Years ago, ICOs were extremely popular. These are Initial Coin Offerings that allowed companies to raise money to set up a crypto project. Almost everyone invested in such ICOs at that time, because there was a lot of money to be made with them. At the same time, there were also many people who lost money with these types of ICOs. After all, a story has two sides.
Today it is not the ICOs, but IGOs that are popular. An IGO stands for Initial Game Offering. You might be able to tell from this that this is a way developers raise money for a game they want to develop. In particular, it concerns games that run on the blockchain.
One platform where you can find IGOs is EnjinStarter. The platform has not been active for long, but it has become very popular in the short time that people were able to use it. In this article, we tell you everything you should know about EnjinStarter.
- 1 What is EnjinStarter?
- 2 Why should you join an IGO?
- 3 What is GameFi and the Metaverse?
- 4 How does EnjinStarter work?
- 5 EnjinStarter manual – How to join an IGO!
- 6 Is it smart to invest in EnjinStarter?
- 7 The Pros and Cons of EnjinStarter
- 8 How do I buy EJS tokens?
- 9 How do I store EJS tokens?
- 10 Conclusion
What is EnjinStarter?
EnjinStarter is an online platform on which you as a user can find various IGOs. As we mentioned in the introduction, IGO stands for Initial Game Offering. It is similar to an ICO, only the difference is that you invest in a blockchain game, and not in a normal crypto project.
Why invest in an IGO when you can also buy tokens via a normal exchange? There is a difference here that is important to understand.
When a group of people has the idea to develop a new blockchain game, they need money to get the project off the ground. For example, they have to pay developers who help with the realization, and also spend costs on the marketing of the game.
Often these types of companies have already released money for their project, although in most cases this is not enough to successfully complete it. Therefore, they offer people the opportunity to invest in the project in advance. That is extra risky, which is why these types of companies offer people attractive deals. You can receive a lot of tokens for a fairly cheap price when you participate in an IGO.
The chance that you will earn a lot of money with an IGO is many times greater than with the normal token sale. However, it should be noted that the risk that people run of losing money is also a lot higher. A project has a high chance of not succeeding.
When you want to invest in an IGO, you may not know where to start. Logical, because everyone tells you what to do in a different way. The first step to take is to find an IGO.
You can search for an IGO on the internet yourself, or use the EnjinStarter platform. Several IGOs are offered on this platform that you can participate in. You can also see the requirements that you must meet before you can participate.
EnjinStarter isn’t the only IGO platform you could use. Earlier we wrote an article about Seedify. This is also a platform where you can find various IGOs. See below a few IGOs that have come out successfully on Enjinstarter.
Why should you join an IGO?
In addition, blockchain games are actually a fairly new phenomenon. Video games have been around for decades. It is much more difficult to earn a large amount of money with this because such a market is at its peak at some point.
More and more we see that companies decide to develop a game for the blockchain. Think, for example, of Atari, which is also developing blockchain games.
When you participate in an IGO, you can earn a lot of money because you invest money when you can buy tokens for the cheapest price. This allows the value of the token to go x10 or x100 much more easily.
As a user you have many opportunities, but there are also greater risks lurking. We should definitely talk about that. There is a real chance that you will lose money when you participate in an IGO. Not every project will be a success. Therefore, never invest money that you could not afford to lose, and do your research on an IGO before you participate. See below a tweet of the average profits made in November 2021.
What is GameFi and the Metaverse?
GameFi is essentially the integration of games with finance. This is cross-platform as there are many games with different rules and structures, so it is not limited to a specific technology or platform.
GameFi’s games are structured in such a way that players can earn money by playing, although players must first have assets in their wallet in the form of the game’s own cryptocurrency or a partner.
Players can then start playing and receive benefits from various actions, such as completing tasks or earning income from their in-game assets (online properties or casinos, for example). In addition, they can earn passive income through DeFi’s offerings.
We also call this principle play-to-earn. This means that you can earn money by playing the game. The items that players can earn in the game are actually NFTs. They can resell these to other players, for which in some cases large amounts are paid. There are plenty of people who have become millionaires simply by playing GameFi games and reselling NFTs.
NFT stands for non-fungible token, and means that something is not interchangeable. In economics, for example, money is a replaceable good. It has units and can be easily exchanged without losing or gaining value. Fungible assets also include things like gold, cryptocurrencies, and stocks.
A non-fungible asset, on the other hand, is a self-contained object, such as a painting, a house, or a trading card. For example, although a painting can be copied or photographed, the original remains the original and replicas do not have the same value.
