Coin Bureau is a popular crypto analysis and market commentary program. Coin Bureau has released a long-term outlook for gaming altcoin project Enjin Coin (ENJ), which serves as a “utility token” for non-tradable tokens (NFTs). Details are on Kriptokoin.com.
Why is it on the rise for the popular altcoin project?
In a guide published in May 2020, Binance Research referred to Enjin Coin as “a product ecosystem for blockchain games.” In the guide, ENJ was defined as an Ethereum-based cryptocurrency used to directly support the value of next-generation blockchain assets. Enjin has reportedly built a complete ecosystem for on-chain applications that integrates with the open source token standard and includes a unique blockchain explorer (EnjinX). The guide also included the following statements:
Some of the use cases range from certificate of ownership, compatibility with the Enjin ecosystem, their real-world value, and tangible features. As many NFTs are backed by ENJ tokens, its adoption leads to reductions in the effective supply of Enjin Coin.
Coin Bureau analyst “Guy” has a long-term bullish forecast for Ethereum-based gaming altcoin project Enjin Coin. Citing data from Etherscan, Guy claimed that there are more than 162,000 unique addresses holding ENJ, providing a “significantly wider token distribution” compared to similar gaming projects like The Sandbox (SAND). Guy noted that despite its popularity and more than double the market capitalization of ENJ, SAND only contains about 100,000 unique addresses. The Coin Bureau analyst also highlighted the adoption of Enjin, which he says will benefit from the surge of excitement over blockchain games and immutable tokens. Guy said: “Although these are very early days for blockchain games and NFTs, the future really looks pretty bright for Enjin, the JumpNet scaling solution, and the Polkadot-based parachain Efinity.” Guy described Enjin as a “leading force” in blockchain games and NFTs, with a strong team of leading architects and developers.
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