Kriptomat Becomes the First Cryptocurrency Exchange to Adopt Non-Fungible Tokens to Gamify Trading

Kriptomat was founded on February 7th, 2018, which means that we recently celebrated our very 1st birthday!

As such, we’re an infant company in an infant industry that promises infinite possibilities. This is the perfect occasion to announce that one of those possibilities is now becoming a reality!

Kriptomat will use the Enjin Platform to integrate next-generation Ethereum-based ERC-1155 tokens. This signifies the first time that a cryptocurrency exchange has chosen to adopt blockchain-based virtual items to gamify user experience.

We hope to prove to all customer-facing businesses inside and outside of the cryptocurrency market, that blockchain-based rewards programs can spark impressive levels of user engagement that drive better business outcomes by providing tangible value to customers.

Exclusive giveaway in collaboration with Enjin

To commemorate the beginning of a collaboration between Enjin and Kriptomat, we’re launching an exclusive collection of Kriptomat’s Founders tokens. These special tokens will only be available to claim from the 10th of February to the 10th of March 2019.

CLICK HERE TO PARTICIPATE IN THE GIVEAWAY

Kriptomat will natively integrate ERC-1155 tokens so users can receive trading points, referral rewards, collectibles, and gaming items that provide trading discounts. Several top-tier blockchain game developers, including War of Crypto, 9Lives Arena, CryptoFights, Forest Knight, Cats in Mechs, and Alterverse, have also expressed interest in integrating Kriptomat collectibles into their games, which means traders may soon be able to earn valuable blockchain-based gaming items simply by using the Kriptomat exchange.

We will distribute the Kriptomat Founders Tokens to the earliest participants. These exclusive tokens will enable users to take advantage of future giveaways and perpetual rewards.

Our team will also be hosting an AMA session on Reddit at 08:00 PM CET on Sunday, February 10th. Visit our Telegram group for more information.

What is special about Kriptomat’s Founders Tokens?

To understand this, we must explain the idea of fungibility and the ERC-1155 standard created by Enjin.

In short, a fungible token can be replaced by something identical.

For example, imagine that I lend you one euro. When you return the money, I don’t care if you return the exact same coin that I gave you. This is because one euro is always equivalent to any other euro. I will be happy as long as I get back the same amount of money.

Bitcoin, Ethereum, XRP, and others are all examples of fungible cryptocurrencies. Gold is also fungible because one kilogram is always equivalent to any other kilogram of gold.

In other words, a fungible item (digital or tangible) is interchangeable. A non-fungible item, on the other hand, is non-interchangeable and unique. This is where our method of integrating the ERC-1155 standard comes into play.

An example of a non-fungible item is a collectible. Imagine limited-edition Pokemon cards or unique works of art. The former is an example of semi-fungible, while the latter is an example of a fully non-fungible item. In contrast to other standards, ERC-1155 can accommodate all of the above types of tokens.

Other examples of non-fungible items are airline tickets, unique video game items, etc. The ERC-1155 standard allows the trading of unique items. This functionality saves on transaction costs and removes the need to approve individual tokens separately.

In other words, ERC-1155 allows developers to create a single contract for an endless amount of tokens, which is drastically more efficient than previous standards.

Kriptomat Founders Tokens are non-fungible tokens (NFTs). They are a special type of cryptographic token which represents something unique.

CLICK HERE TO PARTICIPATE IN THE GIVEAWAY

Integration of EnjinX

Kriptomat has also implemented a user-friendly, Ethereum blockchain explorer—EnjinX.

We believe that it offers a much better user experience than our previous solution. You can still explore the entire Ethereum blockchain along with all of the tokens and transactions—but now you can do it in a sleek, simple interface that aligns perfectly with Kriptomat’s core values.

The explorer is available in more than 20 languages and offers more than 50 fiat currencies to display the various token metrics like market cap and price.

Explore the Ethereum blockchain here!

Don’t forget that you can also buy Enjin Coin (ENJ) directly with euro right here on Kriptomat!

About Kriptomat

Kriptomat is one of the best cryptocurrency platforms to buy, sell and store your favourite digital currencies. Designed for non-tech savvy people focused on introducing the benefits of cryptocurrencies to a wide audience.
Trust, security, and transparency are three of our core values, which is why we hold operating licenses issued by the Financial Intelligence Unit for providing services of exchanging a virtual currency against a fiat currency (License No. FVR000079) and providing a virtual currency wallet service (License No. FRK000060).
Founded in early 2018 and launched in the summer of the same year we serve thousands of customers across all EEA countries. Our users can choose to use the service in over 20 languages and they can buy, sell, store and use 23 cryptocurrencies (Bitcoin, Ethereum, Ripple, Eos, Litecoin, Tron, Bitcoin Cash, Dash, and others).
Kriptomat is a web platform and it is available as a mobile app for Android and iOS. Kriptomat is a self-funded company and plans to open for investments in 2019.

About Enjin

Enjin is a leading blockchain ecosystem developer.
Enjin builds a suite of user-first blockchain products that enable anyone to easily create, manage, trade, store, explore, distribute, and integrate blockchain-based assets.
Built on top of a robust on-chain infrastructure and comprised of the Enjin Platform, Explorer, Wallet, Beam, and other tools and services, the Enjin ecosystem empowers gamers with true ownership of digital assets and enables game industry businesses to increase revenue, gain a competitive edge, and innovate in previously impossible ways.
Forged in gaming, Enjin’s tools and services can also be used by companies of all sizes and industries seeking to create blockchain-powered products or utilize tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies.
The Enjin ecosystem is fueled by Enjin Coin (ENJ), an Ethereum-based cryptocurrency used to directly back the value of next-generation blockchain assets.
Today, there’s millions of ENJ locked in blockchain-based digital assets.