Video games and online gaming have become some of the largest industries on the planet over the past thirty years as digital technology and the internet have interconnected people from around the world and transformed us into a global society.
Decentralization and blockchain technology are gathering steam as a transformative new way to operate and build an ecosystem, and Ultra (UOS) is one gaming-focused project that has been gaining momentum in recent months.
Ultra, a blockchain-based PC game distribution platform, is created for gamers and game developers and it allows users to develop multiple revenue streams, including the ability to resell games and in-game items.
Developers for the project have created a customized version of the EOSIO blockchain designed to offer free user account creation and higher transaction throughput through better resource allocation.
Data from Cointelegraph Markets and TradingView shows that UOS surged 225% over the past month as the price rallied from $0.132 on Feb. 1 to an all-time high of $0.42 on Feb. 22.
As seen on the chart above, UOS trading volume hit a record $31 million on Feb. 21 and Feb. 22 following its listing on Bithumb.
NFT popularity provides a boost to Ultra
Non-fungible tokens are one of the fastest-growing trends in cryptocurrency currently and UOS has benefited from their growth. The developers at Ultra have been focused on the technology underlying NFTs as they can enable unique in-game items to be resold in multiple marketplaces and eventually on decentralized exchanges.
Interoperability between blockchain platforms is also a major topic in the crypto ecosystem, and the team at Ultra is developing and beta testing a new mainnet that will retain the ability to operate on Ethereum.
While UOS is interoperable with the EOSIO blockchain, Ultra developers are also exploring NFT interoperability with several other blockchains including The Sandbox (SAND) and Elrond (EGLD). The project also has an evolving partnership withTheta that will enable live streaming gameplay and cross-chain NFT transfers.
Aside from its main association with the gaming giant Ubisoft, recent partnerships with globally recognized companies like semiconductor manufacturer AMD and Atari have also helped propel UOS price higher in 2021.
Big-name partnerships, cross-chain interoperability and the growth of the NFT sector have Ultra well-positioned to benefit from the bullish momentum in the cryptocurrency market.
The games sector is expected to continue its exponential growth for the foreseeable future and as blockchain gaming becomes more popular, UOS could benefit from having the first-mover advantage.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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