Hello awesome people, how is everyone doing today, we are in a new and exciting new week, the weekend was great and we are looking forward to more amazing things to come and I hope everyone is enjoying the new week. I’m really glad to showcase my knowledge in this week’s topic. Really enjoying these lectures so far and for me, I find it a great way to keep expanding my knowledge on cryptocurrency-related topics. This week’s topic is mainly about NFT.
What is NFT
NFT simply means Non Fungible Tokens. Anyone who has been in the crypto space for a few years now have already come across NFT on different mediums as it is one of the trending topics recently. We have all seen the success of NFT arts, selling thousands of dollars per NFT art piece and millions of dollars in NFT art auction. NFT has grown so popular now that it has gotten a lot of attention from top institutions who are already seeing the benefits of blockchain technology and NFTs.
NFT which means Non Fungible Token is basically means a token that represents the unique identity or certification of a digital asset on the blockchain. This means that NFT certifies the ownership and authenticity of each NFT piece. Any digital asset can be turned into an NFT to give it its unique identity and certify the ownership and authenticity on the blockchain. NFT runs on the blockchain and harnesses all the benefits of blockchain technology.
NFTs work by giving any digital asset or file into its unique identity on the blockchain. The most popular blockchain for NFT at the moment is the ethereum blockchain because of ethereum’s features and smart contract functionalities. When a digital content creator creates a file… this can be anything from digital arts, pictures, images, music, video, gif, or any digital file… that digital file can be turned into an NFT and stored on the blockchain. By being on the blockchain as an NFT, it proofs the authenticity or ownership of the digital file and adds uniqueness to each digital file as a token on the blockchain. NFTs especially digital arts have become successful in the NFT space as the success hugely comes from the digital art creator and how much people are willing to pay for the NFT digital art.
When it comes to the top NFT projects and platforms, enjin is definitely one of the top NFT projects and an industry leader in the NFT crypto space at the moment. Enjin is a blockchain and cryptocurrency platform with main focus in the gaming industry. The Enjin platform is an ecosystem of products that is tailored towards the creation, distribution, storage, trading, integration of non-fungible tokens assets and tokenized digital assets on the blockchain and also products that makes it easy for anyone to use NFTs.
The Enjin Coin also known as ENJ is basically a coin of the Enjin platform. It was first announced in 2017 and launched in 2018 on ethereum. The Enjin Coin or ENJ is the native token of the Enjin ecosystem. ENJ is an ERC-20 token used to back the digital assets issued on the enjin platform. This means that digital assets can be bought, sold and traded with real-world value attached. The Enjin Coin (ENJ) is used across the Enjin ecosystem.
The Enjin Coin (ENJ) Uses
The Enjin Coin (ENJ) is an ethereum-based token that runs on the Ethereum blockchain and powers the Enjin ecosystem. Since ENJ operates on the Ethereum blockchain as an ethereum-based token, which is a huge part of NFTs and the enjin ecosystem, the Enjin Coin (ENJ) has multiple uses. One of the main use cases of the ENJ is that it is used directly back the value of NFTs i.e. a digital store of value that is used to back the value of NFTs.
Features of Enjin Coin (ENJ)
- Certified Authenticity
- Customer Trust
- Real-World Value
- Asset Scarcity
Benefits of the Enjin Coin (ENJ)
The Enjin Coin (ENJ) has proven itself as not only one of the top cryptocurrencies in the NFT space at the moment, it also offers a lot of benefits…
- It is powered by the ethereum blockchain means it is secured, decentralized and inherits that benefits of the ethereum blockchain.
- ENJ inherits the benefits of the ethereum blockchain
- ENJ is used across the enjin ecosystem
- ENJ has shown that there is still a lot of room for growth and price increase.
- ENJ is used to provide utility in games and apps
- ENJ ensures transparency and scarcity
Enjin has its own wallet known as the Enjin wallet which is a multi-coin non-custodial cryptocurrency wallet. ENJ can be stored on the enjin wallet or any cryptocurrency wallet that supports Ethereum-based tokens.
ENJ Current Chart
Enjin Coin (ENJ) Supply Statistics
Based on the current statistics on the coinmarketcap website, ENJ has a current martketcap of $2,067,864,538, Fully diluted marketcap of $2,478,521,445, Circulating Supply of 834,313,757 ENJ, Total Supply of 1,000,000,000 ENJ and a Max supply of 1,000,000,000 ENJ.
Enjin Coin (ENJ) is a very popular cryptocurrency and is listed by some of the biggest cryptocurrency exchanges. Since ENJ operates on the ethereum blockchain, it is supported on a lot of the top exchanges. ENJ can be traded on Binance, Coinbase pro, Kucoin, Gemini, FTX, Uniswap, OKEx and Gate.io, Bittrex, and a host of other exchanges.