Buy Enjin Coin in Canada
Enjin Coin made simple
Everything you need to know about Enjin Coin and how to start investing in it.
Current Price
$0.4877 CAD
+$0.020526 (4.39%) past 24 hours
- Market CapThe value of the entire supply of a specific cryptocurrency or token. It’s calculated by taking the price of a coin/token and multiplying it by the total number of that coin/token in circulation.
- $882,952,796.03
- Circulating SupplyThe amount of coins that have already been created and are available in the market.
- $1,440,738,698.12
- 24h low - high rangeLow-high range over the past 24 hours.
- 0.4453192 - 0.4950203
Enjin 101
Although originally founded as a gaming community platform in 2009, Enjin pivoted to blockchain in 2012. The Ethereum-based network allows video game developers to mint tokenized assets for their virtual worlds. It uses its own native coin, ENJ, which is an ERC-20 token that guarantees compatibility within the Enjin ecosystem and backs the value of the NFTs they create.
Enjin’s platform lets developers distribute these NFTs, integrate them within their games and collect royalties whenever an NFT is sold on the open market. There’s also another token called EFinity, which powers these NFT transactions within video games in the same way that ETH fuels Ethereum transactions. EFinity is based on the Polkadot ecosystem.
In addition to all of the above, Enjin offers a bridge, called JumpNet, that lets you import Ethereum-based assets into the Enjin ecosystem. Such bridges cut down on Ethereum transaction costs while increasing the speed of transactions.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Enjin?
You can use ENJ to create NFTs within the Enjin ecosystem. Enjin supports the creation of any genre of NFT, although the platform is designed with in-game items in mind. These NFTs can be converted back into Enjin tokens, meaning that they are backed by the Enjin Coin economy.
You can also use Enjin Coin as a currency to buy assets in games like Lost Relics, Space Misfits and Spirit Clash. These trades are done through the game’s bespoke wallet, Enjin Wallet.
Since Enjin Coin is an ERC-20 token, you can plug it into a growing set of decentralized finance tokens. These protocols are experimental and unregulated, but allow you to earn yield — usually in the form of more Enjin Coins or platform-specific coins native to the yield-generating protocol — by staking your coins. Do your research before investing in these protocols, as many are highly complex, unaudited, and very risky.
Lastly, you can trade Enjin Coin as a speculative asset, buying and selling it to take advantages of its volatile price in much the same way you would with Bitcoin or Ethereum.
Is Enjin Coin a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Enjin Coin or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Enjin Coin safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Enjin Coin prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Enjin Coin to your Wealthsimple account in just a few taps.
Other cryptos to explore
More info about Enjin Coin
Want to take a deeper dive? Check out these articles about Enjin Coin and the world of crypto.
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Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Enjin Coin with just $1. It’s that simple.
FAQs
Enjin Coin is a cryptocurrency that powers an ecosystem of NFTs. These NFTs can be redeemed for Enjin Coin, meaning the value of the NFTs is interrelated with Enjin Coin. The wider Enjin ecosystem is geared towards helping videogame developers create markets for their in-game items. Creating an in-game economy around NFTs and cryptocurrencies subverts the current power structure of the videogame economy, which often pits videogame companies as sole intermediary, or even the sole counterparty, of in-game purchases. This is because cryptocurrencies are decentralized, and nobody, not even the videogame developer, can take a cryptocurrency out of someone’s wallet.
This changes all the time. Whenever an NFT is minted on Enjin, an appropriate amont of Enjin Coin is locked up within the NFT. The value of the NFT, therefore, is partly backed by the Enjin Coin used to create it; an Enjin NFT is redeemable for Enjin Coin at any time.
As of January 2022, there are 847 million ENJ coins in circulation, with a total market capitalization of about $2 billion. The protocol allows for a total of 1 billion ENJ coins to be created. However, if developers opt to mint NFTs on Enjin, the number of tokens in circulation should decrease, making the Enjin Coin more scarce and, theoretically, placing an upward pressure on the price.
Enjin Coin is not the only fungible token within the Enjin economy. There’s also Efinity, a token that functions as the ‘gas’ that powers Enjin NFTs. Think of it as fulfilling a similar role to ETH on the Ethereum blockchain – you use both to process transactions on the network. Efinity, also known as ENI, is built on a Polkadot ‘parachain’ – an independent blockchain that is linked to the Polkadot blockchain.
You can spend Enjin Coin within the Enjin economy, using it to back or buy NFTs. Since the Enjin Coin itself is an ERC-20 – i.e. a generic Ethereum token – you can also use it within any decentralized finance protocol that supports it. Within DeFi, you can stake Enjin Coin to earn yields from protocols that want your liquidity, such as decentralized exchanges or peer-to-peer lending operations.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Enjin Coin transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Enjin Coin’s current market cap is 882,952,796.
The current price for Enjin Coin in Canadian dollars is $0.49.
Buying Enjin Coin with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Enjin Coin 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Enjin Coin. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.