Blockchain Ventures invests in blockchain gaming asset platform Enjin

By October 22, 2019 Ethereum
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Blockchain.com Ventures, the venture capital arm of the blockchain development company Blockchain Luxembourg S.A., today announced an equity investment in the digital ledger blockchain gaming company Enjin for an undisclosed amount.

Enjin provides blockchain infrastructure for gaming companies, which enables developers to integrate tradable virtual assets into their games, apps and other software.

“Enjin is a rare example of a blockchain business with meaningful traction that decisively solves a problem that can’t be addressed in today’s centralized computing and database paradigm,” said Samuel Harrison, managing partner of Blockchain.com Ventures.

With blockchain technology, games and apps can provide tokens or actual ownership of virtual assets within a software ecosystem. Because these virtual assets can be stored, sold and traded outside of the game environment itself, these blockchain-based assets can be used to meet goals for user acquisition, retention, engagement and game monetization.

Enjin has already used this technology to raise $18.9 million during 2017 in investments by selling tradable tokens on its platform in what is known as an Initial Coin Offering. Since then, the company has brought over 40 games to the Ethereum blockchain and grown to over 20 million users on its platform.

Every asset minted on the Enjin platform is an ERC-1155 token backed by the native token of the ecosystem called ENJ. The ENJ tokens act as a sort of tradable certificate of authenticity and proof of value, which can be traded between players and represent individual items such as clothing, armor, equipment and weapons for example.

The platform is capable of allowing the trade of piles of coins and tracking the unique history, provenance and identity of every copy of a certain weapon (or even unique weapons).

To increase discovery and provide a proof of concept for its token ecosystem, the company launched the Enjin Marketplace earlier this month.

Within the Marketplace it is possible for players to trade items, not just from within the same game, but between games. Although it might not be possible to use items from a game they were not intended, the items themselves can still be owned and collected by players external to those games. It also opens up the possibility that different games, connected by the Enjin blockchain, could share economies.

To date, over 59 million ERC-1155 assets have been minted using the Enjin Platform. This has resulted in approximately 1 percent of the total supply of ENJ tokens being locked in digital assets, where it acts as a certificate of authenticity for those items.

Blockchain.com Ventures makes long-term investments in businesses developing and using blockchain technology to provide practical services and products that differentiate themselves in the industry. Other investments include shared economy platform Origin Protocol Inc., esports entertainment service Silver.tv, digital securities management platform Securitize Inc., internet of things network provider Nodle.io and distributed app tracker DappRadar UAB.

Image: Enjin

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