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How to buy Enjin Coin
A beginner’s guide to gaming cryptocurrency Enjin Coin (ENJ) and how to buy ENJ in Australia.
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Enjin is a blockchain platform for creating in-game digital assets, including NFTs and cryptocurrencies. Game developers can use Enjin to turn in-game items (like skins, weapons, armour, vehicles) into unique digital assets (NFTs) which can then be traded, bought and sold both in-game as well on the native Enjin marketplace. Developers can also create their own cryptocurrencies to power communities. Doing so enables the next generation of the virtual economy, which is estimated to be worth $100 billion each year.
ENJ is the native cryptocurrency of the Enjin platform, which operates on Ethereum as an ERC-20 token. ENJ can be used to purchase items on the Enjin marketplace, as well as mint other tokens, using the ERC-115 token standard which was developed by Enjin. The ERC-115 token standard can be used to mint anything from NFTs, currency tokens, security tokens and more. Enjin plans to introduce ENJ staking in the future as part of the Efinity upgrade.
Where to buy, sell and trade ENJ
ENJ is currently available on a number of cryptocurrency exchanges, including:
How to buy ENJ: A step-by-step guide
If you want to buy ENJ, you can do so in three simple steps:
Step 1. Create an account on a cryptocurrency exchange that allows you to buy ENJ
The first thing you’ll need to do is search for a cryptocurrency exchange that lists ENJ in currency pairings. We've provided a list of some options above. Next, sign up for a free account by providing an email address and password, keeping in mind that some exchanges will also require additional contact details and photo ID before allowing you to deposit any funds.
Enabling two-factor authentication on your account is also recommended as a security measure.
Step 2. Deposit funds
It’s not currently possible to directly exchange Australian dollars for ENJ. As a result, you’ll first need to either own or buy a cryptocurrency which is listed in a pairing with ENJ, such as bitcoin (BTC) or Ethereum (ETH), and then exchange it for ENJ.
To deposit funds, login to your account and click on the “Deposit” link. You can then generate a wallet address and transfer your desired amount from the exchange or wallet where you're holding a compatible cryptocurrency.
Step 3. Buy ENJ
Once the funds are deposited, search for the cryptocurrency pair you want to exchange, such as ETH/ENJ, and click on “Buy ENJ”. It’s then a matter of selecting either a market or limit order and specifying the number of coins you want to buy.
Before finalising your purchase, make sure you review all the important details, including the amount of ENJ you’re buying and the total cost of the transaction.
How to sell ENJ
If you want to sell your Enjin Coins, you’ll need to search for the “Sell ENJ” link in your crypto exchange account and follow a similar process to that outlined in Step 3. However, as exchanges don’t offer every available currency pairing, it may not be possible to directly exchange ENJ for the currency you want.
Which wallets can I use to hold ENJ?
For security reasons, storing your cryptocurrency funds on an exchange is not recommended. Instead, make sure you hold your cryptocurrencies in a secure wallet.
ENJ is an ERC20 token on the Ethereum network. The Enjin Digital Smart Wallet is available for Android and iOS devices. It supports ENJ, BTC, ETH, LTC and all ERC20 tokens by default. Support for other altcoins will be added in the future.
Other ERC20-compatible wallets include:
How Enjin Coin works
Enjin Coin is a token on the Ethereum blockchain designed to be used across a wide range of different websites and online games. It aims to become a common currency for use by the online gaming community, allowing for virtual goods and digital assets to be securely transferred.
According to the Enjin Coin white paper, ENJ is “a cryptocurrency (ERC20 Token) and smart contract platform that gives game developers, content creators and gaming communities the required crypto-backed value and tools for implementing and managing virtual goods”.
It can be used to:
- Mint unique in-game items, currencies and virtual tokens using ENJ as the parent currency. These newly-created assets can be converted back into ENJ anytime.
- Trade in-game items.
- Trade assets from game to game, community to community.
- Setup a virtual goods store that accepts ENJ and all custom coins.
- Provide trust and security for all goods minted using ENJ.
Enjin Coin’s pre-sale was held in August and September 2017 and raised US$12 million, while the public crowdsale took place in October 2017 and raised a further US$23 million.
What to consider before you buy ENJ
Buying any type of cryptocurrency is risky and speculative, and there are many complicated factors that can affect the value of these digital currencies. With this in mind, make sure you consider all the risks associated with any cryptocurrency before buying.
If you’re thinking of purchasing ENJ, remember to consider the following first:
- Supply. According to CoinGecko, the circulating supply of ENJ at the time of writing was 934,313,756 out of a total supply of 1,000,000,000 ENJ.
- Established platform. The Enjin Network began in 2009 as a social gaming platform. Since then it has grown to 20 million registered users worldwide, who can be expected to be exposed to ENJ in one way or another.
- JumpNet. In April 2021 Enjin released JumpNet, a fee-less blockchain built on Ethereum and optimised for NFT and Enjin applications. Enjin boasts that more than 50 NFT projects were signed up to use JumpNet within two weeks of launch.
- Other initiatives. Enjin Coin also has several other initiatives to encourage adoption of ENJ, including an Early Adoption Bounty Program for games, servers and communities, as well as partnerships with game developers and servers to offer bundles, in-game tournament prizes and subscription bonuses.
- Potential for growth. The gaming industry is booming at the moment, with annual worldwide revenue slated to surpass $138 billion by the end 2021. If Enjin Coin could achieve widespread adoption as the cryptocurrency of choice for the gaming community, there would be plenty of potential for growth in value.
- Multi-chain. Enjin raised $18.9 million in a private sale for Efinity, a new NFT-focused blockchain that will operate on Polkadot and be interoperable with the existing Enjin network on Ethereum.
- Market competition. Enjin Coin isn’t the only cryptocurrency designed with the online gaming community in mind, so consider the impact that competition from GameCredits (GAME), Skincoin (SKIN) and others.
- Roadmap. If you want to know of any upcoming Enjin Coin developments that could affect the value of ENJ, check out the detailed roadmap on the Enjin Coin website.
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