This week, Ubisoft, a French gaming company, addressed its digital currency plans in an earnings report.
Ubisoft has put money into Animoca.
Ubisoft CEO Yves Guillemot said that his business has invested in Animoca Brands, best known in the crypto world for running the Ethereum game The Sandbox.
Guillemot also mentioned Animoca’s REVV Motosport racing project, which contains games that leverage the REVV digital currency as in-game play-to-earn prizes.
Animoca reported on Oct. 20 that it secured $65 million in funding from Ubisoft and other investors, increasing its total valuation to $2.2 billion.
According to the Entrepreneur’s Lab website, other firms that Ubisoft has previously funded include the dApp cloud provider Aleph.im and Horizon Blockchain Games gaming developer.
The Concept of Play-to-Earn Is Being Considered
Ubisoft might employ cryptocurrencies for in-game transactions in addition to investing in businesses. Play-to-earn digital currency incentives might be employed in Ubisoft’s own games, according to Ubisoft CFO Frédérick Duguet.
Blockchain technology, according to Duguet, would enable users to earn content [and] own content. He went on to say that, owing to its prior relationships with tiny blockchain firms, Ubisoft is starting to have a good understanding of how it can impact the industry, and that the firm wants to be one of the leading components here.
Ubisoft has used blockchain in the past to produce collectible NFTs for franchises like Rabbids and One-Shot League. It’s also worked as a node operator for Tezos and Ultra blockchains. It has not, nevertheless, utilized cryptocurrency transactions to monetize its popular games in any major way.
The announcement comes after Steam declared a restriction on games that use digital currencies and NFTs and Epic Games’ statement that it is open to the technology.