Enjin Coin and Immutable X prices at risk as NFT industry implodes

Enjin Coin and Immutable X prices are at major risk as the non-fungible tokens (NFT) industry implodes. The ENJ price has crashed by more than 87% from its all-time high, bringing its total market cap to about $610 million. On the other hand, IMX has seen its price crash by over 85% from its record high.

Are NFTs dying?

Enjin and Immutable are leading blockchain projects that hope to solve some of the most important challenges that NFT creators and buyers have. Unlike Ethereum, Cardano, and Bitgert, their whole ecosystem is about NFTs. 

Enjin runs a platform known as Efinity that enables people to mint and sell NFTs. On the other hand, Immutable X is a layer 2 platform that increases the speed and lowers costs of Ethereum NFT platforms. 

Therefore, the two blockchains are at a major risk as the NFT industry crumbles. Recently, OpenSea, the biggest NFT marketplace, announced that it will lay off a substantial number of its employees as volume drops. In a statement, the firm’s CEO blamed the situation to the ongoing cryptocurrency winter.

Now, new data published by Balthazar shows that the monthly sales volume of NFTs in major marketplaces like OpenSea, Magic Eden, LooksRare, and Solanart has dropped sharply in the past few months. The volume of NFTs sales in July was just $676.73 million, down from January’s high of $6 billion. Still, sales to July were higher than those made in 2021.

According to the report, OpenSea is expected to end the year with sales worth over $26.56 billion, up from 2021′ high of $13 billion. 

Still, analysts believe that the volume of NFTs will continue to languish as interest rates and inflation continue rising. At the same time, liquidity will continue being a challenge as demand wanes. Besides, most people who bought NFTs in 2021 and earlier this year have experienced substantial losses. 

Enjin Coin price prediction 

The daily chart shows that the ENJ price has been moving sideways in the past few days. It is trading at $0.64, where it has been recently. As a result, it is oscillating at the 25-day and 50-day moving averages. 

It has also formed a narrow channel that is shown in green. Therefore, there is a likelihood that the coin will have a major bearish breakout as sellers target the next key support level at $0.35.

All Dutch and English crypto news!

Traders flinch after Ethereum price rejects at $2,000

Ether (ETH) rejected the $2,000 resistance on Aug. 14, but the solid 82.8% gain since the rising wedge formation started on July 13 certainly seems...

BitGo to sue Galaxy Digital for $100M over dropped acquisition

Digital asset custodian BitGo said it planned to seek more than $100 million in damages from Galaxy Digital, alleging the investment firm owed the funds...

Coin Center may challenge US Treasury’s sanctions on Tornado Cash in court

United States-based crypto policy advocacy group Coin Center said it intended to "pursue administrative relief" for individuals affected by Tornado Cash sanctions imposed by the...

Fed to issue long-awaited guidelines for granting master accounts to crypto banks

The United States Federal Reserve Board announced Monday that it had finalized guidelines for factors reserve banks are to consider when reviewing requests for Federal...

Beste exchanges

Koop je crypto bij Bitvavo