The venture arm of cryptocurrency wallet, data and exchange provider Blockchain has taken a stake in blockchain game technology firm Enjin.
Blockchain Ventures said on Tuesday that the investment makes it the first equity investor in the gaming tech firm, which enables tokenized in-game items to be ported across ethereum-based titles built using its platform.
Blockchain Ventures didn’t disclose the amount of the investment.
Singapore-based Enjin has built a number of apps to support its ecosystem, including a blockchain wallet, a marketplace for collectibles and a game-development platform allowing third-party devs to include blockchain in their projects.
The gaming firm’s token, enjincoin, notably soared 70 percent in March when news broke that the Enjin wallet had been included in the offerings on Samsung’s Galaxy S10 blockchain phone.
Among the reasons it’s now an Enjin backer, Blockchain Ventures said: “The Enjin token economic model, where Enjin Coin (ENJ) is locked within virtual in-game items and non-fungible tokens (NFTs) is something we hadn’t seen before. This facilitates both the price discovery and value recovery that have been challenging for NFTs. “
Blockchain had been for years primarily a top bitcoin wallet and blockchain data provider, but has more recently been expanding its offerings. The firm announced a new crypto exchange platform – oddly dubbed The PIT – back in July, and was said to be raising a $50 million cryptocurrency-focused VC fund last month.
Enjin gaming image courtesy of the company