Blockchain-based games and NFTs are groundbreaking innovations in the Web 3.0 space. Now Pakistani crypto enthusiasts can purchase and trade in-game items or NFTs on blockchain-based platforms.
One of the noteworthy ecosystems is Enjin – a unique platform facilitating the creation of NFT-based game development.
In this article, we’ll learn more about the Enjin platform and its uses for Pakistanis. Let’s begin!
What is Enjin?
Enjin is a network whose ecosystem prioritizes the provision of blockchain-based video games and NFTs. The platform gives developers the opportunity to tokenize in-game assets on Ethereum‘s blockchain, which may be carried out without incurring any gas fees. All of this happens primarily due to Jump Net, Enjin’s game-changing tool within the NFT landscape. Jump Net is a scaling solution that enables developers to construct on Ethereum while leveraging its security and simultaneously steering clear of its gas fees.
Enjin happens to be an ecosystem that concentrates more on simplifying the procedure of producing and running NFT-based video games on a blockchain. It allows game studios to concentrate more on the process of game development by making the blockchain aspect easier. Not only that, but Enjin produces a suite filled with all sorts of tools that both developers and gamers can utilize to streamline blockchain gaming processes. These can include a vast array of SDKs, aka software development kits, that enable users to easily create items and incorporate them within games or other applications.
In addition, the platform and the tools it offers are entirely free to utilize, with one condition being that a few ENJ tokens are required for minting NFTs.
Through the provision of such tools, Enjin has produced a strong community and ecosystem filled with various video games, gamers, and game studios, all of which are linked to each other via its native cryptocurrency, i.e., the Enjin Coin (ENJ).
Where is Enjin Located?
According to the company’s Crunchbase profile, Enjin has been operating from Singapore and working with multiple companies virtually to implement solutions on Enjin in order to improve Platform’s accessibility since its launch back in 2009 to date. This can also be confirmed by going through its Terms of Service.
Who Created Enjin?
Enjin was created by Witek Radomski and Maxim Blagov, who are its co-founders. The platform is a for-profit company created by two Crypto enthusiasts and developers, Maxin Blagov and Witek, in 2009, initially launched as a community and social gaming Platform. However, later on, in 2017, the company announced the launch of its new blockchain-based Mainnet in an initial coin offering (ICO) which helped raise $18.9 million by just selling ENJ tokens. By June 2018, Mainnet of Enjin was launched on the Ethereum Blockchain.
Who Owns Enjin?
All of its services, apps, products, or other content are provided and owned by Enjin Pte. Ltd. Currently, Maxin Blagov is listed as the CEO and CTO of Enjin. Although the majority of blockchain firms tend to be new, Enjin was released all the way back in 2009. It was initially developed as a means to aid the global gaming community, and only in late 2017 did it shift its focus to adopting blockchain and cryptocurrency.
Enjin’s focus on blockchain and cryptocurrency resulted in an initial coin offering, raising approximately $18.9 million through the sale of ENJ tokens to construct its own blockchain. And it was in 2018 that it first went live.
What is Enjin Coin Crypto?
Enjin Coin (ENJ) is an ERC-20 token fueling Enjin Ecosystem. It aims to interconnect blockchain-based networks offering developers a social gaming platform with all the necessary tools to create websites, clans, and chat systems. The ecosystem hosts virtual events, including virtual item stores for buying and selling digital assets issued by the platform itself. In other words, users of the Enjin Ecosystem can trade digital assets with real-world value.
Enjin Coin can be utilized as a currency within the various games the network has in its library. It can also be utilized to purchase, sell, and exchange NFTs throughout its NFT marketplaces, which is a crucial mechanism for minting in-game NFTs. NFT holders may melt, or rather convert, the NFTs back into ENJ tokens at any given moment. This makes Enjin a kind of gold standard and authenticator for NFTs.
The Enjin platform is audited by Certik and has a circulating and total supply of 1B ENJ tokens. Furthermore, the token is anti-inflationary and scarce.
Is Enjin Legit?
Both the Enjin platform and its native cryptocurrency have been made by individuals that have more than a decade’s worth of experience within the gaming and tech industries. Since its inception, which was five years ago, the team behind it has been consistently toiling with regard to its developments and the creation of products that the ecosystem would benefit from.
Is Enjin Secure For Pakistanis?
Yes, it is secure. In fact, for a mobile wallet, the Enjin wallet, for instance, like the rest of its services, provides a decent amount of security. This should be especially important as security tends to be one of the biggest issues for wallets since hackers have been known to target them in attempts to steal funds. Some of its security features include double encryption, a secure keyboard, screenshot blocking, RAM encryption, and more.
