Blockchain Ventures, the investment division of exchange and wallet provider Blockchain, has made an equity investment into Gaming technology platform Enjin (ENJ). Although the exact sum is undisclosed, the news comes just days after Blockchain Ventures participated in the seed-funding of data provider DappRadar.
Located in Luxembourg but with offices in London, New York and Vilnius, Blockchain is reportedly backed by Google and Sir Richard Branson. The Ventures arm of the company is said to have $50 million USD to invest in blockchain technology start-ups.
Enjin’s Role in Ethereum’s Growth
Being fundamental in the developing of the ERC-1155 official Ethereum token standard, Enjin has been at the forefront of minting fungible and non-fungible digital assets and integrating them into blockchain games and applications.
In addition to successfully launching their own token, wallet, and marketplace, Singapore-based Enjin have established a reputation for bringing games and apps into the blockchain arena and onto the Ethereum network by providing developers with the ability to implement cross-platform e-commerce tools.
These elements have been identified by Blockchain Ventures who state in their press release that “In the Enjin ‘multiverse,’ items can be used and levelled up across the ever increasing number of supporting games, which is becoming more impressive with each passing month.”
However, it is not just the tech that has attracted Blockchain Ventures’ attention but also the potential profitability as they highlight “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.”
