I decided to wade through the Enjin Ethereum and JumpNet marketplaces before the Efinity launch to get a glimpse at the overall state of the current Enjin NFT market. It’s almost like observing an Enjin metagame, where a project’s market cap and transaction volume determine its ranking on the leaderboards.
Of course this is just one method of determining the success of a project. The crypto community is naturally obsessive about economies and the prices of everything all of the time, though games can certainly be ranked by factors other than economic success. Many people would likely still consider Portal to be one of the best games of all time, even though its economy is non-existent.
They’d opt to look at the game through the lens of enjoyment rather than economic potential, but Enjin opened Pandora’s box, and in their context, games have eclipsed mere pastime and instead blur the lines of work and play. So now we can observe their marketplaces as a metagame, and sort through them by monthly volume to see who’s winning.
Assets on Ethereum on JumpNet
Enjin-backed assets spread across the Ethereum and JumpNet chains. Enjin’s JumpNet marketplace lists 36,204 assets for sale compared to the Ethereum marketplace which hosts 17,565. There are far more items on the chains not listed for sale, however, and JumpNet hosts 19,214,441 assets to Ethereum’s 1,142,809,703. This column focuses on the items for sale, and the JumpNet and Ethereum marketplaces a different crop of projects at the top of their lists. The top performers are the games, of course, though non-game NFT projects fill the cracks in between.
Lost Relics dominates the Ethereum space in terms of monthly volume, with 40,267 ENJ worth of assets being traded every month in comparison to the 5,112 ENJ shuffled around second place The Six Dragons. The two games are followed by Nestibles, a cube trading game, and BANKSY, a NFT project that dubiously sells pre-existing Banksy pieces (unless, though unlikely, the seller is Banksy themselves).
Monthly volume isn’t everything, however, and while Lost Relics owns the category, The Six Dragons comes out on top in terms of market cap with a total value of 192,334 ENJ compared to Lost Relics’ 140,976 ENJ. But looking at the market cap to total asset ratio, Lost Relics still emerges victorious with just 322 assets on the marketplace compared to The Six Dragons’ 1087 ENJ.
In addition, the majority of Lost Relics trading happens in their in-game marketplace, avoiding the fees that come with transferring them to Ethereum.
“Most people didn’t withdraw items because gas fees were high, then Cliff Cawley [the game’s creator] made the in-game BC marketplace. Now people don’t withdraw items because they can be sold in-game,” said D3K, a Lost Relics volunteer moderator.
The market caps are much smaller on the JumpNet side, though more assets populate the space. It’s most certainly a coincidence, but interesting to note that Ethereum’s successful Enjin projects are fantasy games with swords, bows and ancient relics, while JumpNet’s top projects take place in outer space.
Space Misfits, the self-aware game of cunning space debauchery confidently dons the title of number one with just under 10k JENJ in monthly volume. Pandemic Space Combat takes second place with just under 4K JENJ traded monthly, though its market cap, 2,572 JENJ, is more than double Space Misfits with a seventh of its assets. Kingdom Karnage comes in third with 1,210 JENJ traded monthly and a market cap of 13,052 JENJ, much higher than the top two.
Paying Homage to the Blockchain
I noticed that many of the non-game NFTs depict Enjin itself, the pieces paying homage to the platform they live on almost in a biblical fashion. It’s not tied to Enjin either, a lot of the NFT space is full of pieces evangelizing companies and blockchains. The phenomenon is akin to the renaissance when artists created defining works of history all in reverence of the era’s most popular book. Is Enjin a meta-modern, post religious God? Maybe.
Another interesting NFT project was mentioned by Felix Luigino in the Enjin Discord. It’s called Crypto Junkie Trap House, and it depicts the top 1000 cryptocurrencies as drugs, and is priced according to their market cap. Full disclosure, I do not own one of these.
“Calling all apes and degens….. Come get your fix…. You all know the world is now awash in a new digital addiction. Your addiction,” according to the project’s description.
It’s perfectly ironic, given the unfortunate cycle of commentary turned art turned profit, considering the message of the piece, but a somewhat chilling depiction of the greater crypto ecosystem today.
Until next time.
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Grass Block Enthusiast + Metaverse Writer