Enjin opening the way for a truly decentralized Metaverse.
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Enjin’s Effinity is interoperable and does not require smart contracts.
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Enjin already has more than 160k creators, which could rise with Effinity’s entry into the picture.
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Enjin is currently trading at a key support level, signaling a potential reversal.
One of the aspects of the crypto market that is expected to grow exponentially in the coming years is the Metaverse. Analysts agree that the Metaverse could be worth over $8 trillion by 2030. However, even as the Metaverse is expected to grow, there seems to be a skills gap on this front. Many hyped play-to-earn games are pretty basic in terms of tech capabilities.
Enjin (ENJ) is one of the projects that have come out quite strongly as being able to build a Metaverse for everyone. The latest move towards creating a strong, truly decentralized Metaverse is evident in the launch of Effinity.
Effinity is the Enjin Metaverse and aims to give gamers the platform where they can create and sell gaming characters as NFTs. Not only is Effinity decentralized, but it is also interoperable. With Effinity, creators can host their NFTs without the need for smart contracts. Essentially, this means users of Effinity can easily move assets without needing permission from creators. Enjin is pushing towards this goal through its link with Polkadot.
Besides having a next-generation platform in Effinity, Enjin wants to integrate Effinity into the wider Enjin ecosystem. This is a big deal because Enjin already has more than 160k creators of NFTs. With Effinity, this number will only grow bigger and positively impact the value of ENJ tokens.
Enjin is in a consolidation
Source: TradingView
Like the rest of the market, Enjin is currently in a consolidation. Enjin is currently trading in a range between an upper range-bound at $1.332 and a lower bound at $1.2818. Enjin has already bounced off the $1.2818 support, and if this support holds, then Enjin could be primed for a significant rally in the short term.
Summary
The Metaverse is on a growth trajectory and is expected to be worth at least $8 trillion by 2030. Despite the massive potential that the Metaverse holds, most projects in this space fall short in technical capabilities. Enjin is one of the few laying the foundation for solid growth in the Metaverse in years to come.