Ultra and Elrond collaborate to boost the use of NFTs in DeFi

The Ultra (UOS) video game distribution platform collaborates with the Elrond blockchain (EGLD). Together, the two projects will collaborate to lay the foundations for decentralized finance (DeFi) use cases based on non-fungible tokens (NFTs).

Ultra (UOS) partners with Elrond blockchain (EGLD)

A press release published on Medium today tells us that the Ultra platform (UOS) is collaborating with the Elrond blockchain (EGLD). With decentralized finance (DeFi) having really exploded this year and a similar trend being formed for non-fungible tokens (NFTs), the two projects aim to bring these two sectors together.

Together, Ultra and Bitcoin Trader wish to forge the foundations for the integration of NFTs in the world of DeFi . To achieve this, the emphasis will be on interoperability between the two ecosystems. Initially, the Elrond eGold will be accepted as a means of payment on the Ultra platform .

From the other point of view, all the NFTs coming from the Ultra network can be integrated into the DeFi protocols hosted on Elrond . For example, protocols could use NFTs as collateral for contracting loans. More specific, stablecoins backed by NFTs could be issued in this way.

“With Ultra, we are merging engaging experiences with blockchain enhancement capabilities enabling the next generation of wealth creators to express themselves in new and impactful ways,” said Beniamin Mincu, CEO of Elrond.

In recent months, the craze around NFTs has grown strongly , especially with regard to the digitization of works of art. Based on this principle, Elrond and Ultra will work together so that NFTs can find a place in the world of DeFi:

“All the games published on Ultra are tokenized assets that have tangible intrinsic value. We believe DeFi will bring new use cases to these NFTs such as secured microloans that will ultimately benefit Ultra players. Partnering with Elrond is our first step towards this goal, ”added David Hanson, co-CEO of Ultra.

The deployment of the Ultra platform begins

Ultra is now accumulating many top-tier partnerships, including with AMD, Ubisoft, Atari, The Sandbox, the Litecoin Foundation, Cudo and now Elrond. Now, the community is patiently waiting to be able to access the platform and discover all of Ultra’s functionalities related to blockchain and NFTs.

In addition, for two weeks now, the Ultra platform has opened its doors to a handful of preselected users . The platform will be deployed in 3 waves, during which many events will be organized by the team.

To increase your chances of accessing the Ultra platform before other users, you can register on a list as a player or game developer.