On January 19, Enjin (ENJ) became the first gaming token to be legally approved for trading by the Japanese Virtual Currency Exchange Association (JVCEA). As a result, ENJ rose enormously and the price rose by 150.27 percent in the last seven days alone.
According to a press release released 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 will be available for trading on Japan’s largest and best-regulated crypto exchange Coincheck from January 26th . Enjin benefited enormously from this news. In the past 24 hours, ENJ rose from $ 0.2977 to $ 0.4122 at press time.
On a weekly basis, the gaming cryptocurrency even rose by over 150 percent and thus has a market capitalization of currently 389 million US dollars.
ENJ is a so-called store of value token that can be stored in the Enjin ecosystem for the creation of Non Fungible Token (NFT). The resulting NFTs are very versatile from gaming objects to virtual properties, ENJ can be used for practically everything in virtual space. In addition, the generated NFTs can be traded and integrated across all games. ENJ, therefore, has the potential to be the fuel of a new virtual economy.
Enjin entered the Japanese market for the first time in 2019. In collaboration with the Tokyo-based blockchain company HashPort, the crypto project tried to penetrate the Japanese gaming sector. Since then, Enjin has done everything to get approval from the JVCEA for the listing of ENJ — it has finally succeeded. Maxim Blagov, CEO of Enjin, now hopes that Enjin will make the breakthrough in Japan and made the following statement:
From Super Mario to Pokémon to Final Fantasy, Japan is home to game-changing games. We believe that some of the best blockchain games in the world will come from the Japanese gaming industry. We will help them get the most out of blockchain technology.
Japan is the third largest gaming market in the world. Enjin now appears to be the cryptocurrency that is best positioned to enter this market.
In addition, the press release states that Enjin not only plans to continue expanding in the gaming sector, but also wants to be part of the fast growing NFT arts industry. This is currently booming, and it wasn’t until mid-December that 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. ENJ and some decentralized applications (dApps) of the crypto project have been an integral part of the Samsung crypto wallet since 2019 .
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