The Callisto Network has independently audited the token smart contract, stating that no substantial issues were discovered. So, as far as legitimacy is concerned, it is good to go.
Is Enjin Coin Safe For Pakistanis?
As mentioned above, it is audited by Certik and is safe for investment because of its decentralized nature and being on the Ethereum blockchain. The circulating and max supply of the coin is 1B+, verified by CoinamarketCap itself, so no one can over-generate tokens and sell into the markets. Hence, we can say it is safe to invest and participate in Enjin Ecosystem.
Enjin Coin Price Prediction
According to our Chart Analysis experts, Virtual Reality and Metaverse is the next big thing in the world, so the future Potential of Enjin Coin is highly positive. Based on our chart analysis, looking at the 1-Day Tradingview Chart, ENJ has major resistance around $2.70, which we are expecting to reach in the upcoming bull run by the end of 2024 or early 2025.
As far as the question of long-term potential, ENJ is forecast to be around $5-$7 by sometime in 2030.
Is Enjin Coin a Good Investment For Pakistanis?
Based on mentioned facts below and looking at the potential of Metaverse, we believe Enjin Coin can be considered a good investment. However, just like any other cryptocurrency, it is also a highly volatile altcoin, so it is important to invest only what you are willing to lose.
Pros and cons of Enjin
Everything that has been discussed here is by no means investment advice, and one should always conduct some thorough research before making any investments, and the same is true here.
- Pros👍
- According to many reviews, Enjin possesses an ecosystem that is more robust, has certain use cases filled with utility, several demand drivers, healthy tokenomics and distribution, and is an active member of growing sectors like NFT, Metaverse, and blockchain gaming.
- Not only that, but the project is even supported by a few venture capitalists and institutional firms. And these are just a few of the positive aspects that cryptocurrency investors seek when deciding whether to get into a project or not.
- Other than this, one thing that might be worth mentioning is the fact that, so far, the items traded within the Enjin marketplace number over a million, which, in turn, may help users find, purchase, and sell NFTs that are more unique or rare. Moreover, this could also help build a sort of reputation that people will acknowledge and respect, which may increase its demand.
- Cons👎
- However, there are a few things it does not have going for it. For one, the cryptocurrency wallet it offers is not open-source, so it lacks adequate vetting.
- Another thing that could be improved is that the Enjin Network definitely could do with better games, as many have pointed out that a lot of the ones it offers are not that great.
Enjin Coin Comparison
Enjin Coin vs Sandbox
It won’t be wrong if we call them competitors or alternatives of each other, having almost the same features but different working mechanisms. Just like the ENJ token, The Sandbox, known as SAND, is also an Ethereum blockchain-based decentralized NFT metaverse gaming platform.
One of the key differences between ENJ and Sandbox is users on the Enjin platform require to lock ENJ tokens first in order to mint items. While on the other side, users on the Sandbox ecosystem doesn’t require to stake native tokens allowing non-technical users to utilize all the necessary tools to build, sell and monetize their virtual reality items (NFTs) with some limitations. If you are looking for an all-in-one solution, then the Enjin platform is for you, or if you are more interested in building items within an already-built ecosystem, then Sandbox is the right choice for you.
From an investment perspective, as users are required to lock tokens on the Enjin Platform, so with an increase in demand, the value of ENJ tokens will grow at a higher rate in comparison to SAND.
Enjin Coin vs Gala
The major difference between Enjin and Gala is that Enjin is designed to be a cryptocurrency to back different gaming communities across all blockchains. On the other hand, Gala is more focused only on Gala Ecosystem Games and Apps.
Similar to the ENJ token, the Gala native token is used to fuel the Gala gaming and apps ecosystem and can be used for in-game or app purchases such as accessing premium content, purchasing in-game items, and more.
Both Enjin Coin and Gala are focused on the gaming industry, but they are different in terms of use cases and target audiences.
Enjin How-to
The following sections will take you through some of the basic inquiries that you may have regarding this platform.
Can Pakistanis Buy Crypto on Enjin?
Enjin is not a cryptocurrency exchange which you can buy cryptocurrencies from. It is a blockchain gaming platform with a marketplace for NFTs. Also, from what we have gathered, it seems like you cannot buy any tokens from the platform directly, so if you want to buy its native token, then you would have to use an exchange, like Coinbase or Binance, for instance. Other than exchanges, it has its own wallet that connects you directly to sites like Pancakeswap and 1inch, where you can easily swap tokens for ENJ.
Can you Deposit on Enjin?
You cannot deposit funds on this platform. But you can fund your Enjin wallet with ENJ tokens using an exchange and then use that to buy the various digital collectibles offered on its marketplace.
Can you Withdraw on Enjin?
