Most of us should be aware of Enjin in general. It is a platform where many gaming communities base their websites. Usually they offer some sort of incentive for subscribing or donating to them, and Enjin fully controls the back end of this process.
Recently Enjin started an ICO for their token “Enjin Coin”. This coin is supposed to revolutionize monetization for developers and gamers alike. The white paper and subsequent videos on the ICO website for Enjin Coin talk about digital items being able to be sold and traded securely over the blockchain.
This would increase access for gamers to move between games, and benefit in a more tangible sense from their rare loot. Many people are already willing to spend a lot of money for an edge in games, as evidence through the many community websites Enjin hosts. With this new coin, they can retain that value.
I personally could have utilized a blockchain based alternative for “cashing out” on a game. I decided that I was done playing Eve Online, and liquidate all my assets and characters. The process was difficult, and I was afraid of being scammed each day. I had to search for forums where wholesalers purchased in game currency, contact them, and make the trades.
Over the course of a month I sold over a trillion isk, the in-game currency, at about 3 dollars per billion. Each day I did about 10 trades between 3 different individuals from Russia. Being I had the digital item, I had to trust them to pay each time. It was very stressful, especially given the value. In the end I was lucky and was not scammed.
I also had to worry about the developer CCP finding out, and banning my account. Again I flew under the radar, but it was definitely a concern.
With Enjin Coin all of these fears would be removed. I would have been able to liquidate my assets using Enjin’s marketplace feature, and sell them for a monetized token. I could then cash out or transfer my hard-earned assets into the next game. Enjin would handle the trust and scam issues, the 3 am meetings due to differing time zones, and the fear of developer reprisal.
I also would not be selling to wholesalers, and would be able to sell for a more reasonable price.
Enjin Coin also represents an opportunity for Developers to monetize assets without the pay to win stigma. They could charge transaction fees, and everyone benefits.
This article is part of the Enjin @originalworks sponsored contest!
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