Nowadays, we are witnessing how esports and the crypto space are drawing closer to each other with every passing month. Different solutions are emerging like mushrooms after a summer rain - most of them are met with open hands by the global community of gamers.
ULTI is another blockchain project which strives to introduce something new to this space. The team of digital entrepreneurs and marketing specialists from Serbia has come up with an idea of creating an ERC-20 token named ULTI Coin that would serve as a bridge between the realm of gaming and real finance. Right now, the tokens can be purchased at the pre-sale event at a lucrative discount.
Those who have some experience in gaming know that the contemporary video games, especially the massively online multiplayer games (MMO), always feature an abundance of in-game virtual items and artifacts, such as gold, diamonds, armor, skins, tokens, stars, etc. Right up till now, these articles have been literally worthless, at least in the conventional sense of this word. However, they also represent an enormous market that has untapped potential. There are plenty of marketplaces where gamers can trade or exchange rare items or buy/sell used games. Still, the niche is very narrow, and it lacks the cross-game exchange capabilities, meaning that an artifact from one game can’t be traded for the one from a totally different game, let alone converted to hard currencies.
This is precisely the problem that ULTI wanted to address by creating an open-source platform based on the Ethereum blockchain and its trademark smart contracts. The access to smart contracts is granted through the ULTI’s own platform API, which employs the JSON-RPC protocol.
The essence of the work of ULTI is simple: the player earns virtual tokens by playing his favorite game; he can then exchange these items for ULTI tokens on the platform; the acquired coin can then be converted to fiat (USD, EUR, GBP) on the digital exchanges which will list this cryptocurrency, or used to buy goods and artifacts from a totally different game.
The pre-sale of ULTI Coins is now live, with the end date established on December 1. The pre-ICO price of 1 ULTI is $0.12, which constitutes a 50% discount off the ICO price of the token. The softcap was established at $2.16 million, which is roughly 18 million ULTI Coins. Reportedly, ULTI has already raised over $400 thousand. The project accepts BTC, ETH, USD, and EUR. With no list of restricted areas, all investors can participate in the token sale, though they must pass KYC first.
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I like the idea presented by ULTI, but I am a bit concerned about the liquidity issue. How are they going to ensure it if the overwhelming number of players would want to exchange their virtual items for fiat at the same time? Such questions arise due to the fact that ULTI didn’t do a very good job of explaining their token economics. If they have a well-elaborated plan for handling such a situation, I would like to see it.
Chocolate Elf September 1, 2020 Reply
There is no denying the fact that Ulticoin is trying to tap into an immensely promising industry of gaming, which has proven to be very pro-crypto. The project has a unique selling proposition of granting gamers a possibility of trading their virtual items for ULTI or for items from other games. This cross-platform solution might be the defining feature that would set Ulticoin apart from a serious competition that emerges in this industry.
Shantanio August 26, 2020 Reply
When I see a blockchain project that offers to improve the industry of gaming, I always take an immediate interest. It is not that I am much of a gamer, but I know for a fact that esports will be huge in the near future. Besides, it is probably the only industry that will greet blockchain and cryptocurrencies with open arms since it is as pro-innovation as it gets. Therefore, Ulticoin has decent chances of becoming a go-to place for many gamers which means more profits for token holders.
Weird1 November 20, 2019 Reply