Enjin Coin (ENJ) Gains 14% on Unity Blockchain Gaming Engine Rollout
Enjin Coin (ENJ) gained 14% leading into Monday morning as it gained ground amid a falling market. Sentiment on ENJ may have been boosted by the rollout of the Unity gaming engine for the Enjin blockchain, which was accompanied by the release of a start-from-scratch game development course.
Just two weeks ago, the ERC-1155 standard for Ethereum tokens – an invention of Enjin co-founder, Witek Radomski – was adopted and integrated into the Ethereum blockchain.
Unity Rollout for Enjin Developers
Enjin released a software development kit for developers to build blockchain games using the Unity gaming engine. For those uninitiated with the gaming world, Unity is a mass-adopted, flagship gaming engine for tons of mainstream games. The scale of games produced in Unity can range from simple mobile phone browser games, to massive console and PC titles like Assassin’s Creed, Deus Ex and Wasteland 2.
Why would game developers bother bringing their talents to the blockchain, you may ask? One answer is incentivization, for both player and developer. There are two main selling points when it comes to blockchain gaming:
- The player is incentivized by the opportunity to earn real cryptocurrency by playing the game.
- Assets earned in-game can be carried over to other games, all the while trackable on the blockchain.
Whereas a typical game might see a character collect fictional coins/gems which only have relevance in that particular game, on blockchain they can have real world value. On top of that, those items which they find in one game can then be kept, and carried over to completely different games.
Had it not been for World of Warcraft depriving a young Vitalik Buterin of his favourite attack spell, Ethereum would never have been invented. Maybe there’s something to all this?
According to Enjin, there has already been an influx of developers looking to merge Unity with blockchain. From a recent announcement:
“Our Blockchain SDK for @unity3d introduces exciting new possibilities for game fundraising, promotion, monetization & player retention. More than 750 developers are already using it to gain a competitive edge.”
On the same day, a popular tech Youtuber (200k followers) announced the creation of a (paid) training course for would-be Enjin/Unity developers, claiming anyone can start from scratch and create a workable game. (I won’t link for obvious reasons, but more information can be found on Enjin Coin’s twitter feed.)
Earlier in June, the Ethereum network adopted a new token standard called ERC-1155. Whereas ERC-20 is for fungible tokens, and ERC-721 is for non-fungible tokens, ERC-1155 merges the two.
New entrants to the Ethereum market should be aware of what happened the last time an Ethereum-based game got popular. That was in December 2017, when the success of Cryptokitties slowed the Ethereum network to a crawl.
That’s because a game transaction has more moving parts than a currency exchange, and each of those moving parts requires a new transaction. Thus, when Cryptokitties became wildly popular, it almost crashed the 15-tx per second Ethereum.
In short, ERC-1155 makes it possible to package multiple transactions into one transaction, and simultaneously send it to multiple recipients. Here we have the solution to the Cryptokitties conundrum, and it was officially adopted by the Ethereum network last month.
ERC-1155 is a creation of Enjin Coin co-founder Witek Radomski. At time of writing, 14 games are listed in Enjin Coin’s inter-connected ‘Gaming Multiverse’. Some are already playable, and others are scheduled for release late in 2019.
Enjin Price – ENJ/USD
From Sunday night’s low of $0.116962, the value of ENJ climbed to $0.134058 leading into Monday. That’s over 14% growth, and tipped the Enjin market cap over the $100 million mark.
Most of ENJ’s recent growth came in February of this year, when its addition to the Samsung Galaxy S10 sent it on a +1,000% run. Since then, momentum cooled, and ENJ really didn’t get caught up in the recent May/June market surge at all.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.