Blockchain Ventures, venture capital fund and subsidiary of crypto firm Blockchain, has invested in DApp game developer Enjin as part of a broader effort to support and expand the blockchain gaming economy.
According to the announcement, Blockchain Ventures added support for the Singapore-based firm for its platform’s “novel functionality”, which supposedly allows users to have complete ownership over their in-game assets.
The Blockchain subsidiary also pointed out that Enjin’s token economic model, which locks the Enjin Coin within virtual in-game items and non-fungible tokens, facilitates both the price discovery and value recovery that has been difficult to achieve with NFTs.
“With this model, game developers benefit from an increased user incentive to purchase items and secondary market trading revenue, while token holders benefit from true ownership over their items,” Blockchain Ventures said.
Prior to its equity investment in Enjin, Blockchain Ventures added support for Origin Protocol, Coindirect, Sliver.tv, DappRadar, Securitize, and Nodle.