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Ubisoft, a French game developer, has announced plans to venture into the crypto space during the recent earnings call. In the announcement, Ubisoft’s CEO, Yves Guillemot, stated that the game developer had invested in Animoca Brands, one of the popular companies in the crypto space.
Animoca is highly popular for its Ethereum game dubbed “The Sandbox.” This is not the first investment of Ubisoft in the crypto space as it has previously supported platforms such as Aleph.im and Horizon Blockchain Games.
Ubisoft Takes Part in $65M Funding Round
Animoca Brands recently completed a $65 million funding round where Ubisoft also participated. Following this funding round, the valuation of Animoca Brands increased to $2.2 billion. In July, the firm had also participated in another funding round that raised $138 million.
As aforementioned, one of the greatest innovations of Animoca Brands is the Sandbox games. The token has a market capitalization of over $700 million. It has also entered into several partnerships with gaming and NFT platforms, with some of its most notable partnerships being with Formula 1, Manchester City, MotoGP and the Olympics.
The firm stated that the capital raised from the recent funding round would be used to expand the portfolio of Animoca Brands. It will also be used to acquire and manage strategic intellectual property and be used to further product development of the existing games.
Ubisoft Considers Play-to-Earn
Besides investing in cryptocurrency startups, Ubisoft stated that it is considering using cryptocurrencies for in-game transactions. The Chief Financial Officer of Ubisoft, Fredrick Duguet, stated that the company could soon adopt play-to-earn cryptocurrency rewards to develop Ubisoft’s games.
Duguet stated that through blockchain technology, users will have a way of earning and owning content. He also added that Ubisoft was exploring ways it could have an impact on the industry. It had already ventured into this sector through earlier partnerships with blockchain factors. Duguet added that Ubisoft’s goal was “to be one of the key players here.”
In its venture into blockchain, Ubisoft has already launched collectable NFTs for assets such as One Shot League and Rabbids. It has also been used as a mode for blockchain networks such as Tezos. However, it has yet to fully adopt cryptocurrencies in its mainstream gaming functions.
The news of this gaming platform venturing into crypto comes after Valve stated it was banking NFTs and crypto transactions on its gaming platform. On the other hand, Epic Games has stated that it was open to embracing innovations.
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