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Numerous NFT-based projects are becoming increasingly relevant as a result of the emergence of Web3 powered by blockchain-based Non-Fungible Tokens (NFTs) since they offer the technological means of combining crucial data on blockchains in a visually attractive manner. Enjin, a top-tier blockchain platform, is at the forefront of them all.
Let’s learn about Enjin Crypto in this blog and how to buy Enjin Coin in India.
Introduction to Enjin Crypto
A Crypto called Enjin was introduced in 2017 by the Enjin corporation. Since Enjin Coin is an ERC-20 compatible token, an Ethereum wallet can be used to transfer and receive it. But Enjin’s technology does much more than handle one type of currency.
Enjin is created to integrate with games; you can purchase, sell, and trade NFTs using the Enjin wallet and Enjin Coin as a form of payment. For instance, MMORPG players may purchase an item in Enjin that can be used in several games and is simple to trade or sell on an online market.
What contributes to the Enjin ecosystem?
The Enjin project seeks to create a complete ecosystem of components that ought to aid in developing a new business and technology framework for the gaming sector. The project would comprise the following elements in addition to the Enjin Coin, which works as an ERC-20 token created on the Ethereum platform:
- Developers can utilize various Software Development Kits (SDKs) to create game content more easily. Creating and operating communities centered around particular video games, such as Minecraft clans, would employ the same tools.
- Tokenized gaming assets are created on the Enjin platform. Enjin Mintshop, one of its features, makes it simple to create customized game tokens.
- Efinity. The Lightning Network-like channel-based solution is now being implemented by the Enjin platform, which will increase the network’s potential for expansion.
- EnjinX Explorer. Users of the Ethereum-based explorer can look for transactions, blocks, addresses, and coins. The team members say that it was created to hasten the mainstream user acceptance of blockchain technology.
- Enjin wallet.
- Enjin payment gateway.
Virtual assets created by Enjin Coin
Implementing the Enjin Coin as the basis for developing and managing virtual gaming assets is one of the primary value propositions for using it. In addition, users of the Enjin platform can create distinctive virtual goods that are specific to a particular gaming community because the ENJ Coin can serve as the parent currency:
- In-game items: These refer to the items that players use while playing, such as digital weapons, loot items, and other objects that enhance specific character abilities.
- Custom currencies: Custom-built currencies can benefit from blockchain’s benefits (like fees, security, and transaction speeds) while maintaining their distinct identities depending on the games they are made for because they are backed by the Enjin Coin. In case customers do not want to program their smart contracts, the platform provides its token supply models.
- Privilege tokens: Custom coins can be used as a management and power distribution tool in Enjin-based games and communities. In video games, for instance, “keys” can be used as privilege tokens to secure entry to virtual chests containing strong and rare items. Similar tokens can also be purchased from website owners at the community level in exchange for the right to promote one’s items on the site’s discussion boards.
How to buy Enjin (ENJ) Coins in India?
Below are a few simple steps you can follow and buy the ENJ token in India with WazirX, India’s most trusted and widely used Crypto exchange.
The best way to buy ENJ tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling ENJ Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy ENJ on WazirX.
You can now easily purchase ENJ tokens using P2P trade on the platform. Check the ENJ to INR rate from here and ENJ to USDT here.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the ENJ Coins you purchased in your WazirX wallet.
Happy Trading!
Frequently Asked Questions
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
How Many Cryptocurrencies Are There?
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed. There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
