The venture capital branch of the company makes long-term investments into projects and businesses within the blockchain industry. It utilises the technology to provide product differentiation or enhanced utility, as opposed to leveraging cryptocurrency as a tool for financial speculation.
Enjin on the other hand provides a suite of tools to enable developers to create and integrate blockchain assets into their games, apps and other software.
“We are extremely excited to announce our investment in Enjin,” said Samuel Harrison, managing partner of Blockchain Ventures.
“Enjin is a rare example of a blockchain business with meaningful traction that decisively solves a problem that can’t be addressed in today’s centralised computing and database paradigm.”
Blockchain-based assets can be used to boost user acquisition, retention, engagement and game monetisation strategies in new ways – the ability to use in-game items between different titles, for example.
This could mean taking a wooden sword from Minecraft and using it in a role-playing game part of the ‘multiverse’ (a hypothetical group of multiple universes which gamers often refer to as a place where the fantasy worlds within the gaming industry exist).
Each asset minted by Enjin is made using the ERC-1155 – which was recently adopted by Ethereum as an official token standard – and backed by Enjin Coin (ENJ) serving as a certificate of authenticity and guarantee of value.
Maxim Blagov, CEO of the company, has said he was thrilled to be partnering with such a huge name in the industry.
“With their expertise and our blockchain ecosystem, we are in an excellent position to advance the industry and bring true ownership and real-life economies to the digital realm,” he said.
“We look forward to a fruitful, long lasting partnership.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.