- Enjin and Decentraland are projects that are single-handedly changing the Landscape of the gaming industry.
- Their sheer growth and ability to gain significant value whenever the crypto markets are bullish demonstrates their relevance.
- Enjin, a network that allows game developers to build projects that synchronize gaming and blockchain technology, is up by a whopping 14% in the last 24 hours.
- Similarly, Decentraland is also enjoying a massive price rally that sees its value rise by a staggering 18% over the last day.
From careful perusal of the markets, crypto projects that are centered on gaming often seem to make the highest gains whenever the markets enter a bullish season. This is because of the sheer size of the gaming industry and the wide range of demographics that fall under its banner.
Leading the gaming revolution are the duo of Enjin and Decentraland, whose range of functionalities have put them in the enviable position of being trailblazers.
Enjin
Enjin has a long history in gaming. Founded in 2009 by Maxim Blagov and Witek Radomski, the company got its ICO within 10 years and had scorched their way to becoming one of the leading blockchain ecosystem developers. The project has remained true to its roots, synchronizing gaming with innovative blockchain technology.
In terms of functionality, Enjin is changing the fundamental nature of virtual economies, allowing developers to tokenize gaming items on the Ethereum blockchain. These virtual items gain real-world value and can be traded.
The native token of the project, Enjin Coin (ENJ) serves as a store of value for digital assets and offers utility for game developers with its properties of anti-inflation and instant liquidity.
Aside from the functionality it offers developers, Enjin has an extensive marketplace with over 800,000 items traded and blockchain assets worth $1.1 billion.
Decentraland
Just like Enjin, Decentraland is changing the landscape of the virtual world as it gives users the power to create content in the ecosystem. The project was founded by Ariel Meilich and Esteban Ordano, and opened its doors to the public in February 2020.
Through the platform, users have developed interactive games and impressive works of digital art, making it a creative paradise for its users. The vast Decentraland ecosystem, called the Metaverse, is made up of over 90,000 parcels of LAND which holders may then develop anything in their vision, from medieval-looking villages, to futuristic space stations.
Aside from pushing the limits of creativity, Decentraland also has a marketplace that boasts of a wide range of virtual items which users can buy, sell, and ultimately earn.
On the Flipside
- For all their bullishness, Enjin and Decentraland are low on the cryptocurrency pecking order, according to market capitalization.
- Enjin is ranked as the 73rd largest crypto with a market cap of around $1 billion, while Decentraland ranks as the 67th with a market capitalization of $1.2 billion.
Massive Gains for Gaming Networks
The utility provided by gaming networks like Enjin and Decentraland has been instrumental in introducing gaming to blockchain technology.
This has broadened the horizon for game developers and enthusiasts, and the effect is noticeable during bull markets.
Whenever there is a bull market, gaming protocols surge to their highest and this is a trend that looks poised to continue. At the moment, Enjin Coin is up by over 14% in the last 24 hours, standing at $1.33, while trading volume is up by over 100% over the last day, now weighing in at $254,219,734.
Other metrics indicate further bullishness for Enjin as over 2.3 million wallets have been installed and the asset recently reached a new all-time high value of $4.00.
Similarly, the native token of Decentraland is up by over 18%, while trading volumes have spiked by a staggering 179% to settle at $338,963,198.
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