$ENJ: Coin Bureau on Reasons to be Bullish on Ethereum-based Gaming Altcoin ‘Enjin Coin’

The host of popular crypto analysis and market commentary show Coin Bureau has issued a long-term outlook for the gaming altcoin Enjin Coin ($ENJ), which serves as a “utility token” for non-fungible tokens (NFTs).

In a guide published in May 2020, Binance Research referred to Enjin Coin as “a product ecosystem for blockchain gaming.”

It went on to say:

“Enjin Coin (ENJ) is an Ethereum-based cryptocurrency that is used to directly back the value of next-generation blockchain assets. It aims to become ‘the gold standard for digital assets’. Enjin created the open-source ERC-1155 token standard: it enables game editors to convert various types of assets, such as currency, real estate, digital art, and gaming items into tokens that are usable in blockchain applications.

“Enjin has built a complete ecosystem for on-chain applications, which integrates with its open-source token standard and features a unique blockchain explorer (EnjinX). Enjin focuses on adoption for non-blockchain participants with various solutions for professionals.

“Non-fungible assets (ERC-1155 tokens) can be backed with Enjin Coin. Some of the use-cases range from the certification of ownership, the compatibility with the Enjin ecosystem, their real-world value (as ENJ tokens are traded on exchanges), and tangibility features (they can be destroyed to redeem the ENJ tokens). Owing to the backing of many NFT by ENJ tokens, its adoption leads to reductions in the effective supply of Enjin Coin.“

According to a new YouTube update, Coin Bureau’s host “Guy” has a bullish long-term forecast for the Ethereum-based gaming altcoin Enjin Coin.

Citing data from Etherscan, Guy claimed that there were more than 162,000 unique addresses holding $ENJ, providing a “significantly wider token distribution” compared to similar gaming projects such as The Sandbox ($SAND). Guy noted that despite its popularity and having more than double $ENJ’s market cap, $SAND only comprises roughly 100,000 unique addresses. Guy said Enjin’s distribution meant that the coin was less concentrated in a limited number of wallets and was therefore somewhat better insulated against a market dump. 

Coin Bureau’s host also highlighted the adoption for Enjin, which he says stands to benefit from the wave of excitement over blockchain gaming and non-fungible tokens. 

As reported by The Daily Hodl, Guy said, 

Despite it being very early days for blockchain gaming and NFTs, the future does indeed look pretty bright for Enjin, its JumpNet scaling solution and its Polkadot-based parachain Efinity. 

Guy called Enjin a “pioneering” force in the domain of blockchain-gaming and NFTs, with a strong team of leading architects and developers. He predicted that the cryptoasset was “here to stay” for quite some time, and said he would be closely following the project for new developments.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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• Source: https://www.cryptoglobe.com/latest/2022/02/enj-coin-bureau-tackles-outlook-for-gaming-altcoin-enjin-coin/