A beginner’s guide to gaming cryptocurrency Enjin Coin (ENJ) and how to buy ENJ in Australia.
Enjin is a website content management system for the gaming community, allowing gamers to create Minecraft, Guild, Clan and fan-based websites for free. It’s the largest social gaming platform in the world, used by 19 million gamers and hosting over 250,000 communities.
Enjin Coin (ENJ) is a token on the Ethereum blockchain designed to provide a customisable cryptocurrency and virtual goods platform for gaming. These tokens can be used to buy and trade virtual goods and digital assets on the Enjin platform, as well as perform a range of actions.
Let’s take a closer look at how these tokens work and how you can buy ENJ in Australia.
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 CoinMarketCap, the circulating supply of ENJ at the time of writing was 756,192,535, out of a total supply of 1,000,000,000 ENJ.
- Established platform. Enjin Coin already has access to the Enjin community, and the Enjin site is used by 19 million highly engaged gamers worldwide. This means there’s already a substantial potential market that the coin may be able to tap into.
- Users ready and waiting. At the time of writing, there are currently almost 1.5 million gamers ready to adopt and use ENJ. A list of gaming communities that have registered to use ENJ is available from the Enjin Coin website.
- Community coin distribution. Six months after the Enjin Coin crowdsale and the deployment of the wallet and core ENJ features, coins will be released to approximately 30,000 verified gaming communities on Enjin. The number of coins each community receives will be determined according to factors such as their previous store volume sales, member count, audience visits and website activity metrics.
- Other initiatives. Enjin Coin will also have 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 tipped to reach US$128.5 billion by 2020. 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.
- 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. You can also find more details on the Enjin Coin project in the white paper.