Video and online games have become one of the largest industries on the planet over the past 30 years, as digital technology and the Internet have brought people from all over the world together and transformed us into a global community.
Decentralization and blockchain technology is gaining traction as a new way to transform work and build an ecosystem, and Ultra is a gaming-focused project that has gained traction in recent months.
Ultra, a blockchain-based PC distribution platform, targets gamers and game developers and allows users to develop multiple income streams, including the ability to resell games and in-game items.
The project developers created a modified version of the EOSIO blockchain that provides free user account creation and higher transactions execution due to better resource allocation.
Data from Cointelegraph Markets and TradingView shows that the original UOS Ultra symbol rose 225% over the past month as the price rose from $ 0.132 on Feb 1 to an all-time high of $ 0.42 on Feb 22.
As shown in the chart above, UOS trading volume reached an all-time high of $ 31 million on February 21 and 22 after listing on Bithumb.
The popularity of NFT gives Ultra a boost
Irreversible tokens, or NFTs, are one of the fastest growing trends in the cryptocurrency space right now, and UOS has benefited from this growth. The developers at Ultra have focused on the technology behind NFT as it allows unique in-game items to be sold across multiple markets and ultimately on decentralized exchanges.
Interoperability between blockchain platforms is also an important issue in the crypto ecosystem, and the Ultra team is developing and testing a new backbone network that will maintain the ability to run on Ethereum.
Although UOS is compatible with the EOSIO blockchain, Ultra developers are also exploring NFT interoperability with many other blockchains, including Sandbox and Elrond. The project also has a growing partnership with Theta which will provide gameplay streaming and NFT internet playback.
Aside from its primary relationship with gaming giant Ubisoft, recent partnerships with globally recognized companies such as semiconductor manufacturer AMD and Atari also helped drive the price of UOS up in 2021.
The well-known partnerships, interdependence and growth in the NFT sector allow Ultra to take advantage of the bullish momentum in the cryptocurrency market.
The gaming sector is expected to continue to grow exponentially for the foreseeable future, and with the increasing popularity of blockchain games, UOS could take advantage of the first advantage.