Enjin Smart Wallet Now Supports ERC-115 and ERC-721 Tokens

The financial sector is in the beginnings of a complete overhaul, and virtually every industry will experience the effects of cryptocurrencies. One emerging industry that stands to see a significant impact is known as eSports, and it’s what happens when video games meet the internet.

As video games have continued to increase in popularity, one of the main driving factors to their rise is the advent of online gaming. As bandwidth limitations dissipate, massive events are held for gamers to duke it out for prize money, sometimes as much as $24 million.

The industry is vast, and crypto’s influence will start small with smartphone games. The transition is likely to be one of the smoothest, because mobile games often allow users to purchase in-app currencies, which can then be used to buy map packs and character upgrades, among other things.

Enjin (ENJ) is a blockchain company setting out to create an in-game economy, allowing users to buy ENJ tokens and use them for a variety of games. Their mobile wallet has been well-received by almost 130,000 users, who’ve ranked the Google Play application 4.7 out of 5.

Enjin Releases the Collectible Update

In a recent blog post, the Enjin team announced their newest wallet update will allow users to store and manage their in-game assets safely by use of ERC-721 and ERC-1155 tokens.

For those already using the network, this means you’ll have cross-compatible assets for Gods Unchained, War of Crypto, and CryptoKitties. After the update is up and running, more games will be added across a variety of industries.

Enjin anticipates hundreds of millions of gamers using their wallets from all over the globe, so developing a secure, reliable, and user-friendly dapp is at the top of their priority list. To accomplish this, Enjin’s new update will allow users to create as many gaming wallets as they want, watch other users’ wallets to check out their collections, and even create their own custom themes.

ERC-1155 Tokens

The abilities of ERC-721 tokens are mostly limited to in-app collectibles featured on web-based games, but ERC-1155 tokens, according to Enjin’s blog, will enable game developers to “create true collectibles and interchangeable items that support complex game mechanics, have high intrinsic value, and can be used for mainstream games.”

This will ultimately allow users to “use, trade, buy, sell, destroy, upgrade, combine, augment, rent, lease, loan, and melt their collectible gaming items.”

Due to their data-rich nature, there’s a chance ERC-1155 tokens will lead the way for Ethereum tokens in the near future. If that turns out to be true, Enjin will be on the cutting edge, having already launched their own smart contracts on the Ethereum mainnet, enabling developers to create their own ERC-1155 tokens.

They also allow users to send bundled transactions containing different cryptocurrencies, and create their own tokens—with a customizable level of fungibility—using a single set of smart contracts.

EnjinX, Enjin’s new blockchain explorer, will have support for ERC-1155 tokens built into it, allowing users to interact with the blockchain. In efforts to support EnjinX, the largest game development platform in the world, Unity Technologies, has announced plans to feature Enjin’s software development kit on the front page of their Asset Store.

During October 2018, Enjin will be hosting a Multiverse Items Giveaway. All registered Enjin wallets will receive a free multiverse gaming asset, which will be usable in at least 5 games. You can register your Enjin wallet by clicking here.

There’s likely enough room for multiple cryptocurrencies within the growing eSports industry, but when asked on Reddit about their competitors, Ilija Rolovic, Chief Marketing Officer of Enjin, had this to say:

To give you a quick analogy – we’re Uber. Everyone else runs taxi companies. Aka – Our “competitors” are tokenizing their centralized games/marketplaces. Enjin Coin is the Ethereum of Gaming. We are doing this because we want to fundamentally disrupt the gaming industry.

Stay in Enjin’s loop by checking out their website, reading their manifesto, and joining their Telegram group.

Related: 4 Cryptocurrencies Revolutionizing Gaming with Blockchain Technology