My friends, you're about to experience an honest review of Enjin Coin that exposes the flaws and the problems I see with the project, along with a realistic price prediction, which is going to be zero. I don't think this is going to have any value, and I say that as someone who has been in crypto for 11 years. I've researched thousands and thousands of altcoins, and almost none of them have any value. You all asked me to review this one, so what I'm going to do is walk through, in real time, how I do my own research on a coin like this.
In my experience, you should always begin in crypto with the thesis that something is fundamentally worthless until proven beyond a reasonable doubt otherwise. That's my starting thesis, and we're going to see whether it holds up here.
First impressions: branding and the price chart
I immediately don't like the branding on Enjin Coin. What does that even mean? The price chart isn't that big of a deal, but for retail it matters, and you can already spot a big pump in the past. Often these things only ever get one good bull market. The fully diluted value is a few hundred million dollars, which means this should be a pretty impressive project. That's what I'd expect to see at that valuation, so let's find out what it actually is.
Enjin describes itself as a "feature-rich ecosystem." To me that's generic filler, and I'm not seeing any value in it immediately. It says it covers a wide range of blockchain software products. Here's the thing: if those products aren't all fully on chain, that's pretty worthless. So the first question is whether this is just a coin. It turns out it's the native governance and utility token of the blockchain. All right, at least it is a blockchain itself. But if you look at the tags, I don't see much. It's a layer-one metaverse coin. This is 2020-era Polkadot ecosystem stuff. It looks like it's just a chain on Polkadot, which in my experience is almost always going to be worthless.
Going to the website and catching the first lie
I'll go to the website and simultaneously pull up the X account and the explorers so I can look at everything at once. The site says "Web3 gaming simplified, integrate blockchain in minutes," and that it's the "most advanced NFT and gaming product." That, right there, is an absolute lie. Caught it in a lie. It is not the most advanced NFT and gaming tech stack, and I can say that confidently because I already know which one is: Internet Computer Protocol.
Internet Computer Protocol is the only thing you can put NFTs fully on chain with. It's the only thing you can build fully on-chain games with. And therefore, in my view, Enjin is lying. Almost all of these projects are liars. They're counting on your ignorance, betting that you don't know what Internet Computer is and that it's the most advanced tech in crypto. So they lie to you because you don't know any better. That's a blatant lie I can spot immediately.
They tout a bunch of NFTs minted, and I'm guessing they've probably inflated these metrics to make them seem higher. A 28% reward rate seems a bit extreme to me. "Made for mass adoption," they say, "greater than 5,000 transactions a second." Well, why haven't I heard of this before if it's so good? When a project is touting its numbers like this, in my experience it's almost guaranteed they've also inflated their X numbers.
The X account: evidence of bots
I already pulled the account up, so let's go look at it. They have 490,000 followers. At least it's a pretty old account, which is nice. And here we go with more AI nonsense: "Engin Platform AI, new AI-powered chatbot." What they do is bring in a plugin from somewhere else. But look at how poor their engagement is. There are 6,000 posts on an account with 500,000 followers. For comparison, I have 9,000 followers. I post all kinds of videos every day on X. My crypto post from yesterday got around a thousand impressions with 50 times fewer followers than they have, and they've only posted once recently.
To me, that's clear evidence they've used a bunch of bots. And what's even worse is that they're not using their bots anymore; they're not continuing to cheat. The worst thing to do is cheat and then stop, because if you're going to cheat, you have to keep cheating to keep up with all the other cheaters. So in my opinion their X account is a fraud, useless cheating.
The chain itself: a ghost chain
Now let's look at the chain status. Wow, this is horrible. There are only 22,000 holders. There are only 41,000 accounts. That's an absolute ghost chain. And look at the blocks: three events in the whole block. Come on, this is terrible.
This is how easily you can do your own research, but you need to start with skepticism, because it's easy to throw up a website, copy a blockchain, and talk a great game. So let's go look at the documentation and see what the "most advanced stuff" really is. You have another wallet, another app on a centralized app store. Great.
The YouTube channel: a project that gave up
Let's check their YouTube channel. I bet this is bad. I'm actually impressed they have that many videos. But look at this: their last YouTube video was five months ago. To me, that says they've given up on the project. The price isn't pumping, so why bother doing anything? Five months since they made their last video.
Now, you might accept this kind of thing, but I don't, because I follow DFINITY. Look at how many videos they put out. They were at ETH Denver. Where was Enjin Coin at ETH Denver? Look at how many videos DFINITY put out in just the last month. That's a real blockchain versus a fake blockchain, a real foundation versus a fake foundation. Meanwhile, on Enjin's channel you've got a 30-second video from five months ago showing tiny little previews of games.
The fact is, from what I can see, these games are hosted on centralized tech. Unless a game is built on Internet Computer, all these other blockchains can't even do simple computation. They can't do anything complex. You have to build the game on centralized tech. So when they're talking about gaming, they're talking about a blockchain with almost no computation while everything's built back on centralized tech, which I consider fundamentally worthless. It's deceptive to users, and it's common practice in crypto today. That's exactly what I'm hoping to help educate you about.
Where is the team?
This explorer makes the coin look absolutely horrible. So do they actually show their team? I've literally spent seven minutes on this project and it disgusts me. By contrast, when I found Internet Computer Protocol, within seven minutes it impressed me. I've seen thousands of altcoins, and they're almost all the same junk.
Under community, can we actually get a look at the founders? Who's actually on this team? Why isn't it obvious where the team is? Where is the team on here? I don't see the team anywhere. Why is the team not front and center? Look at DFINITY: a massive research and development team behind Internet Computer, the largest R&D team in blockchain, and very easy to see. So where's the team on Enjin?
Reading the documentation
Let's look at the documentation. I like to just scroll through and intuitively see if anything stands out. You have the Enjin platform on testnet, cloud, mainnet, and self-hosted. Then look at this: it calls itself "the world's most powerful and advanced open source for building NFT platforms." Blatant lie. Absolute blatant lie right there.
It says it lets developers and their projects "easily communicate with the Enjin blockchain, forming a lightweight modular layer." A lightweight modular layer between what? Between the blockchain and their applications. And that's the giveaway. Why aren't the applications on the blockchain itself? Because that is the most advanced way to build everything, and people are doing exactly that on Internet Computer.
I use it every day. My website is on the blockchain. My OpenChat community, which is like a Discord or Telegram community-building app, is on the blockchain. You've got things like Decide AI verifying humanity directly on the blockchain. That's the most advanced tech. Enjin, in my view, is built on liars, cheaters, and thieves. They describe themselves as "a bridge between the complex world of blockchain and user-friendly applications." It shouldn't be a bridge at all, because with the most advanced tech there is no bridge; the applications run directly on the blockchain.
In less than 10 minutes, I've thoroughly destroyed this coin in my own assessment. Somebody was hyped about this the other day, and to me it's an absolute fraud coin lying to your face. They're betting you don't know any better. If you'd like to see more of how I evaluate projects like this, you can find all of my reviews in my Money playlist, where I share my crypto reviews, the projects I love, and what I've learned across 11 years in this space.