Ulti Arena: an Exclusive NFT Marketplace for Gaming Assets
Ulti Arena has announced the launch of their NFT Marketplace Game Assets. The marketplace will be exclusively for game assets, providing more utility for them apart from being deployed in games alone.
Ulti Arena is set to provide a platform for game developers, artists, freelancers to showcase their portfolio of assets, user interfaces, and music, sharing value amongst themselves.
The Booming Gaming Industry
The gaming industry has witnessed unprecedented growth following the emergence of play-to-earn games.
The integration of blockchain technology and a token economy into games has instigated more growth. Interestingly, in-game items (2D/3D characters, weapons, sprites, music, sound, user interfaces) are now tradable as non-fungible tokens (NFTs) across various marketplaces, increasing their use cases.
While this development is commendable, it becomes challenging to trace these items to their original creators as they are spread over different marketplaces. In addition, artists and creators are unable to account for the usage of their assets in games or animations, which makes them lose money that they would have earned as royalties.
Enters Ulti Arena
Ulti Arena is geared at filling this gap and more by providing a community where artists and creators of any kind would not only get to share their works but ideas and other forms of value amongst themselves.
The solution Ulti Arena is proffering revolves around non-fungible tokens (NFTs) – a unique asset class currently gaining traction. Using them, artists and developers can easily track their assets across different chains. NFTs provide a new income stream for artists and developers such that their assets can be sold as unique pieces to buyers who bid on them.
Unlike other marketplaces that are sort of general, Ulti Arena is niching down to gaming items. Currently, the Ulti marketplace is running on Binance Smart Chain (BSC). However, by late November, Ulti Arena expects to expand to Polygon to attract users from other chains such as Ethereum, including users from OpenSea, the largest marketplace within the NFT ecosystem.
Expanding Use Cases
Ulti Arena is expanding the use cases of its niche-specific NFT marketplace by adding functionality that allows artists to create customizable storefronts depending on their preferences with respect to theme, color, and URL. Thus, their profile is easily identifiable such that they can partner with other artists or developers to create the next A-list game.
Ulti Arena is also bootstrapping discussion boards for gamers or gaming enthusiasts within the community. By participating in these, they get to earn ULTI tokens – Ulti Arena’s native and governance token. These tokens will become tradable on crypto exchanges, thereby providing passive income for gamers.
To increase the utility for ULTI tokens, the team is introducing a Proof-of-Gaming concept, providing a consensus mechanism for users in a way that they earn tokens for playing games in the ULTI Metaverse – a play-to-earn blockchain game designed to pivot the Ulti Arena ecosystem.
The amount of ULTI tokens each player earns is dependent on the in-game stats, such as kills, support, experience, etc. The better the players perform, the more they are going to earn.