How you make purchases in games such as Minecraft and Fortnite to name but two could soon be set to change. That’s due to the news that Enjin Coin has now received approval from the Japanese Virtual Currency Exchange Association (JVCEA).
The company will make its trading debut on the Coincheck exchange on Tuesday, January 26. This will allow users to purchase Enjin Coin using Japanese Yen as well as using Bitcoin.
After striking a deal with HashPort in 2019 to seek regulatory approval, Enjin Coin have now achieved this and wants to become the market leaders in the emerging gaming cryptocurrency market.
“Culture of Innovation”
Speaking about the deal, the CEO of Enjin Coin, Maxim Blagov, commented:
“From Super Mario to Pokémon and Final Fantasy, Japan is home to pioneering games that hold a lasting place in pop culture. Japan’s culture of innovation is directly aligned with Enjin’s. We believe some of the world’s best blockchain games will come from the Japanese gaming industry, and we will be there to help them leverage this powerful technology to the fullest.”
Since news of the agreement broke, the value of Enjin shares have soared by more than 75% within the 24 hours following the announcement.
How Cryptocurrencies Can Make In-Game Purchases Easier
While many people assume that blockchain technology is essentially used to power cryptocurrencies. However, they also have a number of other less well-known uses, and one of those is in the field of gaming.
Using this technology, it is quicker and more convenient for gamers to use cryptocurrency to make secure in-game purchases. This is known as the blockchain game economy and for many experts, it is the next market that is ripe for rapid expansion over the next few years.
The trading of Non-Fungible Tokens (NFT’s) within games allows people to trade items they have earned, won, or traded for in games, to be traded for other items, or cryptocurrency. The scarcity of items, meaning that their relative value in the game (and thus in cryptocurrency value) increases.
It is this market that Enjin Coin seeks to become a market leader of in Japan.
Potential is Huge for Gaming Cryptocurrency
Many games now operate a system where in-game items have an intrinsic value to players. Games such as Fortnite, FIFA Ultimate Team, Minecraft, and many more all use items a player can unlock and earn during a game as rewards.
Very soon, it won’t just be Fortnite betting that allows players a chance to win extra cash on such a game. It may well be that gaming cryptocurrency offers an even greater way to turn the items and loot a player earns in a game, into a tangible financial asset.
The whitelisting of Enjin Coin in the notoriously rigorous Japanese financial industry is a key move both for the company and gaming cryptocurrency. The JVCEA only lists 15 currencies at present.
It’s acceptance, therefore, is not just a testament to the potential and veracity of Enjin Coin, but also of the burgeoning gaming cryptocurrency industry.
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