\n<\/p>\n
The host of popular crypto analysis and market commentary show Coin Bureau has issued a long-term outlook for the gaming altcoin Enjin Coin<\/a> ($ENJ), which serves as a \u201cutility token\u201d for non-fungible tokens (NFTs).<\/p>\n In a guide<\/a> published in May 2020, Binance Research referred to Enjin Coin as \u201ca <\/em>product ecosystem for blockchain gaming.\u201d<\/p>\n It went on to say:<\/p>\n \u201cEnjin Coin (ENJ) is an Ethereum-based cryptocurrency that is used to directly back the value of next-generation blockchain assets. It aims to become \u2018the gold standard for digital assets\u2019. Enjin created the open-source ERC-1155 token standard: it enables game editors to convert various types of assets, such as currency, real estate, digital art, and gaming items into tokens that are usable in blockchain applications.<\/em><\/p>\n \u201cEnjin has built a complete ecosystem for on-chain applications, which integrates with its open-source token standard and features a unique blockchain explorer (EnjinX). Enjin focuses on adoption for non-blockchain participants with various solutions for professionals.<\/em><\/p>\n \u201cNon-fungible assets (ERC-1155 tokens) can be backed with Enjin Coin. Some of the use-cases range from the certification of ownership, the compatibility with the Enjin ecosystem, their real-world value (as ENJ tokens are traded on exchanges), and tangibility features (they can be destroyed to redeem the ENJ tokens). Owing to the backing of many NFT by ENJ tokens, its adoption leads to reductions in the effective supply of Enjin Coin.<\/em>\u201c<\/p>\n –><\/p>\n –><\/p>\n According to a new YouTube update, Coin Bureau\u2019s host \u201cGuy\u201d has a bullish long-term forecast for the Ethereum-based gaming altcoin Enjin Coin.<\/p>\n Citing data from Etherscan, Guy claimed that there were more than 162,000 unique addresses holding $ENJ, providing a \u201csignificantly wider token distribution\u201d compared to similar gaming projects such as The Sandbox<\/a> ($SAND). Guy noted that despite its popularity and having more than double $ENJ\u2019s market cap, $SAND only comprises roughly 100,000 unique addresses.\u00a0Guy said Enjin\u2019s distribution meant that the coin was less concentrated in a limited number of wallets and was therefore somewhat better insulated against a market dump.\u00a0<\/p>\n Coin Bureau\u2019s host also highlighted the adoption for Enjin, which he says stands to benefit from the wave of excitement over blockchain gaming and non-fungible tokens.\u00a0<\/p>\n
\n <\/p>\n
\n <!–<\/p>\n
\n <!–<\/p>\n