Enjin Coin saw its token price grow by close to 900% in the first quarter of 2019. That surge was sparked by rumours that Enjin might be the beneficiary of native integration in the then upcoming Samsung Galaxy S10.
Those rumours turned into reality over the next few weeks as Samsung eventually confirmed Enjin Coin’s presence on the S10, and by the time the dust settled, the ENJ token price had gone from $0.02 up to $0.24.
At time of writing that token price is back down at the $0.14 range – but on the move once more. Recently Enjin Coin completed the integration of blockchain gaming assets onto its universal blockchain explorer, EnjinX.
The explorer can be used to find Bitcoin, Litecoin, Ethereum, ERC-20 and ERC-721 tokens, transactions and blockchain data. Now, ERC-1155 tokens have been added, meaning that every Ethereum-based blockchain gaming item can be searched for and found from one simple interface.
Blockchain Gaming ‘Multiverse’
The concept of the ERC-1155 token was created by Enjin’s CEO, Witek Radomski, and it has now become the standard technology in Ethereum-based blockchain gaming. Essentially carrying the non-fungibility of an ERC-721 token without hogging the network space normally required; more on the ERC-1155 standard can be read here.
The eventual goal of Enjin is to attract a horde of gaming developers to its network in the hope of forming a gaming ‘multiverse’. Dozens of games have been released or developed so far, some of which can be viewed here. As more and more games populate Enjin’s gaming multiverse, the shared technology underpinning them all will allow for the transfer of in-game assets.
This means that an in-game item from one game could be carried over to another game just by sending a simple crypto transaction. We’re not dealing with games on the scale of Skyrim or The Witcher right now, but imagine having the ability to bring game items over from one into the other and you get an idea of what’s being aimed for. Summed up in a recent Enjin blog post:
“This provides players an experience in which they can move through multiple worlds while taking their inventory with them.”
Blockchain Gaming Index
Enjin isn’t the only blockchain gaming project in town, but it may be the one making the most headway at the moment. Below is a screengrab of the thirteen projects included in AltDex’s blockchain gaming index.
Although the index is only for providing data and not for investing, it calculates the weighting of coins according to their market cap, and the market performance of the Gaming index can then be compared to the performance of other indexes on AltDex – Exchange (ALTEXC), Privacy (ALTPRV) and Masternode (ALTMSN).
Having observed the indexes for a short time, it’s difficult to see any clear pattern to suggest that one moves outwith any other. Their usefulness as guides for holders is reduced by the weighting of coins by market cap, which causes the performance of the index to be dictated by the top two or three largest coins. Regardless, this can still be a useful analysis tool, and could be used to track the performance of different ‘sectors’ of blockchain development over longer periods.
The launch of the EnjinX explorer back in December went fairly unnoticed, but now just over three months later it has been adopted by several other blockchain projects, such as Kyber Network, Changelly and GDAC.
Featuring a simple search box with autocomplete, it acts as a window into the Ethereum and Enjin blockchains, and (as far as I’m aware) is the only comprehensive explorer for blockchain collectibles operating today.
From the Enjin post announcing the launch of ERC-1155 support on the explorer:
“EnjinX blockchain asset support is live, so you can now search, browse, and verify next-generation ERC-1155 assets and transactions—a major advancement to the ecosystem needed for widespread adoption of this powerful class of Ethereum assets.”
When the Enjin ICO got underway back in 2017, it wasn’t at all clear that the project would find success. Even Hacked’s own in-house ICO reviewers treated it with caution at the time, giving it a score of 5.5 out of 10.
As noted in that ICO review, the development of the Enjin company has been going for just as long as Bitcoin itself. This website post archived from early 2009 shows the direction of some of the earliest works by the Enjin team. Even then the goal was to build an interconnected gaming network, and that didn’t change as the lure of blockchain technology came along.
The token’s addition to the Samsung Galaxy S10 surprised many, but looking at it from Samsung’s point of view, it actually makes a lot of sense. If the point of apps is that they be used, then it’s more logical for Samsung to include native support for coins connected to other applications.
Further examples of this can be seen in other coins supported on the S10, such as Cosmo Coin (Beauty/Cosmetics), and Basic Attention Token (Web browsing), perhaps showing a pattern in Samsung’s selection policy.
Enjin Coin (ENJ) Price Point
Since the recent price pump which saw ENJ hit a thirteen month high of $0.249769, the token went on to lose almost half of its value over the next month. That took the ENJ price down to $0.131693 – a 47% drop.
A reversal of that trend started on April 12th as ENJ gained 12.7% in just over twelve hours. Now sitting at the $0.14 range, ENJ doesn’t have tremendous distance between its current price and its all-time high of $0.49.
But all the rest of Enjin’s fundamentals are looking good right now, and it’s not hard to imagine the ENJ token price exceeding its former ATH, either when, or before, the next big market surge arrives.