Ethereum and the general crypto market have incurred an influx of buying pressure. This week, the markets have extended the upward momentum that they had formed in the past several months. Analysts think that ETH will continue rising in the near future. Some also suggest that it will possibly outperform Bitcoin in the next two years.
ETH is supported by growing technical strength together with adoptions from major companies with the most recent being Ubisoft. Sources say that the development team at Ubisoft is in advanced stages of developing a blockchain-based marketplace for in-game items. The company is the fourth largest publicly traded video game firm known for Far Cry, Assassin’s Creed, and Just Dance.
The gaming company is reportedly developing many features that will launch on the Ethereum blockchain. These developments will enable users to buy all game commodities via the blockchain using tokens like Ethereum. The official report reads:
“The idea is to give a digital existence on the blockchain to the ‘items’ (accessories) available in video games; content that publishers monetize. Ubisoft is considering working on the blockchain Ethereum, which allows operating this kind of operation.”
Hosting Games on Ethereum
This idea of using an ETH blockchain marketplace for in-game items is not relatively new. In late 2017, various blockchain start-ups tried to pitch the idea. Ubisoft started considering the potential of blockchain technology in late 2018. The company went ahead to hold a blockchain hackathon in mid-2018 dubbed Blockchain Heroes. In the process, the Strategic Innovation Lab of Ubisoft developed a prototype of a blockchain game.
The associate manager at Ubisoft, Anne Puck, added:
“We think that blockchain has the potential to transform the gaming experience and even maybe to empower players as true stakeholders in their worlds. That’s why our job is to accelerate the integration of blockchain at Ubisoft with this initiative.”
As we announced earlier, Ubisoft joined a blockchain game alliance further pushing for the adoption of blockchain in the gaming industry.
Nevertheless, it is still early to determine whether Ethereum blockchain can handle a large base of active users in the near-term. The open source developer communities are continuing with the deployment of scaling solutions. Companies expect that both on-chain and second-layer capacity will be expanded.
Ethereum Price Analysis
ETH bulls seem to be on the front foot up 4.44 percent in 24 hours with a market cap of $27,598 million. Currently, Ethereum price is hovering around $260 with higher odds pointing to an upside move. Aggressive buyers are appearing ready to buy on the dips and the trade plan will apply as long as the indicators point upwards.
Major resistance has formed at $290 and $300. If ETH surpasses those psychological levels, a rally towards $400 is possible.