Enjin Coin (CCC:ENJ-USD) is up almost 20% on the day as metaverse rumors heat up the red-hot cryptocurrency market. The videogame crypto platform, Enjin, has received particular attention for having all the makings to launch a thriving, crypto-based metaverse.
So, what exactly is the metaverse? And where exactly does Enjin fit into it?
The metaverse refers to a digital reality where developers create entirely virtual, self-sustaining worlds that are interconnected with various entertainment, social media, and financial platforms. The most obvious application of the lofty idea is in gaming. Projects like Roblox (NYSE:RBLX) allow users to play, learn, create and socialize all within a game. Roblox even has its own currency, Robux, to buy online clothing for your virtual avatar. The currency has real-world value that developers have profited from.
Similar to Roblox, Enjin offers an encompassing virtual reality experience. It operates a number of gaming platforms that leverage its native crypto, Enjin Coin, as a means to purchase — often rare and valuable — in-game items. The ENJ crypto is viewed as a mainstay in the burgeoning metaverse industry. Making things even sweeter is the fact that Enjin has announced the name of its metaverse: Efinity.
Given the recent rebrand of Facebook to Meta Platforms (NASDAQ:FB) and major companies like Microsoft (NASDAQ:MSFT) also staking claim to the trend, the metaverse is obviously going to be a massive industry.
Enjin Coin Price Predictions: Where Will the Metaverse Take ENJ?
- Currently sitting at $3.58 per token, CoinGape sees Enjin Coin going as high as $4.18. Especially after breaking through its previous $3.10 support level, the site predicts the gaming coin could ride metaverse mayhem to new highs.
- WalletInvestor is also bullish on the crypto. The site sees it hitting as high as $3.99 within a week, and up to $4.83 after a year.
- CoinQuora believes in the short term that ENJ is approaching a crossroads. Should the bulls take over, it could surpass even a $5.34 resistance level and continue climbing. The bearish perspective sees it dropping to around $2.60. With that said, the site is generally bullish on the crypto, predicting it could hit $15 in 2022 and $30 by 2023.
- DigitalCoinPrice unsurprisingly also views the ENJ crypto in a positive light. The sight sets 2021, 2022 and 2023 price targets of $5.56, $6.64, and $8.20, respectively.