Half A Billion People About To Be Introduced To Crypto

in LeoFinance6 months ago

Sometimes moves that have the greatest impact fly under the radar for a while.


Sourxe

Yesterday, there was an announcement that could open things up in the crypto world. We could see hundreds of millions of people exposed to the benefits of blockchain and cryptocurrency.

Minecraft is one of the most popular games in the world right now. It has an estimated 480 million players, with more than 100 million active monthly. If it were a country, it would be the third largest on the planet.

Enjin introduced Enjincraft which is an open source plug-in for Minecraft. This will allow players to integrate Ethereum based assets directly into their games.

This is how Enjin put it.

“Your server will actually be able to deliver blockchain assets directly to players. They can jump onto your server. They can link their blockchain wallet, their Enjin wallet, to your server. And then when they start doing things in the game you can start issuing console commands that send blockchain assets to them.”

https://dailyhodl.com/2020/05/30/minecraft-plug-in-for-ethereum-based-gaming-assets-is-now-live/

Why is this important?

The answer lies in the sheer number of people it can reach. Based upon rough guesses, there is between 50M-100M people using cryptocurrency in the world. Exact numbers are hard to come by but that is a safe estimate.

A platform like Minecraft has more monthly users than the entire crypto space. Having those people starting to interact with digital assets that can be traded on decentralized open markets is a big step forward.

Gamers tend to be a bit more technologically advanced than the rest of the population. This will help to ease the learning curve. Also, NFTs tend to be easier to understand since it is application to a specific asset that the player is knowledgeable about.

Ultimately, users of this caliber do not care about Ethereum, Enjin, or anything else we commonly discuss. What they do care about is their in-game assets have value and are about to find a liquid market to trade upon. Also, since they are stored in the Ethereum wallets, those assets now extend beyond the game.


Source

Cryptocurrency is only one application of blockchain. What is often overlooked is the larger heading of "Digital Assets". Tokenization can apply to anything and, if we look at it from a wealth perspective, we will see more money outside of crytpocurrency. If blockchain is adopted for gaming, in-game assets will quickly run into hundred of billions of dollars. The tokenization of assets in a game like Minecraft could rapidly pass Bitcoin in market cap.

Innovation is just getting started in this sector. For the time being, the easiest way to approach the masses is through activities they are already partaking in. Since Minecraft is so popular, this could potentially expose millions to what crypto can offer.

Over time, I would expect to see games developed with new ideas of how to implement digital assets. Instead of focusing solely on the player experience, developers can also concentrate on the ability to build wealth. Digital assets can offer a scarcity model in a land of abundance. We already see this in many games. There are an abundance of assets available, yet some are very select.

This is all a part of generating a virtual economy based upon networks of people from all over the world. With the ability to surpass most countries in population, we could see some of these economies worth trillions of dollars. The productivity that goes into these ecosystems will, ultimately, rival the physical world counterparts.

There is a reason why companies like Amazon, Google, and Facebook are some of the most valuable in the world. It is the ones that are operating in the virtual world that can scale up quicker and with less restrictions. Companies that operate in the physical world have restrictions such as physics.

Hopefully Enjincraft will help to kickstart this a bit by bringing over tens of millions more people to the crypto space. This would certainly help the growth rate.


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It would be nice but we will see if they are on infringing on mojangs eula. They have strict rules about monetization, game assets and the internal economy and can easily pull support for any server that hosts that plugin.

That might be true although I am not sure Microsoft is asleep at the wheel. They see where things are going and this is going to be common for gaming.

Minecraft can be at the forefront or hold onto their old ways.

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I thought of making something like EnjinCraft using HiveEngine (previously SteemEngine). But I don't like putting work into something that isn't allowed. Mojang is updating their EULA from time to time. There are over 2200 servers that have been banned and can't be accessed anymore using unmodified clients, since the client checks the list on each login. So they are banning bad actors out, which is actually a good thing, since pay to win isn't that nice at the end.

Therefore, if you comply with and follow the Brand and Asset Usage Guidelines and Naming Guidelines above, YOU MAY:
  • use and sell in-game virtual currencies IF (i) they have no real-world value and that cannot be cashed out, used, or transferred across free or paid servers, or into any other currency with real-world value; (ii) you don't give the impression that it comes from or is associated with Mojang, (iii) they don't look like or have similar names to Minecoins or any other official virtual currency, and (iv) anything you sell with the currency follows our monetization guidelines.

  • sell entitlements that affect gameplay provided that they do not adversely or negatively another player’s experience and provided they do not give a competitive gameplay advantage. A competitive gameplay advantage is something that, given identical skill levels, time investment, and circumstances, can cause one player or group to perform better than another.

...

If something isn't covered by these Guidelines, that probably means we don't want you to do it.


They don't allow what EnjinCraft is trying to achieve here and servers that are using it are at risk of getting banned. Big servers that earn hundreds of thousands of dollars would never risk that and use it if there is only a slight chance of getting banned.

Since players get virtual currency (NFTs), which has real-world value and can be cashed out into real currency and may be transferred between free and paid servers it doesn't comply with their terms. Sure, some may say that EnjinCraft bypasses these rules slightly, but once Mojang notices big servers and real-world value markets, they will probably pull the plug fast as their brand has a big value which could get damaged by it.

All just my opinion, I'm not a lawyer.

This is a perfectly valid reason to stack up on Enjincoin. I think we need SMTs to be rolled out as soon as possible because we want to get on the next train to the same destination. ERC-20 tokens are a technically inferior choice. If only Hive had Smart Media Tokens out. Then this chain could be marketed properly.

I agree completely. We are watching a lot of other chains get attention because they have solutions, albeit not as good as what SMTs offer.

We need that to come out as soon as we can.

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Enjincoin (ENJ) ? Is this correct?

I believe so. I didnt really research it. I heard of the platform before but didnt delve into it too much.

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This is very interesting and can be just what we need in the crypto world!!

This is an awesome news. Gaming is the very untapped sector for Cryptocurrency integration. There are lots of games there on Android and IOS store where people are playing for fake rewards. We should start reaching out to those developers to see the great benefits they can draw from Crypto.

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At one point, didn't digibyte saying they had a minecraft partnership... be careful people!

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These are the things that lead to mass use of blockchain and crypto, not BTC mooning to 20K. Good information, thanks!

Hey @taskmaster4450 thanks again for advocating for blockchain gaming! Enjin has also created SDK's for more than 1 major game engine. I had proposed the idea in this post recently.

Did you know Hive has a very capable minecraft server admin by the name of @immanuel94 who has an active yet un-funded and vastly under supported proposal [Proposal #9] to build an addon for the Minecraft server wrapper Spigot, that allows server operators to add some parts of the Hive ecosystem to their server. The project is called Steem.craft but is being moved to Hive.

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Maybe the proposal system is not the way to go but there are people here that are ready to go, and I would love to see them get a shot!