Enjin Coin (ENJ) Surges 19% on ‘Skyrim on Blockchain’ RPG Preview
Gaming altcoin Enjin Coin (ENJ) recorded 19% growth on Monday as the price of Bitcoin jumped 7.3%, and carried the majority of the altcoin market along with it.
Enjin’s surge also coincides with hot-off-the-press preview of one of the games which has adopted Enjin’s blockchain gaming infrastructure. That game is an RPG called The Six Dragons, which has already been jokingly referred to as ‘Skyrim on Blockchain’.
Those are big boots to fill, blockchain or no. Skyrim is the 13th highest selling video game of all time, with 30 million copies sold. At first glance, the graphical fidelity of The Six Dragons (TSD) appears to exceed the now 8 year old Skyrim – as would be expected of a game in 2019. The tone of the game seems similar, and carries many of the typical bells and whistles associated with the fantasy RPG genre.
TSD was crowd-funded via public sale in May, raising over $175,000. That money went towards securing in-game assets that will be recorded and transacted via the blockchain. The in-game assets will also be transferable across different games in the Enjin gaming ecosystem.
Parting With Cash to Secure Pre-Launch Game Items
We’ve seen how much money crypto enthusiasts are willing to pay for CryptoKitties, digital plots of land, and other head-scratching items. The funds raised during the sale went towards ‘backing’ in-game items, and thus acquiring them, prior to the game’s launch. One user is said to have spent $25,000 to gain ownership of the Dragon’s Sword pictured below.
That’s small-fry compared to the $173,310 (or 600 ETH at the time) someone paid for a bog-standard CryptoKitty in 2018. The people who buy these things can presumably afford to lose the money they ‘invest’. There’s no guarantee that someone is going to show up and buy the item back from you for more than you paid for it (or an amount even close).
That’s why many suspect such purchases are simply used in money-laundering practices, where dirty money is filtered through a seemingly harmless digital cat trading game. The other possibility is that the buyers are taking a very long gamble on the future popularity of these games.
If you feel like trying to pick up some of these items while they’re still at presale stage, check out the ERC-1155 Collectibles Trading Telegram channel. Enjin’s Twitter feed also posts updates of games currently being developed.
Enjin Coin Price
On Monday the Enjin Coin price jumped from $0.070224 up to $0.083609 within a matter of hours. That marked 19% growth before the coin price gave way again, falling back down to $0.078889 by time of writing.
CoinMarketCap shows Enjin’s volume climbing from $8.5 million to $19.5 million throughout the day. A survey of ‘Real 10’ exchanges reveals true volume to be not far off, at $11.5 million.
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.