Over the past seven days, Enjin Coin (ENJ) has grown by 95% and over the last month by 800%. You might think that this happened after a major correction, but there is another explanation for this.
ENJ is at the forefront of the Nonfungible tokens (NFT) craze.
The Enjin project team is preparing to launch two technologies at once, which it plans to use to eliminate the problems faced by NFTs. New technologies will greatly change the functionality of the network.
As the hype around NFT grows stronger every day, ENJ is quite capable of capitalizing on this.
Enjin will connect blockchains with new technologies
The first of two solutions
In April Enjin launches JumpNet – is a high-speed bridge network that enables free and instant transactions on the network with ENJ and ERC-1155 tokens. That is, thanks to JumpNet, the network will eliminate transaction fees.
Second major project
Also on the 2021 planned the Efinity update, which is a decentralized blockchain for NFT issuance that will be able to interoperate with other networks. The exact launch date is unknown.
Since its launch in 2017, Enjin has become a major platform for the decentralized app ecosystem. Developers and companies that work with the network have issued more than 2 billion project tokens and implemented them in their projects, applications and games. In total, 8700 developers work with the network, Enjin somehow works with PlayStation, Minecraft, Microsoft and other brands.
Now, the Ethereum [ETH] network, that Enjin runs on, is facing problems: fees have gone up and blockchain has started to congestion. This forces ENJ to develop their technologies for cheap and fast transactions.
Efinity Platform for NFT
Over the last year there was a rise of NFT technology, many networks have become interested in it and have begun to take steps in this direction. Enjin is building an NFT platform that supports interoperability between different blockchains. The platform will support tokens of multiple networks, both existing and planned for release. Enjin’s solution can solve the growing fragmentation problem in this market. Everyone involved in the blockchain industry began to build their own marketplace for NFT, which increases the barriers for participants. This also hurts the future of mass tokenization. The Efinity blockchain is designed to allow any wallet, marketplace and exchange to implement multiple blockchains at once. Users will be able to create and transfer tokens between networks without worrying about fees and speed. So far, the developers haven’t disclosed details about the functionality of this network.
Under pressure from the popularity of NFT, the Enjin team has already entered into a number of partnerships. Age of Rust and Six Dragons started working in the ecosystem of the project. The ENJ blockchain also launched the Ludena protocol and the Korean game application GameTalkTalk.
So what are the reasons for Enjin’s growth?
Over the past month, Enjin quotes have increased by more than 800%. In addition to partnerships and new technologies, listings on major exchanges have helped. Enjin began trading on FTX, Huobi Global, Gemini, and Crypto.com. Also, this cryptocurrency has become available for liquidity mining at Bancor [BNT]. All of this led to a jump in trading volumes and an increase in activity on the Enjin blockchain.