Japan approves first gaming token: ENJIN rises 150 per cent
On 19 January, Enjin (ENJ) became the first gaming token to be legally approved for trading by the Japanese Virtual Currency Exchange Association (JVCEA). Following this, ENJ saw huge gains, with the price rising 150.27 percent in the last seven days alone.
According to a press release issued by Enjin yesterday (Tuesday), ENJIN is the first gaming token to receive the green light from the Japan Virtual Currency Exchange Association (JVCEA). This means that the cryptocurrency Crypto Engine will be available for trading on Japan’s largest and most regulated crypto exchange, Coincheck, from 26 January. Enjin was able to benefit enormously from this news. In the last 24 hours, ENJ rose from US$0.2977 to US$0.4122 at press time.
On a weekly basis, the gaming cryptocurrency even rose by over 150 per cent and thus has a current market capitalisation of 389 million US dollars.
What can the gaming token Enjin do?
In October, BTC-ECHO already presented three most promising NFT projects and even then Enjin took first place – but what exactly can the gaming token do? ENJ is a so-called store of value token that can be deposited in the Enjin ecosystem for the creation of non-fungible tokens (NFT). The resulting NFTs are very versatile, from gaming items to virtual real estate, ENJ can be used for virtually anything in virtual space. Furthermore, the generated NFTs are tradable and can be integrated across games. ENJ therefore has the potential to be the fuel of a new virtual economy.
Enjin first entered the Japanese market in 2019, collaborating with Tokyo-based blockchain company HashPort in an attempt to break into the Japanese gaming sector. Since then, Enjin has been doing everything it can to get approval from the JVCEA for ENJ’s listing – it has finally succeeded. Maxim Blagov, CEO of Enjin, is now hopeful that Enjin will make a breakthrough in Japan and made the following statement:
From Super Mario to Pokémon to Final Fantasy, Japan is home to groundbreaking games. We believe that some of the best blockchain games in the world will come from the Japanese gaming industry. We will help them make the most of blockchain technology.
Japan is the third largest gaming market in the world. Enjin now seems to be the cryptocurrency best positioned to penetrate this market.
Enjin Japan Gaming
Furthermore, the press release indicates that Enjin is not only planning to expand further in the gaming sector, but also to be part of the fast-growing NFT art industry. This is currently booming and only in mid-December a digital art collection was sold for a total of 3.5 million US dollars.
In addition, the gaming token ENJ has repeatedly made headlines in the past. Since 2019, ENJ and some decentralised applications (dApps) of the crypto project have been an integral part of the Samsung crypto wallet.