Altcoin Gems 2: $EFI by Enjin
Hi everyone,
In light of the upcoming Polkadot parachain auctions, I would like to introduce you to a coin aiming to win the NFT parachain slot – Efinity, developed by Enjin.
I’m a big fan of Polkadot as I believe its ecosystem will become the core of tomorrow’s internet, and with NFT a booming industry I believe Efinity is easily a 10x coin. Enjin’s ERC20 coin ENJ has printed ca.2000% YTD returns, and I believe EFI will follow suit.
The Team
Enjin are pioneers in the NFT industry, and are responsible for the development of the ERC-1155 standard for NFTs on Ethereum. Enjin's leadership team are also behind Efinity - Maxim Blagov and Witek Radomski, the CEO and CTOs who are the inventors and authors of the ERC-1155 standard – so Efinity benefits from an experienced team that has successfully deployed a similar project historically.
Since the development of this now widely adopted standard in 2017, Enjin has developed a complete NFT ecosystem on Etheruem which comprises the Enjin Platform , wallet , market place, explorer . This suite of products offers solutions to developers and corporations needing to tokenise digital assets, and is used today by 20 million gamers worldwide, 40 game developers and enterprises including Microsoft, Minecraft servers, and games for PlayStation, PC, iOS, and Android.
It’s absolutely no surprise therefore that Enjin sold out $20 million worth of Efinity tokens in just under 3 hours in June 2021, and that these tokens have seen a approximately 6.6x return from ICO levels. EFI has yet to be listed on major exchanges like Binance and Coinbase, so I think that the price will rally significantly once this happens.
The Technology
Efinity will significantly enhance the experience of NFTs in the metaverse, and will likely to lead to wider adoptions of NFTs with various use cases for the following reasons:
Interoperability: as a Polkadot parachain, fungible and non-fungible tokens on Efinity will be easily transferable between multiple different blockchain networks and protocols. Ultimately it facilitates use cases where a gamer for example can take an NFT from one game into another with ease
Speed and low fees: additionally, it will benefit from the scalability of being a Polkadot parachain and will be capable of processing 700-1,000 transactions per second (TPS) which is a massive improvement to the Ethereum network.
This is just surface level information, but should be enough to wet your pallets to DOYR on this project and I promise you will be very impressed with what you uncover! :)
Key Levels to Watch
Price has just broken out of a 49 day accumulation range forming a very well rounded cup and is currently breaking out of a resistance zone from $1.18. The recent spikes in volume that have pushed the price above 1.18 indicates there is a lot of buying pressure and sufficient volume to keep pushing the price higher.
From here I envisage two possibilities:
(1) some consolidation that may form a nice handle before a breakout to Yearly open level on the exchange (marked by Y), or
(2) a break to 1.70 before a small consolidation and subsequent move upwards
In any case, there is very little resistance that lies ahead and with Polkadot parachain auctions commencing on November 11th, I think the timing to really scale into this coin is just right.
A close above 1.18 confirms a breakout for me, and from there we should definitely be expecting 10x return at the very least into 2022.
Would be really interested in hearing your thoughts on this one guys, feel free to share this post and leave your comments below!
I will make an effort regularly to update my Tradingview with projects with strong upside potential. I will be extremely grateful for any contributions in recognition of the time and effort put into this endeavour:
BTC: bc1qu7rswf6e8s8efj5d9g2r5phnejwxkcqycja7fw
ETH: 0x58ffB09Ce2C206989BB12F2e42965Fb818aDE61A
ADA: addr1qxjkfczhd7fta5evd4g8hakffkcmctddjawpudf9dvj6nq4q9thlfqw676k7edkjtzq6m50ncf90fmg5wy62xaf6g0ussvufz7
XLM: GCWACKPSV3W5OZYT5GK5UVH35YJSJIQ6L5VOH6EV6R2L7Z3E2L6G3D7Y
See my profile for other Gems that I have recommend to see how they have performed historically.
