Blockchain Ventures’ management noted on October 22 that the recent investment makes it the first equity investor in Enjin’s gaming tech platform, which allows tokenized in-game items to be transferred across Ethereum-based titles developed on its platform.
We are thrilled to announce @Blockchain Venture's investment in Enjin.
With their expertise and our ecosystem, we are well-positioned to advance the industry and bring true ownership and real-life economies to the digital realm.
Blockchain Ventures has not publicly shared the size of the investment.
Singapore-headquartered Enjin has created several applications to support its evolving ecosystem, which include a blockchain-based wallet, a collectibles marketplace, and a game-development platform that lets third-party developers include blockchain capabilities in their projects.
Blockchain.com’s blog post stated:
“[Enjin’s] 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.”
Enjin’s token, enjincoin, surged 70% in March 2019, when reports surfaced that the company’s crypto wallet was part of the offerings on Samsung’s Galaxy S10 blockchain-enabled smartphone.
Blockchain Ventures’ management stated:
“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. “
For many years, Blockchain.com had been the leading bitcoin wallet and blockchain explorer services, however, it expanded its offerings by launching a new digital currency exchange, called the PIT, in July 2019. The company is now reportedly raising a $50 million crypto-focused venture capital fund.
Earlier this month, the developers of Blockchain.com revealed that they’re planning to introduce the wallet’s users to Blockstack’s network and more than 250 decentralized applications (dApps).