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Tezos Broke Its Downtrend with 50% Rally

Tezos-Broke-Its-Downtrend-with-50%-Rally

Photo: ChainDebrief

XTZ price is on fire. The recent news that Ubisoft’s new NFT platform will be built on the Tezos blockchain has ignite the rally. And XTZ prices are 50% higher now than they were before.

Cryptocurrencies are on a hefty rise this year, with Bitcoin prices especially increasing. The emergence of DeFi and NFTs has thrust blockchain technology into the mainstream, mass adoption will happen with many companies starting to accept these assets onsite.

Tezos (capable of evolving their network without needing to undergo a hard fork) has been a clear beneficiary of the blockchain’s focus on NFTs and its ongoing green revolution. 

The price of XTZ hit a low point on Dec. 3rd to $3.23, but after this happened it rebounded by 68% and reached an intraday high at $5.45. 

The launch of Ubisoft NFTs on the Tezos blockchain, the programs’ focus on creating an environmentally friendly blockchain platform and soaring transactions and protocol returns on the Tezos network are the three major reasons for the price recuperation in Tezos. 

Ubisoft Partnership

Tezos has enjoyed a price recovery in recent weeks due to the launch of Ubisoft NFTs on its blockchain, projects focused on creating environmentally friendly platforms and rising transactions. Recently announced developments really got prices moving again; this time over news that the gaming company will be using Tezos for their newest project called Quartz where users can acquire unique digital assets called Digits which are then usable within game play as well as having access through an app store-like platform operated by them.

Blockchain-based gaming has emerged as one of the hottest sectors in cryptocurrency today. With partnerships with some major video game companies, it seems that blockchain is becoming more mainstream than ever before.

Scheduled launch of the Ubisoft Quartz beta is on December 9, Thursday. It will be available for Tom Clancy’s Ghost Recon: Breakpoint players. Participants who reach specific criteria will be able to receive three free cosmetic NFTs. 

Environmental Sustainability Focus

The focus on environmentally friendly and sustainable blockchains is one of the main reasons why Tezos has grown in strength. With its proof-of-stake consensus mechanism. They’re able to offer an energy-efficient alternative that’s better than traditional mining for those who want their transactions confirm quickly without having large amounts of hardware needed as Bitcoin does nowadays. 

“The total annual carbon footprint of the Tezos blockchain is equivalent to the average energy footprint of 17 global citizens.” According to the project’s statement release. 

Tezos has been reducing the energy required to operate their network, and as of 2021, they are at 70% efficiency. This means that on a per transaction basis, you will be able to use less than 30% electricity. In comparison with what you used back when Tezos first launched.

The Tezos network has seen a recent surge in transaction volume and protocol profit as each project is at the most exorbitant levels seen this year.

Opinions expressed by Coin Week contributors are their own.

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