Gaming Giant Ubisoft Will Explore The Benefits Of Blockchain

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.