Blockchain Ventures Invests in Gaming Platform
By Mark Lemon – Cryptocurrency Specialist
Venture capital fund and subsidiary of Blockchain Ventures, has taken a stake in gaming platform Enjin. Could we see revitalised investment encourage users to buy cryptocurrency on this chain?
On Tuesday, the exchange provider stated that this investment makes it the first-ever equity in the gaming industry in which tokenised in-game items can be ported across several game titles based on Ethereum. This increases the interoperability when buying crypto as it has greater versatility.
However, Blockchain Ventures hasn't disclosed the exact amount that it has invested.
Enjin is a Singapore-based company that has constructed several apps to help support its ecosystems, such as a marketplace for collectibles, a blockchain wallet and a game-development platform where third-party game developers can introduce blockchain in their projects.
Enjincoin, which is the gaming company's token, soared over 70% in March this year as user looked to buy crypto native to the chain. That was when news circulated that the Enjin wallet was introduced on the Samsung Galaxy S10 blockchain phone's offerings. This could still result in great exposure and encourage more to buy cryptocurrency as a major technology company is integrating it.
When explaining why they're now backing Enjin, Blockchain Ventures said:
“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 type of model can both facilitate value recovery and price discovery, which have been an issue for NFT’s in the past.
For many years, blockchain has largely been a top Bitcoin wallet as well as a blockchain provider but has recently been looking to new avenues. Back in July, for instance, the company introduced a new crypto exchange platform to buy and sell Bitcoin as well as other crypto named ‘The PIT’ and was said to be raising a $50 million crypto-focused VC fund just last month.
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