Before we dive into specific platforms and video game currencies, let’s first look at the overall idea behind the push.
First, there are a lot of crossovers between cryptocurrency enthusiasts and gamers. This Venn diagram with a larger center has probably fueled the push to incorporate cryptocurrencies into video games.
Some game developers lose money when players sell their game skins and other items on the grey market.
Game developers and crypto builders are working together to solve this problem.
These would be digital assets you own. Do you need this cosmetic sword? You can now own this sword by purchasing it with your Swordcoin* It’s yours.
Imagine the marketplace looking like Steam. The game you buy with money is yours for life.
You would pay for the item with coins and then own it. It could be sold. It could be used. You could keep it as a souvenir.
This is where the concept gets even cooler…
Developers could create games within the same universe, allowing items to cross between them. A weapon could be owned and used in multiple games. This resembles the Mass Effect crossover, where your character can be brought into the next round. It would be a different series.
Enjin, a popular platform, has developed Enjin Coin to tokenize in-game purchases.
They offer a great example of cross-game item compatibility that we have already mentioned.
Imagine a developer creating two MMORPGs. One is set in a futuristic sci-fi world, and the other in a fantasy setting.
Each game could be played without the other. Developers could make compound items from materials from both games to allow players to create them.
A combination of the blood of a dragon, a Mythril, and a shard could make an impressive magic-meets-science weapon (hello, Asgard!). You could then use the gun in any game. You can also use the weapon in other games by the same developer.
It would be yours. You could use it as a player. It could be kept in your “wallet” to remind you of the best gaming moments, or it could be sold (or rented!) Tokens can be given to players who still need to complete the challenge.
You have many other options: stories, quests, and so on. These can take you to a spaceship and then end up with you becoming a slayer for dragons.
As developers and crypto inventors continue exploring the potential of blockchain and cryptocurrencies, many more ideas exist. Let’s look at four of the most popular gaming-based cryptocurrency. Let’s start with the Enjin coin.
Enjin Coin is one of the most important cryptocurrencies to see daylight.
Enjin offers Enjin coins. It is the “largest social gaming platform in the world,” with over 19 million gamers and 250,000 gaming communities. Enjin also has a global reach of around 60 million views per month.
Enjin coin is an ERC-20 token that uses a powerful framework consisting of open-source smart contracts and software development kits (SDKs).
Enjin coin is a partnership between NRG eSports and Enjin Coin. This was done to spread the word about crypto gaming and blockchain. The league uses ENJ coin technology to reward their fans who participate in the technology.
These NRG tokens can also be customized (Enjin coins can be customized) to enter raffles or win prizes.
The coin uses the ERC-20 Framework. This means that the cash uses the Ethereum blockchain, a well-known cryptocurrency widely regarded as the second largest currency after Bitcoin.
The ERC-20 Framework is an immutable set of “laws” that all who want to use the Ethereum Blockchain must adhere to.
Enjin Coin also allows developers and players to “create, manage and distribute virtual goods” via Enjin Coin. This new model of virtual ownership is for game developers and content creators.
Enjin Coin offers open-source SDKs that enable developers to integrate the currency into their games.
Players can “bring or exchange their assets from one game to another, in any community. This will allow them to grow their digital wallet with real value while they play.”
Enjin Coin is a platform with a vision for cross-game item creation (magic science weapon), but they also have some other intriguing ideas.
Ideas from Enjin coin on Crowdfunding & Character Rentals
Enjin coin talks about offering incentives for crowdfunding in the form of digital assets so that studios can reduce overhead costs for physical goods.
Crowdfunding rewards are usually shirts, mugs, or action figures for larger donors. Enjin coin believes digital assets can save the studio money.
It could drive more donor engagement. Enjin Coin points can purchase in-game currency, currency, and extra character accounts.
In some cases, the assets can be used for more than one game or could have real-life worth in Enjin Coins.
Blockchain would allow the item to be accessible and transferable.
Enjin coin also discusses the possibility of renting your character using blockchain. Renting your character to other players is possible if you have a high-end feeling, such as an FPS, rare skins, or weapons.
Other players can try it (or make their noob clan jealous), and the item transactions are kept in-game instead of on the grey marketplace. The weapon owner benefits from their long hours and hard work in the game.
These are all great ideas, but they are largely ideas.
The Cons of Enjin Currency
Enjin Coin, like most budding cryptocurrency projects, is not well-known.
It is still in its early stages of adoption.
This could lead to some interesting crossovers between in-game items, lucrative rentals, and players benefiting both in-game and fiscally if it is successful.
For now, however, this is not being done. It has yet to be determined if cryptocurrency will become mainstream or blockchain technology will be integrated into video games.
Another issue is which cryptocurrency or blockchain will prevail in video games. Is there a universal cryptocurrency that can be used for gaming?
Or will there always be as many as we have now?
How about drops in value? How can devs and players decide the price of items in Enjin Coin and cash?
Enjin Coin is one of many cryptocurrency creators in the videogame sphere; many unanswered questions exist.
How to Buy Enjin Coin
Enjin Coin can be purchased via Okex or Binance. Both are linked from the Enjin Coin site.
The current USD price was $0.114095 per coin. For those who pay with Bitcoin, the BTC price is 0.00001420, and for those who pay with Ethereum, it’s 0.00022467.
These prices fluctuate anytime, so check regularly for the most current numbers https://www.wtkr.com/brand-spotlight/5-best-bitcoin-gambling-sites-top-play-to-earn-crypto-games-in-2022.