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September 5, 2023

Managed Wallets: How New Enjin Users Claim NFTs Before Opening a Wallet

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Managed Wallets: How New Enjin Users Claim NFTs Before Opening a Wallet
Simplify blockchain experience for gamers through Managed Wallets powered by the Enjin Platform.

Introduction to Blockchain Gaming

The gaming industry has evolved dramatically in recent years. With games like Valorant, Fortnite, and Counter-Strike: Global Offensive, we've seen in-game assets being bought, sold, and traded on secondary markets for hefty sums, demonstrating their real world value. However, these transactions operate within a centralized system, where the game's servers hold the ultimate power over your in-game items.

In these traditional setups, players don't truly own the items they've earned or purchased. They can't freely transfer them, and selling is often restricted to official marketplaces, leading to a monopoly. This centralization creates several pain points for gamers, and this is where blockchain comes to the rescue.

Leveraging blockchain technology means giving control back to the players. Through blockchain technology, players can exercise true ownership of in-game items: they can freely trade, sell, and transfer these items on their platform of choice. This decentralization disrupts the marketplace monopoly and offers a more equitable system for gamers.

However, with any new technology comes its accompanying hurdles. The idea of a digital wallet, transaction fees, and blockchain can be overwhelming for new players. The most amazing blockchain technology is useless if a player never opens a wallet to try it out.For developers, the challenge lies in balancing blockchain integration with a user-friendly experience for gamers.

Enjin is at the forefront of this gaming evolution, committed to making blockchain accessible and usable for both developers and gamers. Step 1: Managed Wallets.

What are Managed Wallets?

Think of Managed Wallets as secondary sub-wallets to a main wallet. Just like your everyday wallet, they can receive and send out funds and tokens. Yet, instead of operating independently, Managed Wallets are derived from the one primary Daemon Wallet and given a unique ID.

This unique feature is an integral part of the Enjin Platform, offering game developers a streamlined and organized way to manage game assets. All game assets are minted from one seed (the game’s Daemon Wallet) and are organized and distributed on Managed Wallets, which are created based on the player's unique ID.

The key is a developer can give new users NFTs from a Managed Wallet controlled by the developer. They can use these NFTs without opening a wallet or knowing anything about blockchain.

Enjin’s platform is designed to make blockchain integration easy for developers while providing gamers with an enjoyable and seamless experience. The Enjin Platform offers an array of features such as Managed Wallets, Fuel Tanks, Beam, and much more. At the heart of these features is the principle of simplicity. Whether a developer or a player, your interaction with blockchain should be as straightforward as possible.

Practical Use of Managed Wallets in Gaming

One fascinating use case of Managed Wallets is within the realm of video games. Let's dive into how Managed Wallets can enhance the blockchain gaming experience.

Blockchain concepts are intimidating, especially for gamers unfamiliar with these. A player trying a blockchain game for the first time might feel overwhelmed by the idea of needing to download a wallet app, create a wallet and fetch their address, safekeeping their seed phrase, and link it to the game—even before trying the game itself. What if the Enjin Platform could make this process simpler and less daunting?

That's where Managed Wallets come in. Instead of requiring players to immediately download and link their wallet, the game assigns them a Managed Wallet. Any tokens earned or bought in-game are distributed to this account, essentially acting as a backstage manager for the player's assets.

Think of it like a locker system in a game arcade, Each player gets a locker (Managed Wallet) derived from a main storage room (Daemon Wallet) where they can store their earned tickets (game currency, in-game NFTs or any tokens). The player need not worry about handling these tickets until they decide to claim a prize.

When a player realizes the value of their tokens and feels comfortable owning their own wallet, they can request a transfer. This process sends the tokens from the Managed Wallet (the locker) to their personal wallet (taking the rewards home).

The Value of Managed Wallets and Fuel Tanks

Managed Wallets truly shine when used in conjunction with Fuel Tanks. On other blockchains, similar implementations would require each Managed Wallet to hold tokens to cover transaction fees. However, with Enjin Blockchain and Fuel Tanks, you only need funds in one Fuel Tank, which subsidizes the transaction costs from any Managed Wallet. This clever solution addresses a significant issue, making the gaming experience that much more seamless.

By simplifying the entry point into blockchain gaming, Managed Wallets are a stepping stone towards making gaming and blockchain a cohesive experience.

More Use Cases

While gaming presents a significant use case for Managed Wallets, the potential of this feature extends far beyond in-game items.

Digital Marketplaces and E-Commerce: Online platforms can leverage Managed Wallets to keep track of user transactions and purchases. For instance, an e-commerce platform could assign a Managed Wallet to each user. This wallet will then track and manage all the user's purchases, rewards, and returns, offering a transparent and seamless transaction system.

Reward Programs: Businesses could use Managed Wallets to distribute and manage reward tokens. These tokens could be redeemed against products, services, or perks.

Event Management: Event organizers could use Managed Wallets to distribute and manage tickets. Each ticket could be a unique token held in a customer's Managed Wallet, simplifying ticket distribution, validation, and transfer.

Imagine a large music festival with thousands of attendees. Each attendee needs a ticket, which traditionally would be issued as a physical item or digital code. However, with Managed Wallets, each ticket becomes a unique token, distributed and managed digitally.

When a customer purchases a ticket, they're assigned a Managed Wallet under the festival's primary Daemon Wallet. This wallet holds their ticket as a unique token. It streamlines the ticket distribution and validation process, making life easier for both the attendees and organizers.

Now, let's say an attendee decides to transfer their ticket to a friend or sell it. They can do so seamlessly through their account. The ticket token is transferred from their Managed Wallet to the friend’s own wallet. It simplifies the traditionally cumbersome process of ticket transfers and reduces the risk of fraud or duplication.

This setup not only simplifies ticket management for the organizers but also enhances the user experience. Attendees have real-time access to their tickets, the freedom to transfer them, and the security of blockchain technology.

This is just one example of how Managed Wallets can transform transactions and interactions in various sectors. As we continue to explore and innovate, the possibilities are as vast as the blockchain ecosystem itself.

We hope this blog post has helped you better understand Managed Wallets and how they are transforming the world. Stay tuned for more educational posts on the exciting features Enjin Platform has to offer!

Managed Wallets: How New Enjin Users Claim NFTs Before Opening a Wallet
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