The best selling game Minecraft would soon be using non-fungible tokens (NFTs) which will be generated by the Japanese crypto exchange Coincheck in collaboration with the blockchain product ecosystem Enjin.
On September 09, while announcing its partnership with Enjin, the Japanese crypto exchange mentioned that before the year 2020 ends, Enjin will introduce the Minecraft NFT on its platform.
Coincheck further notified that presently, it has been working on an NFT marketplace which would first of its kind. In this marketplace, the users are allowed to exchange their digital assets for cryptocurrencies and in-game merchandise.
The Minecraft players will soon get access to tokenized blockchain assets which would be imported in the game through the EnjinCraft plugin, an open-source of Enjin.
As per the report, while playing the game, the Minecraft players are allowed to use the specialized blockchain assets and also the assets that are used for trading, but for that, their Enjin Wallet should be linked to those assets.
In August 2020, it has been found that the importance of NFT was growing in the market which also helped it in increasing its sales value, which by that time reached near $100 million.
For quite a long time, gaming platforms like Fortnite and Minecraft have been experiencing growth in their economy which also affected the sale of NFTs in the market. However, compared to the future value of the ecosystem, which is around $100 billion, this sale volume is very low.
A year ago, L’Atelier published a report stating that a total of 2.5 billion users had been using the alternative virtual economy.
According to L’Atelier, the future virtual economy has a different kind of marketplace for Minecraft which would help it generating revenues.
The NFT tokens that would be would be used by the Minecraft players will be developed on ERC-721.