NFTs are units of data stored on a blockchain. Each non-fungible token acts as a kind of certificate of authenticity, proving that a digital asset is unique and not interchangeable. An NFT can never be changed thanks to the cryptographic principles that make the blockchain unique.
The metaverse is a 3D virtual reality, where people interact with each other and their environment in the form of avatars. So it’s a different world you can step into. However, many people confuse metaverse with an MMORPG.
But what is the difference between an MMORPG (massively-multiplayer online role-playing game) and the metaverse? The first is a normal game that you can play with multiple users. The second is a life experience similar to that of the real world, except that it takes place in a virtual universe where the social aspect takes precedence.
It is as if our lives, once connected, are detached from the physical world and anchored in virtual reality. There are no limits because what you can do in real life, you can do virtually. There are now a host of metaverses, such as Sansar, which focuses on virtual concerts, or Decentraland and The Sandbox, which we’ve written about before.
How does EnjinStarter work?
EnjinStarter works through the Enjin project that runs on the Ethereum blockchain. This means that EnjinStarter also depends on the Ethereum blockchain, and everything that comes with it.
EnjinStarter itself claims to be the ‘builders of the Multiverse’. By this, they mean the connections between different metaverses. Each metaverse works in its own way, and they will first have to be connected before you can move between different metaverses as a user.
The biggest difference with other IGO platforms is that EnjinStarter only offers projects built with Enjin. To better understand this, it is wise to first learn more about Enjin. Watch the video below for a detailed explanation of how Enjinstart works.
What is Enjin?
Enjin is a Singapore-based information technology company founded in 2008.
It was in late 2017 that the team held a successful ICO, raising nearly $35 million including private and public funds.
The Enjin team is completely designing its cryptocurrency around video games with the aim of making it the most widely used token in the industry. The project includes the Enjin Coin and a series of software development kits (SDKs) that developers can integrate into their games and communities.
The implementation of blockchain in games helps to reduce the high costs and fraud associated with the transfer of virtual goods. The implementation of virtual goods with real value is therefore greatly facilitated by Enjin Coin.
As an all-in-one web platform, Enjin can be used to create websites, forums, servers, etc. to make. Several interesting applications have been made with Enjin in the past, such as Enjin Network, Enjin Wallet, EnjinX, and Efinity. EnjinStarter can now be added to that.
In addition, Enjin allows game developers on each platform to design and create a unique coin for their respective communities, which in turn is supported by the Enjin Coin as the native coin. This gives these new tokens all the benefits of the Enjin blockchain while leaving room for customization to the platforms.
EnjinStarter manual – How to join an IGO!
If you want to use EnjinStarter to participate in an IGO, the guide below will help you with this. We explain step by step what you need to do to successfully participate in the IGOs on the platform.
Placing EJS Tokens in Pools
You will first have to go through a KYC with the Blockpass app. Here you have to verify your details and identity so that people know who is participating in the IGO. The advantage of Blockpass is that this app is used by multiple blockchain projects. Take Seedify, for example. When you register here, you can probably participate in a project more often by simply connecting the app to the project.
Also important to mention is that every country has its own rules for the KYC process that you have to go through. It is therefore possible that, if you participate in a country other than the Netherlands or Belgium, you have to go through extra steps.
EnjinStarter uses a tier system. This means you can earn more when you own more EJS tokens. In fact, some tiers give you extra rights so that you can also participate in private investment rounds. In these types of rounds, you can earn extra tokens that other users cannot earn. So you have a big advantage over other users when you own a lot of tokens.
Later in this article, we will explain how you can buy EJS tokens and in which wallet you can store them. Once you have successfully done this, it is now your turn to stake your tokens.
There are two different pools you can bet in. The first is the Community Allocation Pool (CAP), where you have to stake a minimum of 1250 EJS tokens. This pool operates on a ‘first come, first served principle. The second is the Guaranteed Allocation Pool (GAP). Within the GAP you will find the following tiers:
- Tier 1 – Universion – Minimum 25,001 EJS Tokens
- Tier 2 – Metaverse – Minimum 100,001 EJS Tokens
- Tier 3 – Multiverse – Minimum 500,001 EJS Tokens
The more tokens you put in a pool, the more rights, opportunities and tokens you will receive. That is why it is recommended to stake as many tokens as possible so that you can participate in as many IGOs as possible. By holding your tokens for a long time, you can receive a Time Boost. As a result, your used tokens will weigh even more heavily, so that you will receive even more benefits.
Join the IGO
Make sure you know when the IGO starts. You can do this by saving the date and time in, for example, a calendar. On the day itself, you then go through the steps below.
- Go to https://launchpad.enjinstarter.com/. This is EnjinStarter’s platform where you can participate in an IGO.
