Non-fungible tokens (NFTs) have taken the world suddenly, as record-breaking digital art sales stories now appear regularly in mainstream media.
Enjin Coin (ENJ) has positioned itself well over the years in a growing trend to increase its capitalization. Co-founder Witek Radomski was also into enhancing the ERC-1155 token stereotyping, which activated the creation of NFT on the Ethereum (ETH) network.
ENJ’s price reached a peak that circles 800% in the subsequent month, going from a minuscule $ .34 on February 23 to a new all-time high of $ 3.09 on March 15, thanks to a continuous increase in the market.
Rates for NFT Transactions
Momentum for Enjin began to get better in early March after the study revealed JumpNet, a private interpretation of the Ethereum block captivity that uses a proof of authority (PoA) consensus mechanism to permit instant transactions without gas.
High transaction costs are perhaps one of the most difficult challenges that the crypto community has been facing in the last six months, thanks to the long-standing use of pink Ethereum by decentralized finance (DeFi) protocols growing popularity of NFTs.
JumpNet, which appears to be on the run on April 6, intends to solve this problem for the NFT sector by permitting users to ship and accept Enjin Coin and ERC-1155 tokens for free, as well as to mint, barter, and distribute ERC tokens. -1155.
Enjin also has plans to integrate Efinity, decentralized block captivity for NFT that will “support coexisting proximate token features and assets from any block captivity.” According to the team, this brings support and opens the door to enable multi-chain operability and allow NFT holders in any block captivity to move to JumpNet and benefit from free transactions.
Exchange Listings Help Expand Enjin’s User Pad
A second determining component of ENJ’s price has been its listing on several cryptocurrency exchanges. This component pushed total trading volumes to new highs and further increased activity in captive and active addresses. Exchange listings began in late February when ENJ trading pairs were added to Crypto.com and FTX, serving as support to start the price rally.
Other relevant integrations in March include being voted on Bancor’s Solvency Mining (BNT) and listed on the Huobi Worldwide, OKEx, and Geminis exchange.
The VORTECS ™ score for ENJ elevated and reached higher than 67 just hours before the price began to get a peek over the next three weeks.
After falling to a minuscule 31 on March 3, the VORTECS ™ score skyrocketed again, right after the price of ENJ rose to a higher of 89 on March 10, which is five days before Enjin set a new all-time high.
NFT Psychosis impulses Growth of Enjin Ecosystem
The widespread uptake of non-fungible tokens and the promise of creating a commission-free environment that sustains NFT from a diverse set of blockchains have Enjin well positioned to see old-growth during the favorable bull market.
As the concept of tokenization extends beyond art to areas such as estate fortune and historical documents, projects that provide a user-friendly NFT ecosystem could eventually become centerpieces of the rapidly improving digital asset industry.
By: Jenson Nuñez
