ENJ FCAS climbed 29-points in the past month following the launch of its game development platform on Ethereum. Price increased 47.18% in the same time period.
About Enjin Coin (ENJ)
Enjin is a blockchain gaming platform where players can manage non-fungible tokens (NFT) they have earned or bought from a multiverse of games. The ENJ token can be used to trade or exchange virtual goods P2P on the Ethereum blockchain and the team has built SDKs in multiple languages to allow NFT integration into many gaming platforms.
Fundamental Data
ENJ FCAS climbed 29-points (10.78%) in the past month, driven by a 125-point (27.96%) spike in developer behavior. User Activity also went up 24-points (2.82%), while Market Maturity remained stable.
Recent Events
- On February 17th, Enjin announced the launch of its game development platform on ethereum, enabling potentially millions of developers to integrate crypto assets into games and apps with no knowledge of writing blockchain code.
- In April, the Enjin wallet was said to be certified and fully compliant in China.
- On May 28th, the team built EnjinCraft, an open-source blockchain plugin that enables players to spawn assets in the Minecraft Java Edition without the need to write any code. Minecraft is one of the world’s most popular video games.
Analysis
Being able to ride on Minecraft’s coattails is a sure way for Enjin to grow its network globally. Across all platforms, Minecraft’s reached nearly half a billion gamers and hosts 126 million players every month. The company was acquired by Microsoft for $2.5 billion in 2014, and just last week, it reached the 200 million sales milestone. We can expect User Activity to really grow with this new release.
It’s interesting to note also that the growth in Enjin’s fundamentals coincides with its wallet becoming certified in China, in April 2020. This may not come as a surprise considering China’s market size, but the fact that the government approved the Enjin wallet goes against its aggressive anti-video game campaigns.
Perspective
Traditionally, items in games are owned outright by the companies that create them. When players buy in-game items, the player doesn’t own it – the game company licenses it to the player. By using blockchain technology, these games give players real ownership over the items they purchase or earn in games, which can later be sold for digital currency or traded with other players.