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.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.