The search for a top crypto pick to start this year is on. Indeed, in the world of cryptocurrencies, there are numerous tokens to choose from. Many have different catalysts, however, perhaps the most intriguing tokens right now are ones that deal with the metaverse.
You know, the virtual world that we’re all going to gravitate to, like in Ready Player One? Reports suggest that blockchain gaming organizations were able to raise $476 million to fund growth. That’s a lot of growth financing and suggests this is a sector institutional money thinks is worth the capital.
Among the metaverse-related tokens that’s piqued my interest is Enjin Coin (CRYPTO:ENJ). Let’s dive into why this token should be on investors’ radar right now.
This top crypto is seeing massive investment materialize
Among the top crypto projects in terms of raising money, Enjin Coin has been able to amass significant investor interest in its platform. Enjin recently announced the formation of a $100 million fund — the Efinity Metaverse Fund. This fund is aimed at supporting metaverse projects on Efinity, a blockchain built by Enjin as a Polkadot parachain.
Essentially, Enjin is looking to use this fund to grow its developer base. Having more projects focusing on digital collectibles, cross-chain NFT assets, virtual metaverse events, and multi chain infrastructure and gaming certainly is attractive to many investors.
Indeed, Enjin Coin has turned out to be a compelling investment for those with millions of dollars looking to invest in the metaverse. This is a high-growth, higher-risk option, making Enjin a top choice for those with higher-risk tolerance levels. That said, like all cryptocurrencies, there’s a significant risk premium with Enjin, which should be noted in this rather risk-off environment we’re seeing today across most risk assets.
Bottom line
Enjin Coin certainly is a compelling blockchain and crypto option for investors to consider. Enjin essentially provides the “plumbing” for crypto metaverse projects to get off the ground. However, Enjin allows developers to introduce in-game NFTs and tokens, a key factor many consider as a reason to own the ENJ token.
As mentioned, my take on Enjin is that this is certainly a speculative token. Accordingly, investors have reason to be cautious with this token right now. The market is taking a breather and could be on the verge of a complete re-rating of the risk of many stocks. Thus, Enjin Coin is an investment that should be made in a prudent manner, with proper risk controls in place.
That said, those looking to put some risk capital to work have a lot to like with Enjin. This is a top crypto I think could do well this year — that is, should we see this bull market continue to stampede forward.