- Connect the wallet you use to the EnjinStarter platform. You do this at the top right of the screen. It is better to test this the day before the IGO, so that you do not run into problems on the day of the IGO.
- Go to the IGO you would like to participate in.
- Then buy the tokens of the IGO you want to invest in.
- You must invest a minimum amount of tokens to participate. Make sure you bet enough tokens. After this, you can swap the tokens after which the participation is confirmed.
- The tokens are now automatically added to the wallet you linked to EnjinStarter. You will still have to manually add the contract so that the tokens become visible in the external wallet.
It is anything but difficult to participate in an IGO. Once you go through the steps described above, you can’t go wrong.
In order not to run into problems when it is not possible (the day of the IGO), we recommend that you test everything a few days in advance. This way you can be sure that your wallet can be linked to the EnjinStarter platform, for example.
There are several IGOs that are in high demand. You will see that the IGO will soon be over in that case. So if it doesn’t work on the day of the IGO, it could cause you to be late and unable to participate in the IGO. You can easily prevent this by testing everything beforehand.
Is it smart to invest in EnjinStarter?
When you use EnjinStarter, you are not investing in EnjinStarter, but in the IGOs offered on the platform. Whether it is smart to invest in one of these IGOs depends on the type of project. Not every project will succeed, and as a result it is possible that you will lose your money. Always keep this in mind.
It is especially important that you know what you are investing in. So first learn more about GameFi, the earn-to-play principle, NFTs and the metaverse. These are the basic topics you need to know about before even getting started with EnjinStarter.
You will then have to look at each IGO to see if you think it has a chance of success. You obviously want to find a project that will later be widely used by people, so that the value of the project will increase. The moment a project has increased in value enough, you can sell the project’s token and realize your return.
Finally, it is important to mention that you should always base your choice on your own research. Think of a fundamental or technical analysis. Of course, after doing your own research, you can still lose money. However, you will learn from the mistakes you have made so that you will not make the same mistakes again in the future. This ensures that you become an increasingly better crypto trader as time goes on.
The Pros and Cons of EnjinStarter
Thinking about using EnjinStarter? Then it is good to first walk through the most important advantages and disadvantages. This way you get a clear overview of this platform, making it a lot easier to determine whether you should use EnjinStarter to find the best IGOs.
- As you may have read earlier in this article, there is a lot of money involved in the gaming industry. You can take advantage of this by investing in games that run on the blockchain.
- Investing in an IGO means helping the developers of a game develop the game. So you support the creation of new games.
- The returns you can achieve with IGOs are many times higher than the returns you can achieve with a normal token sale.
- By using EnjinStarter you don’t have to search for all the important information about an IGO yourself. This is all displayed on the EnjinStarter platform. This saves a lot of time and effort.
- Investing in an IGO is very risky. Many people only think about the big wins, but often forget that you can also lose a lot of money with IGOs.
- You will still need to do your own research on an IGO before investing in it.
How do I buy EJS tokens?
To participate in an IGO offered on the EnjinStarter platform, you will need EJS tokens. Fortunately, it is not difficult to buy these tokens, as they are offered in different places.
You can now only buy EJS tokens from the following crypto exchanges:
So if you want to buy EJS tokens on another platform, you have to wait a little longer. We can tell you from experience that it is not difficult to use these crypto exchanges. For example, you do not need an account for a DEX. All you have to do is link an external wallet (such as Metamask) to the platform.
It is important to remember that EJS is an ERC20 token, as it runs on the Ethereum blockchain. You are therefore dependent on the high transaction costs that this can entail. You will of course not be bothered by this when you use a centralized exchange.
How do I store EJS tokens?
It is important to have a wallet that supports ERC20 tokens. Since this is one of the most common token standards, in most cases you don’t have to worry about this. For example, Metamask is a commonly used wallet to store your EJS tokens.
Of course, the safest way to store EJS tokens is in a hardware wallet, also known as a cold wallet. This wallet can be detached from a device, making it impossible for hackers to take tokens from this wallet if it is not linked to a device. You must of course keep the wallet in a safe place, such as a safe.
EnjinStarter is an interesting project that uses Enjin Coin, just like many other projects within the GameFi world already do. When looking for an IGO that uses Enjin, the EnjinStarter platform is the place to be without a doubt.
It is important to note that this is not entirely without risk. That is why it is important to always do good research yourself into an IGO that can be found on EnjinStarter. When you have done that and are sure of what you want to invest in, you can read our guide on how to do that. Just make sure you have enough EJS tokens in your wallet so that you don’t get left behind.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com