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August 25, 2021

Evolving the Games Market into the Metaverse

Evolving the Games Market into the Metaverse
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Explore how NFTs are bringing the metaverse to life, infusing the digital realm with tangible, real-world value.

In 2017, our co-founders Maxim and Witek started building one of the world's first non-fungible tokens (NFTs). They could see the potential impact of blockchain on digital items and set out to make their vision a reality.

At Enjin, we felt this kind of technology could transform game economies into real-world economies and bring tangible, life-changing value to players and their in-game items.

We saw a future where people would live complete and fulfilling lives in the digital world while making a living, building relationships, and creating a substantive digital identity.

In effect, we wanted to evolve the games market into the metaverse.

Fast forward to today: the NFT landscape has flourished, with many of these exciting creations built on our ERC-1155 token standard.

We're witnessing a revolution firsthand—one that is bringing real-world value to the realm of the digital and enriching the lives of those participating.

With the NFT space picking up steam, it's becoming clear that the next major step is the realization of the metaverse—a virtual plane of existence that merges seamlessly with reality.

The metaverse is inevitable. In fact, we're already seeing its earliest incarnation.

There is boundless potential for what it could evolve into. The question is, will it be decentralized?

Here at Enjin, we're optimistic and believe the future of the metaverse will be open, free-to-play, and play-to-earn.

Evolving the Games Market

The Enjin Multiverse

We released our NFT minting platform to the public in early 2020, making it easy for anyone to deploy new cryptocurrencies and NFTs to Ethereum, while at the same time simplifying the process of integrating these newborn asset classes into software.

To date, over 60 high-quality projects have joined us as official Enjin adopters.

As a collective, we have invented multi-game NFTs, created a market for real players to derive real-world value while doing what they love, and sparked unique collaborations across games and brands.

Together, we've also explored the idea of the "multiverse" within the digital realm.

A multiverse within the metaverse, if you will.

Theoretical physics conceptualizes the multiverse as a network of parallel universes or alternate dimensions where infinite versions of our world and lives exist simultaneously.

To lay a solid foundation for this concept, we've made it our mission to empower our network of adopters in a way that allows them to easily create cross-game experiences.

Many Enjin-powered NFTs are now usable in multiple gaming universes, creating a borderless user experience where players can slide through digital dimensions with a persistent identity and inventory.

This experience is reminiscent of the reality showcased in Ready Player One.

However, unlike Ready Player One's Oasis, which exists as a game under the control of one man, the blockchain-powered metaverse is open and decentralized.

In it, a broad range of projects are competing to provide the best user experience, and the market is supporting them by purchasing their assets.

It's the pinnacle of free market economics playing out in the digital world, with assets that have real-world value and implications.

Metaverse Assets

Cryptocurrencies and NFTs are assets of the metaverse. They blend the best of the physical and digital, creating the ultimate metaverse-building device.

They can be bought and sold for real money, injecting real-world value into a blossoming digital economy.

Because the blockchain is a public database, metaverse assets are interoperable across all games and apps (at least, in theory). All it takes is a developer deciding to give an existing asset utility in their project, and boom: a cross-platform experience and shared audience are born.

Metaverse assets are governed by a system of value that can move freely through the whole internet, and that's the key to creating a pervasive digital experience that actually matters.

We have done our best to help new projects enter the blockchain market because we see the potential it has—not just for them, but for the entire space as a whole when applied properly.

To date, the Enjin Platform has been used to mint over 1.16 billion metaverse assets.

And it's not just games. Brands like Microsoft, crypto innovators like Binance and Swissborg, and wellness programs like Health Hero have chosen our tech stack to create their very own decentralized items.

Scaling the Metaverse

As the metaverse evolves, so does the need for infrastructure to support and scale it.

With congestion and sky-high fees plaguing the Ethereum network, we released JumpNet, a solution tailored to meet the growing needs of our platform adopters.

Enabling instant, free, and eco-friendly transactions, JumpNet has unlocked the Enjin Platform's full potential as an asset creation service—saving projects millions of dollars in gas fees when minting and distributing NFTs.

Existing scaling solutions have enabled important systems like DeFi to scale somewhat, but there's still a clear gap in the market for a solution that can enable the NFT metaverse we envisioned all those years ago.

Evolving the Games Market into the Metaverse
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While JumpNet has been our immediate contribution to the NFT ecosystem, enabling transactions free from of burdensome fees and environmental impact, our broader vision is to bring true interoperability to the metaverse—across projects, platforms, and networks.

Enter Efinity, a blockchain purpose-built for NFTs.

By supporting fungible and non-fungible tokens from any blockchain, Efinity will enable innovators in the metaverse to reach users across the growing list of decentralized networks, both existing and future.

Any NFT from any chain can be moved to Efinity, supercharging it with next-gen features that will support the advent of a truly free, global digital economy.

Join the Fray

There are an estimated 2.7 billion gamers out there, and the amount of time being spent in the digital space is growing faster than ever.

This market has an incessant thirst for innovation, and we could never dream of quenching it ourselves.

At Enjin, we aim to provide infrastructure that developers can use to launch their games and apps onto the blockchain and into the metaverse, and we're building a network of partners that can offer tools that plug directly into our ecosystem.

We are constantly looking to expand our horizons, collaborate with new partners, and provide ever more potent systems of value for game and app developers to take advantage of.

There's room for every builder, every innovator, every creator—anyone wanting to generate value and play a part in this digital frontier we're building on.

So if you're a game or app developer looking to bring your project to the metaverse, get in touch! We'd love to learn more about what you're building.

If you're the creator of a platform, SDK, or plugin who wants to add something useful to the evolving metaverse tech stack, let's chat!

If you share our vision of the future, I'm sure we can find a way to build it together.

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