similar to purchasing other cryptocurrencies.
Follow our step-by-step guide on how to buy Enjin on two major exchanges, Binance and Coinbase:
Buy Enjin Coin on Binance
Binance is one of the world’s largest centralized cryptocurrency exchanges with a 24-hour trading volume of more than 30 billion USD. Binance offers a large number of cryptocurrencies and trading pairs, and it also lets users buy cryptocurrencies using credit or debit cards, bank transfers, P2P trades, etc.
To buy ENJ on Binance:
Create a Binance Account
If you don’t have an account on Binance, you need to sign up using your phone number and email address. However, to start trading, you need also to undergo a standard KYC procedure.
Overall, it only takes a few minutes to sign-up and upload the necessary documents to start trading on Binance.
Add Money to Your Binance Account
Once you’ve successfully created your account, Binance gives you the option to make trades in many fiat currencies such as USD, EURO, INR, GBP, AUD, etc. You can add your preferred fiat currency to your wallet using bank cards (credit/debit), bank transfers, etc.
The next step in buying ENJ is to go to the Spot market on Binance and search for the ENJ coin. You’ll see all the assets against which you can buy ENJ. Select an asset and use the fiat currency in your wallet to buy it first.
For example, if you want to buy ENJ against USDT (TETHER), purchase USDT for the amount you wish to buy ENJ coin first.
Buy USDT to swap for ENJ.
Once you’ve purchased USDT, navigate to the USDT/ENJ pair. Enter the amount of USDT you’d like to swap and execute the trade for ENJ.
As you can see, buying ENJ on Binance is easy, making Binance the go-to place for most traders and investors in ENJ or other cryptocurrencies.
Buy ENJ Coin on Coinbase
Coinbase is also one of the world’s largest cryptocurrency exchanges regarding the trading volume and the number of cryptocurrencies offered.
Like Binance, Coinbase also allows you to buy ENJ in exchange for several cryptocurrency tokens.
To buy ENJ on Coinbase:
Create a Coinbase Account
If you don’t have a Coinbase account, you need to register on the platform by providing personal information such as your full name, phone number, proof of ID, social security number, and email address. You’ll also be required to undergo a standard KYC procedure.
Once your account is verified, you are set to buy ENJ and start trading on Coinbase.
Link a Payment Method
Now, you can choose your favored fiat currency.
Depending on your country of residence, different payment methods would be available for you, ranging from bank or wire transfers to credit or debit cards. There are no transaction fees on bank transfers for buying ENJ or any other cryptocurrencies on Coinbase; however, you won’t be able to withdraw them for 5 days.
There are transaction fees on wire transfers, but there is no waiting period.
Once you’ve added funds to your account, click on “Withdraw” and input the amount you want to buy ENJ for. After that, go to “Trade” and choose the market.
Suppose you are buying from the USA, select “ENJ-USD,” then input the amount of ENJ you want to buy and click on purchase.
Your ENJ Coins will then be displayed in your Coinbase wallet.
Buying ENJ on Other Cryptocurrency Exchanges
Apart from Binance and Coinbase, buying ENJ is easy on all other platforms supporting ENJ. And a lot of exchanges, including Binance, allow experienced traders to leverage trade on ENJ and other available cryptocurrencies.
However, keep in mind that cryptocurrencies aren’t regulated and are highly volatile. The majority of cryptocurrency exchanges have faced multiple cyber-attacks and hacks in the past, so it’s essential to do your own research and consider the risks before buying ENJ or any other tokens.
Whenever investing in cryptocurrency tokens, including ENJ, it’s important always to invest what one can afford to lose.
Storing Your ENJ Coin
So now that you have successfully purchased your first share of ENJ tokens, the next important step is to keep your tokens safe.
While most exchanges provide a considerable amount of security when storing your digital assets on their platform, most of them are proved to be vulnerable to hacks and other malicious attacks.
So, after you buy Enjin or any other cryptocurrency, the smart thing is to store your valuable crypto holdings in a cryptocurrency wallet safely.
Software wallets like Coinbase Wallet and Metamask are good choices for many investors; however, consider acquiring a hardware wallet for safety. A Ledger wallet, like Ledger Nano S or X, offers you long-term secure storage and is highly recommended as a secure wallet by professionals.
Let’s look into the features of Software and Hardware Wallets:
- Software Wallet: These are Hot Wallets connected to the Internet at all times that store the crypto assets online. One of the most secure software wallets is the CoinStats Wallet. You can use it to safely store all your assets and track their growth in real-time. Another example is the Trust Wallet, which transfers crypto assets from Binance and other crypto exchanges.
- Hardware Wallet: These are Cold Wallets not connected to the Internet that store the crypto assets offline. It can be considered a USB-Drive used to store crypto assets instead of data. So, if a hardware wallet is your choice, once you buy Enjin, etc., just send them to your offline wallet.
Now you have learned everything about the Enjin Network and buying Enj.
If you want to learn more about blockchain and cryptocurrencies, i.e., How to Buy Pirate Chain (ARRR), etc., you can follow our blog and check out this link CoinStats guide.