Gaming giant Ubisoft will reportedly explore the benefits of blockchain technology in gaming in order to gain a more competitive position in the industry. In today’s altcoin news we read more about the reports on the company’s decision published on June 11.
According to the French financial newspaper Les Echos reports, Ubisoft has been quietly looking into blockchain applications for the past couple of months and has identified one use case in particular for implementation. The paper says that the Gaming giant Ubisoft aims to put intra-game virtual objects or accessories onto the blockchain in order to monetize them. Also according to the reports, the model has some similarities to the popular video game Fortnite which was published by Epic Games. The game is free to purchase but allows the gamers to buy digital content that can equip the game character.
The benefits of the blockchain technology for a gaming ecosystem and for virtual accessories will be that it preserves the gamers’ property rights. An unnamed industry specialist was quoted in the Les Echos newspaper report saying:
“When you buy a costume on Fortnite, your investment is lost, the accessory is locked in the game. If we use the blockchain, we give a physical existence to a digital element.”
Another anonymous source who is allegedly close to the Ubisoft blockchain development team told the newspaper that the company is looking to use the Ethereum blockchain for its application and says that the negotiations for the initiative are already at an advanced stage. It is still unknown whether Ubisoft would launch a blockchain-based virtual content on its current franchises or a completely new game although the French newspaper says that the second option has much lower risks.
As noted in the latest cryptocurrency news Ubisoft is a publicly traded company and notes that the markets could react in an unpredictable manner in order to launch a project using this innovative technology. Also as reported earlier this spring, the blockchain startup Animoca Brands announced their newly signed global licensing agreement with Formula 1 in order to create a blockchain-based game for racing. Animoca entered into a licensing agreement with Atari-the creator behind Pac Man and Tetris.
Europol Aims To Improve Blockchain And Crypto Knowledge
“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
Bitmain Sues Three Former Employees Who Founded Rival Mining Pool
IBM And Stellar Partnership In Jeopardy Amid Exec Disruption
Samsung Taps Blockchain And 6G, Seeks Collaboration With Firms
“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.
Join us on Facebook
- SEC Commissioner: BTC ETF Will Be Approved When The Industry Matures
- Europol Aims To Improve Blockchain And Crypto Knowledge
- Storecoin’s Third Milestone Token Offering Launching, Ari Paul and BlockTower Capital are Early Backers
- New Banknotes Help Venezuela Set A Bitcoin Trading Record
- Bitmain Sues Three Former Employees Who Founded Rival Mining Pool
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Ethereum News3 days ago
Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction
Bitcoin News3 days ago
Bitcoin Tax Evasion Will Be Criminally Punishable: IRS Warns
Bitcoin News3 days ago
Weiss Ratings Upgrades Bitcoin From B- To B: Report
Altcoin News4 days ago
Bitcoin Wraps Around $8,200: Consolidation Could Happen Soon
Altcoin News2 days ago
Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)
Bitcoin News4 days ago
Call Center Scam From India Steals $1.7 Million In Bitcoin
Altcoin News3 days ago
Crypterium Launches A Global Crypto Payments Card
Altcoin News3 days ago
Bitcoin’s Worth Goes Beyond $8,500, Most Of The Altcoins See Loses