How To Buy Enjin Coin (ENJ)?

A common question you often see on social media from crypto beginners is “Where can I buy Enjin Coin?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Enjin Coin on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Enjin Coin (ENJ)

First, you will need to open an account on a cryptocurrency exchange that supports Enjin Coin (ENJ).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Enjin Coin (ENJ) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Enjin Coin (ENJ)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Enjin Coin (ENJ) or Enjin Coin (ENJ) trading pairs. Look for the section that will allow you to buy Enjin Coin (ENJ), and enter the amount of the cryptocurrency that you want to spend for Enjin Coin (ENJ) or the amount of fiat currency that you want to spend towards buying Enjin Coin (ENJ). The exchange will then calculate the equivalent amount of Enjin Coin (ENJ) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Enjin Coin (ENJ) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Enjin Coin (ENJ)?

Enjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores.

Enjin allows game developers to tokenize in-game items on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back the digital assets issued using its platform, meaning that items can be bought, sold and traded with real-world value.

Enjin Coin was first announced in July 2017, and it launched on the Ethereum mainnet in June 2018.

Enjin Coin (ENJ) is a digital store of value used to back the value of blockchain assets like non-fungible tokens (NFTs). Every asset minted with the Enjin Platform contains ENJ, a minting resource which is locked inside NFTs and removed from circulation. Minting blockchain assets with ENJ provides a variety of benefits to creators and users:

• Infuses them with a reserve value
• Ensures their transparency and scarcity
• Gives them instance liquidity
• Provides utility in games and apps
• Anti-inflationary
• Enjin’s “melting” functionality allows users to destroy their blockchain assets at any time to retrieve the ENJ value from within.

The Enjin blockchain ecosystem aims to offer software products that make it easy for everyone to develop, trade, monetize, and market with blockchain.

Founded in 2009, Enjin has roots in the gaming industry, with the company’s first product, a gaming community platform called the Enjin Network, growing to 20 million users over the course of a decade. In 2017 following an ICO, Enjin established itself as a leading blockchain ecosystem developer, building a suite of software products that enable anyone to easily mint, manage, trade, distribute, and integrate blockchain assets. Enjin’s co-founder Witek Radomski wrote the code for one of the first ever non-fungible tokens (NFTs) and is also the co-author of the ERC-1155 Ethereum token standard.

Built on top of an on-chain infrastructure, the Enjin ecosystem enables game developers and businesses of all sizes to use tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies. The Enjin ecosystem is fueled by Enjin Coin (ENJ), a cryptocurrency used to back the value of blockchain assets.

Who Are the Founders of Enjin Coin?

Enjin was founded as a gaming community platform in 2009 by Maxim Blagov and Witek Radomski, with Blagov becoming CEO and assuming responsibility for the creative direction of the company and Radomski serving as chief technical officer, responsible for the technical development of its products. Blagov has described himself as having experience in creative direction, marketing, and software project management and design.

The idea of introducing blockchain to Enjin was first proposed by Radomski after he became interested in Bitcoin (BTC) in 2012, eventually convincing the company to accept it as a payment option. After learning about Ethereum and smart contracts, he decided he wanted to create his own blockchain-integrated software. Radomski is also the author of the ERC-1155 token standard, a new standard for Ethereum-issued tokens that was introduced in June 2018, finalized in June 2019, and is used for minting both fungible and nonfungible tokens.

What Makes Enjin Coin Unique?

According to co-founder Radomski, Enjin Coin is unique in that every token minted with Enjin Platform, the company’s blockchain asset development platform that launched in February 2020, is directly backed by ENJ, giving in-game items real-world liquidity. Similarly, Blagov has stated that the company is focused on adoption, saying he imagines a future in which millions of gamers use digital items backed by Enjin Coin without even knowing it exists.

Enjin Coin uses a series of smart contracts to which game developers send ENJ to mint new, unique fungible or nonfungible ERC-1155 tokens. These tokens can be traded on the Enjin Marketplace, which launched in September 2019, or exchanged for their backing ENJ at any time. As more custom tokens are minted, more ENJ is removed from the ecosystem, thus making it scarcer.

According to its whitepaper, Enjin Coin uses a series of both on-chain and off-chain processes. When a transaction is completed within the Enjin ecosystem, a Trusted Platform contacts the users’ smart wallets, and the website or game is updated immediately with a placeholder or nontradable version of the digital item until the transaction has been validated by the Ethereum blockchain.

Enjin development updates in 2023

Enjin Coin (ENJ), a prominent player in the blockchain and gaming industry, has made significant strides in 2023. Here’s an overview of the most crucial developments:

• Enjin Wallet 2.0: The release of Enjin Wallet 2.0 for iOS marked a major milestone, enhancing the support for Polygon and Binance Smart Chain NFTs, thus broadening its ecosystem reach​​.

• Enjin Platform and SDKs: The Enjin Platform, tailored for quick blockchain integration, saw updates like project namespace changes on GitHub, support for token ID encoders, compatibility with PHP 8.2, and localization support. The SDKs were updated to resolve specific issues and improve the overall developer experience​​​​.

• NFT.io Marketplace: The marketplace removed the Access Token requirement for beta access, enabling more users to explore and create NFTs. It also introduced new features such as a wallet selector, minimizable modals, GraphQL API for user verification, and single-use Beam QR Codes​​.

• Enjin Beam and Tooling: Enjin introduced Infinite Beam creation, improved collection banner display resolutions, and added branded QR code support. Additionally, Enjin made quality-of-life improvements and stability fixes to its platform​​.

• Open Source Components: Key components of the Enjin Platform, such as Platform Core, Beam, UI, Fuel Tanks, and the Marketplace, have been made open source, granting developers access to the underlying code and facilitating smoother integration​​.

• Efinity and JUMPNet: Enjin launched Efinity to incentivize cross-chain NFT usage and improve scalability and security. JUMPNet, an Ethereum sidechain, was introduced for free, on-chain transactions of Enjin Coin and ERC-1155 tokens. These innovations aim to make NFTs more interoperable and environmentally friendly​​.

• Carbon-Neutral NFTs and Climate Initiatives: Aligning with environmental concerns, Enjin joined the Crypto Climate Accord, vowing for carbon-neutral NFTs. The company is working towards achieving near-zero carbon emissions by 2030​​.

• Metaverse Development: Enjin responded to the rising interest in the metaverse by announcing a $100 million Metaverse Fund. This fund supports ecosystem partners, Enjin and Efinity adopters, blockchain games, NFT dApps, and decentralized infrastructure projects​​.

• Efinity Metaverse Launch: Enjin is preparing for the launch of Efinity, a platform that promises real-time NFT valuations, instant sales, lower transaction fees, and higher speed. Efinity is expected to significantly enhance Enjin’s metaverse presence and NFT capabilities​​.

These updates demonstrate Enjin’s commitment to advancing blockchain technology in the gaming sector, enhancing NFT interoperability, and contributing to environmental sustainability. The developments in 2023 position Enjin as a key player in the evolving digital asset and gaming landscape.

Official website: https://enjin.io/

Best cryptocurrency wallet for Enjin Coin (ENJ)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Enjin Coin (ENJ)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).