In light of the upcoming Polkadot parachain auctions, I would like to introduce you to a coin aiming to win the NFT parachain slot – Efinity, developed by Enjin.
I’m a big fan of Polkadot as I believe its ecosystem will become the core of tomorrow’s internet, and with NFT a booming industry I believe Efinity is easily a 10x coin. Enjin’s ERC20 coin ENJ has printed ca.2000% YTD returns, and I believe EFI will follow suit.
The Team
Enjin are pioneers in the NFT industry, and are responsible for the development of the ERC-1155 standard for NFTs on Ethereum. Enjin's leadership team are also behind Efinity - Maxim Blagov and Witek Radomski, the CEO and CTOs who are the inventors and authors of the ERC-1155 standard – so Efinity benefits from an experienced team that has successfully deployed a similar project historically.
Since the development of this now widely adopted standard in 2017, Enjin has developed a complete NFT ecosystem on Etheruem which comprises the Enjin Platform , wallet , market place, explorer . This suite of products offers solutions to developers and corporations needing to tokenise digital assets, and is used today by 20 million gamers worldwide, 40 game developers and enterprises including Microsoft, Minecraft servers, and games for PlayStation, PC, iOS, and Android.
It’s absolutely no surprise therefore that Enjin sold out $20 million worth of Efinity tokens in just under 3 hours in June 2021, and that these tokens have seen a approximately 6.6x return from ICO levels. EFI has yet to be listed on major exchanges like Binance and Coinbase, so I think that the price will rally significantly once this happens.
The Technology
Efinity will significantly enhance the experience of NFTs in the metaverse, and will likely to lead to wider adoptions of NFTs with various use cases for the following reasons:
Interoperability: as a Polkadot parachain, fungible and non-fungible tokens on Efinity will be easily transferable between multiple different blockchain networks and protocols. Ultimately it facilitates use cases where a gamer for example can take an NFT from one game into another with ease
Speed and low fees: additionally, it will benefit from the scalability of being a Polkadot parachain and will be capable of processing 700-1,000 transactions per second (TPS) which is a massive improvement to the Ethereum network.
This is just surface level information, but should be enough to wet your pallets to DOYR on this project and I promise you will be very impressed with what you uncover! :)
Key Levels to Watch
Price has just broken out of a 49 day accumulation range forming a very well rounded cup and is currently breaking out of a resistance zone from $1.18. The recent spikes in volume that have pushed the price above 1.18 indicates there is a lot of buying pressure and sufficient volume to keep pushing the price higher.
From here I envisage two possibilities:
(1) some consolidation that may form a nice handle before a breakout to Yearly open level on the exchange (marked by Y), or
(2) a break to 1.70 before a small consolidation and subsequent move upwards
In any case, there is very little resistance that lies ahead and with Polkadot parachain auctions commencing on November 11th, I think the timing to really scale into this coin is just right.
A close above 1.18 confirms a breakout for me, and from there we should definitely be expecting 10x return at the very least into 2022.
Would be really interested in hearing your thoughts on this one guys, feel free to share this post and leave your comments below!
I will make an effort regularly to update my Tradingview with projects with strong upside potential. I will be extremely grateful for any contributions in recognition of the time and effort put into this endeavour:
BTC: bc1qu7rswf6e8s8efj5d9g2r5phnejwxkcqycja7fw
ETH: 0x58ffB09Ce2C206989BB12F2e42965Fb818aDE61A
ADA: addr1qxjkfczhd7fta5evd4g8hakffkcmctddjawpudf9dvj6nq4q9thlfqw676k7edkjtzq6m50ncf90fmg5wy62xaf6g0ussvufz7
XLM: GCWACKPSV3W5OZYT5GK5UVH35YJSJIQ6L5VOH6EV6R2L7Z3E2L6G3D7Y
See my profile for other Gems that I have recommend to see how they have performed historically.
Disclaimer
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