HomeMarketingPrediction for the Enjin coin price as the NFT bubble bursts

Prediction for the Enjin coin price as the NFT bubble bursts

NFTs or non-fungible tokens are the hottest things since sliced bread. It only makes sense that a token standard and wallet for them, like Enjin, would go through the same cycle. However, unlike bread there is no expiration date to NFTs – the good ones last for decades. You can use them forever and never lose any value in them because their value comes from the community and not from scarcity.  The Enjin Coin’s price has been stable since its inception. Speculators have been buying Enjin Coin on exchanges at lower prices in the hopes of selling it for higher later, but have been unsuccessful as the Enjin Coin initially enters the market at a much higher price, and after a few months, it gradually drops to new lows. This points to the fact that it is not based on speculation alone and that people are buying it with real purpose. To get a clearer picture of what percentage of the Enjin Coin is tied to speculation and what percentage is tied to actual demand, we will be analyzing the behavior of the coin price over time.

NFT bubble is bursting

The online gaming industry is one of the oldest industries in the world and has survived many economic cycles. While other industries have gone through huge changes, gaming remains fairly stable as it is still the largest online industry. Even though it is not making as much money as before, it has grown much larger than ever before. Due to its stability gamers are more willing to spend time on their platforms instead of spending their time on something else.

The future looks promising for NFTs in the gaming industry. Many companies like PUBG Corp., Blizzard Entertainment, and Tencent are already developing games with NFT functionality or releasing games that utilize a token system. While no exact details are available yet, it also seems that these companies have a long-term vision for tokens and don’t plan to feature them as a short-term hype. Many of these companies have years of history and experience in developing games, making it very possible that they will adapt the NFT system to their gaming platforms instead of just focusing on one or two games.

Enjin Coin price prediction

The Enjin Coin price started at around $0.75 and has since settled at around $0.10. While this is a very small price range it is fairly stable and even though one would think that the value of the Enjin Coin will increase as more people discover the coin and want to use it, there has been little to no increase in its volume along with only slight growth in its market cap.

The reasoning for this is simple – there is a much bigger amount of speculation on this particular NFT than actual demand. Almost all of the Enjin Coins currently in circulation were bought with the belief that the price will increase too much higher values eventually. In its two years of existence, Enjin Coin has gone through multiple cycles where its price slowly dropped after reaching new heights. While each time it slightly surpassed previous highs, it is currently settling at a very low level and has nowhere to go but up.

Future outlook

The future outlook for Enjin Coin is promising if people stick to their initial purposes for buying ENJ and not just grabbing it as a speculation tool. So far, there are still plenty of people that are interested in ENJ and can not wait to see what the price will be in a few years. The current trend is downward and while it has been this way for months, there is no reason to believe that it won’t recover.

Several applications have been developed on top of the Enjin Coin platform and many more are to come in the future. This means that even though ENJ’s price may decline a little, it will continue to rise as more people pick up on these applications, and see their potential and their use case.

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