Enjinstarter is the launchpad for the Enjin platform. It’s also known for supporting the blockchain gaming space.
The CFO of Altcoin Buzz, Shitij Gupta, anchored the Enjinstarter AMA session in our Telegram channel. He was joined by Prakash Somosundram, the co-founder of Enjinstarter. The AMA took place on October 3rd, 2021.
Below is a recap of the Enjinstarter AMA session with Prakash Somosundram to understand what the company has been up to recently.
Q – Congrats on the successful launch of Enjinstarter a couple of days back. Talking about its roots, can you briefly describe Enjinstarter? What is the story behind it?
Sure thing. Well, the journey began when I read the EFINITY whitepaper. That blew my mind, and I did not sleep for a couple of days. Did a lot of research and saw an opportunity for a launchpad for the Enjin and Efinity ecosystem, and that is how we began our journey.
I had the opportunity of attending Enjin’s first meet-up in Singapore in 2018. Then I saw how Shash made NFTs for the Altcoin Buzz community, and I would say that was the first time I was exposed to NFTs. Did not believe it back then but starting looking at the space late in 2020 and that is what has brought me here today. I was fortunate to have been introduced to Alvin Tang, and we got together in April this year and worked on our vision for ecosystem building for Enjin that we pitched to the founders of Enjin, as well as Shash, and we got their blessings. Here we are today. It has been a hell of a ride, but this was only possible with the support that everyone has given us.
Q – What do you plan on doing with Enjinstarter? What exactly is the project about?
We are a launchpad focused on blockchain gaming and metaverses. Enjin is the OG in bockchain gaming, and they have been building solid infrastructure in the space since 2017.
Metaverses are going to change the way we live, work, and play, and we believe the pandemic is accelerating our move into the metaverse. We want to be the platform to identify the next big thing in gaming and metaverses, invest in them, and accelerate them and launch them on our platform and provide allocations to the community. In turn, we want to attract a community that will be committed to our long-term vision and to work with us long-term to help these projects become great. It all takes time, and we need the community’s support to ensure that it will be a success.
Q – What do you like about Enjin’s infrastructure? Why Enjin?
Enjin has a strong reputation for being strong developers. They have been in the gaming industry building communities for more than a decade.
First, we are excited about Jumpnet – it solves the biggest issues with the industry…GAS…once we move over to Jumpnet, we are going to see a lot of interest with the ecosystem. Secondly, the founders of Enjin are also the creators of the ERC 1155 standards. This is a widely used format in the NFT space, and they are also currently the PARATOKEN format for EFINITY, which will be the new NFT standard for the POLKADOT blockchain. Again, we are very bullish about it.
Then there is the Enjin Wallet which allows you to hold NFTs and your digital assets. They will be rolling out a new version soon and will also be launching NFT.io. This quarter is going to be very exciting for Enjin, and we are glad to be a small part of it.
Q – You just did your IDO and seems like it’s about 10x from the public sale price. Why is EJS a 10x coin from here? What are your plans for the next three months?
Yes, we are fortunate to have gotten a 10X on our public. I think it did peak slightly higher earlier today. We are thankful the market has responded positively to our project, but the real work will begin now. We will announce our projects, and we are going to be focused on on-boarding some of the best onto our platform.
Overall, we are looking to do at least two projects this month and four next month and going to keep the traction. We believe the success of our project would be based on the ability to create successful projects, and that is our priority. So the next three months would be crucial from a product perspective. Our launchpad will be released progressively, and we will take a lot of feedback and innovate from there. The other key aspect will be our ecosystem building efforts. We will be launching programs like our Elite Scouts and Accelerator program. All designed so that we can scale up quickly and be global.
Q – What will Enjinstarter look for in a project to determine which projects are launched on its platform?
Firstly, we look at the team. What are their past experiences? If they have been in the gaming industry, that would be great. Then we look at the stage that they are in. If they have a working demo, that would be awesome. Then we get deeper into why they are fundraising and how the tokenomics come into play. That is something that we would also want to value add on.
Lastly, we look at the ability of the project to create communities and how the community can participate long term. I think that is the main difference between blockchain games and other games. All other hyper factors only come much later.
Q – How do you see the gaming industry shaping up? Talk to us a little bit about the marriage between gaming and crypto.
Crypto itself is greatly been inspired by gaming. But now with Play-to-Earn and NFTs, I think it is gaming that is going to lead the way. It is going to bring a whole lot of new people into the space, and we will see people staying here a lot longer than previous growth phases.
Games are very practical, and people around the world enjoy them. And during market downturns and lockdowns, people will go online to see entertainment, and this will create strong traction. We also saw how P2E helped people who could not work to create an income. I think, moving forward, blockchain gaming assets and NFTs will allow people to create additional sources of income to augment their primary source of income, and that will help to uplift the world post pandemic. It will be an integral part of the new normal.
Q – Can you tell the community more about the first batch of projects that you have in the pipeline? Any early reveals?
Sure, time to share some Alpha. We had already shared on our socials that we are looking at a project called Defina. They will be our first project. We will be announcing that shortly.
Also, we are about to confirm another project at the end of October. November will be where our main focus is on. We are looking to do at least four games then, and more importantly, we are also focusing on getting to lead with some Enjin games. We are speaking to a few of them. Our pipeline of games for the next three months looks exciting. I promise.
Afterward, the Enjinstarter AMA saw Prakash Somosundram answering some questions that were selected from the Twitter giveaway.
Q. Twitter – NFTs are so hot and popular nowadays. What do you think about this trend? Do you have any plans to include NFTs in ENJINSTARTER?
Yes, we will be introducing NFTs as a means to build loyalty in our community. We are inspired by the Enjin Multiverse Founders Token and will be introducing those.
Q. Twitter – Hey Prakash. Congratulations on the great IDO launch. What’s your long-term vision for this project considering similar projects launching every other day? I invest in the person, not in the project. So kindly share your best learning/mistake so far and how did you deal with it.
Our long-term vision is to build a strong community, and this would mean that we meet the needs of the community. This also ensures that the community plays a key role, and they will be given incentives to grow with us.
Q. Twitter – Maximum projects need various categories of economies and tokens to maintain the ecosystem. Usually, systems like Deposit / Burn / Redeem are used – is the Enjinstarter team planning to adopt one of these three for #Enjinstarter? What is the greatest way to earn yield in the #Enjinstarter platform?
Not yet. We are looking at developing different ways that the community will hold our token to earn allocations. We are also exploring ways that the community can participate in activities to earn allocations. This way, we can be more inclusive.
Q. Twitter – Knowing that the market has a lot of similar games launching in this field, do you think that the market has become oversaturated? And does Enjinstarter have any plans to launch projects that are non-gaming projects on your launchpad?
No, we are ultra-focused on gaming. We will not shift from that. Blockchain gaming time has only just started, and we believe that this will continue for a long time.
We are definitely looking at other genres of gaming like education and strategy. But, no, we will not be on-boarding non-gaming projects unless they have a way to value add to our ecosystem.
Q. Twitter – How will the tier system be on Enjinstarter? Many launchpads have a very high entry point and make it really hard to qualify for their IDOs. Will EnjinStarter be different in that regard and how?
We have kept a very close eye on this. Notably, we have been speaking to our launchpad partners and have spoken to the community.
We will be announcing this soon, but it will always be work in progress as we know that we can never please everyone in the community. And sometimes, it is the silent community that value adds the most.
The Altcoin Buzz community gratefully thanks Prakash Somosundram for taking part in the Enjinstarter AMA session on the 3rd of October in our Telegram channel.
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