Should I buy Enjin Coin (ENJ) right now? Looking at the future of gaming products on the blockchain

On June 23, Enjin ENJ/USD spiced things up by presenting an intro to scalable and programmable NFTs at the Azure blockchain meetup. 

On June 24, Enjin joined the Crypto Climate Accord in an attempt to decarbonize its footprint and add further credibility to the industry’s environmental concerns. Furthermore, the Crypto Climate Accord is actually backed by 20 firms from the blockchain, fintech, and Greentech industries, with names such as Ripple, CoiNShares, ConsenSys, the Web3 Foundation, Zodia, Canopi, and many, many more.

On June 25, Pandemic Games joined the Enjin ecosystem. Pandemic games rebranded from Tron Game Center and are building 2 games on JumpNet with shared NFTs which can be used in both titles. The first game will be Pandemic Shooter, and the second will be Space Combat.

The video game industry and how Enjin fills in the blanks

The Global Gaming market was valued at $173.70 billion in 2020 and is expected to reach a value of $314.40 by 2026. 

Enjin is a company that provides an ecosystem of interconnected as well as blockchain-enabled gaming products. It currently holds a market cap of over $833 million and a circulating supply of over 800 million ENJ tokens.

On June 25, ENJ had a value of $1. On June 21, it fell under $1 to $0.93 for the first time since May 23, where it dropped to $0.95.

One of the highest values it managed to achieve was on April 9, where it got up to $3.94.

Should you buy Enjin Coin (ENJ)?

Will Enjin Coin go over the $3 mark in the near-term? Probably not, but this doesn’t mean that investors can’t record strong returns.  We feel confident in saying that the $1 level will provide strong support and it’s highly doubtful that it will remain under the $1 mark. The current price comes at a time when more and more blockchains are moving to more eco-friendly solutions, something that is praised by mainstream media.

Furthermore, the collaboration with the Crypto Climate Accord will translate to headline attention and hype.

 The fact that more studios such as Pandemic Games are joining the ecosystems and making games that will use NFTs powered by the Enjin Network showcases that there’s interest.

So, you have active development, a switch to a greener solution, and increased usage of the ENJ token as a result of all of this. 

Despite the fact that the value has dropped a bit, it’s nothing too drastic, and at $1 it might be a worthwhile investment.

This is especially the case if you do so before the newest titles come out.

When they gain mainstream appeal, the price of ENJ is bound to go up, especially during the end of July, as the game Pandemic Shooter launches on June 27.

The post Should I buy Enjin Coin (ENJ) right now? Looking at the future of gaming products on the blockchain appeared first on Invezz.

Publication date: 
06/25/2021 - 21:43
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.