Like deposits, you cannot withdraw tokens from the platform since it does not function like an exchange. You can, however, withdraw tokens from your Enjin wallet just like any other wallet by initiating a transfer.
What coins does Enjin support?
Currently, there are only two tokens that are supported on the platform, which include its native token, i.e., Enjin Coin, and the Efinity Token (EFI), which is the Efinity ecosystem’s native paratoken. Additionally, paratokens are a token standard that Enjin has developed for Polkadot that is compatible with parachains and more.
Where Can Pakistanis Buy Enjin Coin?
According to CoinmarketCap and Coingecko data, Coin is listed on more than 180 decentralized and centralized Exchanges, including Binance, Binance US, Coinbase, Kraken, KuCoin, Bitget, and more.
Pakistanis can buy ENJ Coin from any of the listed Exchanges accessible in their country.
How to Stake Enjin Coin
As it is an ERC-20 token, there are two ways to Stake ENJ Coin.
First, holders of ENJ coin can provide liquidity on UniSwap and earn rewards by validating transactions.
The second method is staking coins on centralized Exchanges such as Bitget, Kucoin, OKX, Binance, and more. This method is more appropriate and simple for Pakistanis since centralized exchanges are available in Pakistan.
For single assets, investors can earn up to 0.5% APR by staking ENJ while earning around 10% APR rewarding in BNB by providing liquidity with ENJ/USDT Pair on Binance via Simple Earn Feature.
How Can Pakistanis Buy Enjin Coin
Pakistanis are free to buy Enjin Coin, ENJ, from any of the listed 180 Exchanges. However, if you are a newbie, then follow this guide of ours to buy Enjin Coin. In this below step-by-step guide, we are going to use Bitget Global as it is one of the most accessible exchanges and does offer an Easy-to-navigate UI with all the necessary tools to do. So, without wasting any time, let’s get started with the first step.
1. Create an Account and Complete KYC
The first and most important step in purchasing ENJ tokens on Bitget is creating an account by filling required information if you already don’t have an account. If you already have an account, then log in to your Bitget Account.
After successfully creating your account, the next step is to complete KYC (Know Your Customer) by tapping on Profile Icon and then going to CNIC verification or directly via this link button.
2. Deposit or Buy StableCoins
Once you have completed registration and KYC, then it’s time to deposit some stablecoins or other cryptocurrencies in order to buy ENJ Coin. On Bitget, there are 4 options available to convert your fiat currencies into cryptocurrencies, users can directly deposit via bank, trade fiat currencies (PKR) using P2P, or use a credit card to make an instant purchase.
3. Search and Trade at the Spot Trading
After purchasing stablecoins with the help of fiat currencies (USD, PKR, GBP), now tap on the Trade section from the menu navigation bar and select Spot Trading from the pop-up list, and it will redirect you to the Spot Trading page.
Now, from the Search Tab in the upper right corner, search ENJ, and pair of ENJ/USDT will appear. Now, click on it, and with the help of the order book, start buying ENJ Coin with any amount you like.
How to Swap Enjin Coin
Swapping Enjin Coin on Bitget is pretty much similar to how we explained above in the Search and Trade heading. First of all, select ENJ/USDT then, with the help of the Order book, select the price you are willing to swap on, and from the Limit Orders sections in the bottom centre put the amount and click on Sell to place a sell order.
Is Enjin Available in Pakistan?
From what we have gathered, Enjin isn’t exactly a cryptocurrency trading exchange but rather, as mentioned previously, a blockchain gaming platform. As a result, its legality would differ in comparison to your standard cryptocurrency exchange. Still, it claims that its mobile application is “compliant with local laws and regulations everywhere,” so it might be safe to assume that its services are available to Pakistani users, especially considering the fact that the platform can be used by people who are under 18, or “at least 13 years of age,” according to its Terms of Service.
However, one important thing to note here is that if you are under the age of 18, you must be under the direct supervision of your guardian or parents once you have obtained their permission and have them read the Terms of Service if you wish to use Enjin’s services.
Enjin Customer Service For Pakistanis
If you are facing any issues, you can contact its customer support by going to its website and scrolling all the way down. There, you will find the Submit a Ticket and Help Center options, respectively.
Consequently, you can click on either of them to seek help, or you can also select the “Contact Us” option to get in touch with the support team and seek information regarding your queries. As for how well its customer support is received, that is a bit uncertain. It has a Trustpilot rating of 2.3/5 and different scores on other similar websites.
However, the reviews on Trustpilot are not substantial enough to come to a definite conclusion, and the firm’s profile is not even claimed to begin with. So, whether or not the firm’s support team is up to par with your expectations is something that you may have to determine for yourself.
