Blockchain Ventures Invests in Blockchain-Gaming Leader Enjin
We created Blockchain Ventures to power the next wave of blockchain innovation by investing in and supporting great teams using blockchain technology to provide utility to consumers or businesses.
We’re excited to announce that Blockchain Ventures is the first equity investor in Enjin, a leading blockchain game development company responsible for bringing over 40 games and apps to the Ethereum network, and even more excited to be their partner as they transform the future of blockchain-based gaming.
Enjin stood out before we even launched Blockchain Ventures as a platform with refreshingly novel functionality that creates a new paradigm for the gaming space where users truly own their in-game assets. In the Enjin “multiverse,” items can be used and leveled up across the ever increasing number of supporting games, which is becoming more impressive with each passing month.
Its team has worked to solve many of the issues with today’s gaming infrastructure by creating the full suite of tech required to enable an excellent on-chain gaming experience. This includes a feature-rich wallet, a block explorer and marketplace, airdrop product, and an Ethereum token standard (ERC-1155)—all designed from the ground up to enable blockchain-based games to be easily played, scaled, and enjoyed.
They’ve also built an all-in-one blockchain game development platform to enable developers to integrate blockchain technology into their games within a few days without specialist knowledge, and accelerate adoption on the publisher side.
The Enjin token economic model, where Enjin Coin (ENJ) is locked within virtual in-game items and non-fungible tokens (NFTs) is something we hadn’t seen before. This facilitates both the price discovery and value recovery that have been challenging for NFTs.
With this model, game developers benefit from an increased user incentive to purchase items and secondary market trading revenue, while token holders benefit from true ownership over their items.
We’re excited to partner with Enjin and support their mission to bring real-life economies to virtual worlds and expand the blockchain gaming universe.