ENJ up 37.5% after Microsoft and Enjin launch rewards program on Ethereum

ENJ up 37.5% after Microsoft and Enjin launch rewards program on Ethereum

Microsoft and blockchain gaming firm Enjin have unveiled a novel tokenized rewards program based on Ethereum, Azure Heroes, and are piloting the scheme in “selected Western European countries.”

The bulls sent Enjin Coin (ENJ) rocketing shortly after Microsoft’s announcement, with market capitalization spiking 42 percent up to $67 million. The rally made ENJ the market’s best performing coin of the day, up 37.5 percent at the time of press.

Badgering about

Microsoft has pitched the “blockchain-based recognition program” as a way to reward contributors to the open-source arm of Azure, the company’s cloud computing platform. Contributors that complete “verifiable acts of impact” such as coaching, writing code, or blogging about Azure will be awarded digital collectibles — tokenized badgers.

The Seattle-based tech giant has minted roughly 12,000 non-fungible “digital badger” tokens using the ERC-1155 Ethereum token standard, originally proposed by Enjin Co-Founder Witek Radomski.

Community members are eligible to pick up five different types of so-called “cute badgers,” ranging from the “Content Hero” (limited supply of 250) to the more ubiquitous “Maker” badger (supply of 10,000).

Source: Enjin Marketplace

A powerful ally

Microsoft now associates itself with an impressive number of blockchain projects including NEO, Hyperledger, and Truffle, but given the latest announcement, the firm seems to be solidifying status as Ethereum’s most heavy-hitting corporate sponsor. The Seattle-based tech giant has announced a dizzying number of projects on the smart contract platform, including using it to democratize AI, to developing an Ethereum smart contract verification scheme.

The new tie-up with Microsoft surely comes as a fortuitous marketing opportunity for Enjin too, who just in September launched their online exchange for ENJ-backed digital collectibles, Enjin Marketplace.

Azure Heroes will become liquid on the marketplace after distribution and, judging by some of the platform’s other collectibles on sale, could eventually fetch handsome profits for holders of these digital badgers. Enjin Platform’s “Babel Fish #9” collectible is the priciest offering up for grabs on Enjin Marketplace, listed for sale at 11,551,155 ENJ ($933,500).

Enjin Coin | ENJ

Updated: Dec 5 at 5:42 am UTC

Enjin Coin, currently ranked #69 by market cap, is up 36.59% over the past 24 hours. ENJ has a market cap of $62.96M with a 24 hour volume of $28.09M.

Chart by CryptoCompare

Enjin Coin is up 36.59% over the past 24 hours.

Posted In: , Adoption, Price Watch
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Jonnie Emsley

Jonnie Emsley

Fintech Journalist @ CryptoSlate

Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of the world and emerging tech trends makes him tick.

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