Although several non-financial industries have displayed interest toward crypto and blockchain technology, the technologies are yet to penetrate the business vertical with one of the highest global consumers, the gaming industry. In what seems to be one of the first advancements in the sector, the gaming giant Ubisoft, is going through with its first involvement with blockchain technology.
The news was revealed by a local French publication that detailed Ubisoft’s determination to identify the potential applications of blockchain in gaming. The article also confirms that Ubisoft’s team has already identified a suitable use case that can be put into practice.
The report read,
“The idea is to give a digital existence on the blockchain to the “items” (accessories) available in video games; content that publishers monetize and which constitute a manna more and more colossal for the actors of the sector.”
This particular advancement, driven by Ubisoft, is exciting as the company has decided to begin the project over the Ethereum blockchain. Currently, Ubisoft stands as one of the most influential companies across the globe, owing to Fortnite’s overwhelming success.
Taking hints from the gaming publisher’s business model, Ubisoft will most likely enable in-app or in-game purchases through the Ethereum network. However, there are no indications of leveraging any form of cryptocurrency for such purchases. Charles-Louis Planade, the video game financial analyst at Midcap Partners said,
“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.”
This development suggests that Ubisoft will take the same path in allowing players to keep the digital property of their accessories and ultimately, increase the commitment of its game players.
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ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
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