Video Game Company Ubisoft is Exploring Potential Blockchain Applications
The blockchain technology has attributes and traits that can fuel a whole industry’s turnaround. The gaming field is certainly not an exception, and what French company Ubisoft is eager to accomplish can change the way we view video games forever.
The famous enterprise of the video game industry is purportedly willing to experiment with potential blockchain applications in the field, and is already exploring the use of the technology to gain a competitive edge in a very competitive market. The development was first reported by the French financial publication Les Échos this week.
Putting Intra-game Virtual Items onto the Blockchain
According to the newspaper, Ubisoft has been exploring blockchain applications for weeks and even months, a development that has flown under the radar. More importantly, the French firm, allegedly, has already spotted one and is now planning to put intra-game virtual items and accessories onto the blockchain to make a profit.
Ubisoft’s idea is to do something similar to what Fortnite (a very famous video game, developed by Epic Games): the game itself is free of charge, but if the player wants to acquire virtual content as equipment for the game character, it will cost a specific fee, depending on the case.
The blockchain-centered approach will serve as a tool to preserve the gamers’ digital property rights, thanks to the immutable ledger’s traits. According to an official from the industry, cited by Les Échos, “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.”
Working With the Ethereum Blockchain
Les Échos also cited an anonymous source, allegedly close to Ubisoft’s experimentations with the blockchain technology, that said the company will strongly consider implementing the Ethereum blockchain for its project, and that everything is pretty advanced.
It is not yet clear whether Ubisoft will launch its blockchain-based gaming model within an already existing title or in a new franchise. According to an observation made by Les Échos, the latter would represent significantly lower risk than the former.
In Advance of Clearer Regulations
One thing is certain: as of now, there is no set timetable for the launch of the blockchain product, and the company is still “exploring” possibilities in advance of further clarification of France’s legal landscape regarding blockchain technology.
Being a publicly traded firm, per Les Échos, there is the possibility of the markets reacting unpredictably to the launch of an initiative with an innovative, yet relatively unfamiliar technology.
“This is the type of initiative that would increase the commitment of players,” per Charles-Louis Planade, who is currently the video game financial analyst at Midcap Partners.
The gaming industry has made significant advances when it comes to letting in the blockchain technology. For example, in the spring, Animoca Brands announced a partnership with Formula One to develop a game based on the world’s premier racing circuit. The same firm also joined forces with Atari earlier in the year.
By Andres Chavez