What’s hot in crypto this week?
Enjin (ENJ), a blockchain gaming platform where players can manage non-interchangeable tokens they have earned or bought from a multiverse of games. The ENJ token can be used to trade or exchange virtual goods peer-to-peer on the Ethereum blockchain. The team has also built software development kits in multiple languages to allow for non-fungible integration into many gaming platforms.
Enjin announced in February the launch of its game development platform on Ethereum, enabling potentially millions of developers to integrate crypto assets into games and apps with no knowledge of writing blockchain code.
Then, in April, the Enjin wallet was said to be certified and fully compliant in China.
More recently, on May 28, the team built EnjinCraft, an open-source blockchain plugin that enables players to spawn assets in the Minecraft Java Edition without the need to write any code. Minecraft is one of the world’s most popular video games.
How has NMR’s scores changed?
ENJ FCAS climbed 29-points (10.78%) in the past month, driven by a 125-point (27.96%) spike in developer behavior. User Activity also went up 24-points (2.82%), while Market Maturity remained stable.
What’s Flipside’s take?
Being able to ride on Minecraft’s coattails is a sure way for Enjin to grow its network globally. Across all platforms, Minecraft’s reached nearly half a billion gamers and hosts 126 million players every month. The company was acquired by Microsoft for $2.5 billion in 2014, and just last week, it reached the 200 million sales milestone. We can expect User Activity to really grow with this new release.
It’s interesting to note also that the growth in Enjin’s fundamentals coincides with its wallet becoming certified in China in April. This may not come as a surprise, considering China’s market size, but that the government approved the Enjin wallet goes against its aggressive anti-video game campaigns.
Also for perspective, traditionally, items in games are owned outright by the companies that create them. When players buy in-game items, the player doesn’t own it — the game company licenses it to the player. By using blockchain technology, these games give players real ownership over the items they purchase or earn in games, which can later be sold for digital currency or traded with other players.
The Flipside Crypto Asset Score Tracker provides institutional and sophisticated retail investors the ability to track over 500 cryptocurrencies’ fundamentals. FCAS Tracker is currently free to a select group of new users as it continues to develop the product. Visit Flipside here to gain access to Flipside Analytics.