If you've been on coinmarketcap, you've probably seen ads for Enjin Tokens, but what are they?
Information about the ICO
The Enjin Coin is a new ICO hosted by Engin, a platform to help host gaming websites.
The presale is already over but is now in its first stage of crowdsale, currently offering 6000 ENJ per 1 ETH, reducing to 3000 ENJ in week 4 (1000 less per week).
Enjin currently has 18.7 million registered users and 60 million global views per month and earns millions of USD from virtual good sales from their community stores
Applications
With the introduction of ENJ tokens, Enjin will develop a framework of open-source software development kits (SDKs), wallets, game plugins, virtual item management apps and a payment gateway platform to support the ENJ ecosystem.
The Enjin Token could potentially be used for a wide range of applications including but not limited to:
- You can liquidate gaming items if you no longer play a game
- Create new currencies under the ENJ token to represent more virtual currencies and items
- Importantly, you can use the token between any game and still retain its value
- Setup your own virtual goods store
Potential problem
However, people in the presale received tokens at a rate of 10,000 per ETH and received bonuses of between 5-50% depending on their contribution. Presale participants contributed 38,800 ETH in exchange for around 500 million ENJ tokens, averaging 1ETH to be around 12,886 ENJ, thus receiving a bonus of 115% compared to current crowdsale rates.
Personal Opinion
Personally, I believe that these tokens will be a good long term hold and plan on purchasing some more once they come onto exchanges. However, I am not too confident in them being a short term flip. I purchased a small amount (around half an ETH worth) of Enjin Tokens just in case they do explode.
Link to the ICO
This post is simply information about the token, not investment advice, do your own research before investing into anything particularly something as volatile as cryptos.
More info can be found here.
