Unity Software (NYSE:U), one of the largest gaming companies, went public in 2020. Because Unity Software helps companies create games for PC, mobile and console, it could have some upside with an NFT partnership that was announced in 2020.
What Happened: Investors continue to look for newcomers and companies with existing relationships in the NFT, or non-fungible token, market.
Unity Software announced a deal in December to help game developers offer NFTs. The Arkane Unity plug-in allows game developers to create NFTs on Matic and Ethereum (CRYPTO: ETH) wallets. The companies can publish in-game items straight to Matic or Ethereum blockchains.
Arkane allows users without strong knowledge of blockchain or cryptocurrencies to still play and enjoy benefits such as play to earn in games.
The Arkane Unity plug-in allows developers to visually edit NFT contracts and NFTs within the Arkane Manager window. An inventory system that treats tokens as items and allows minted new tokens to go straight to a user’s wallet are some of the features offered.
“Game developers use Unity to create digital assets and we should make it easy for them to embrace new technologies,” Arkane CEO Tim Dierckxsens said.
Related Link: How Unity Software Could Surpass Autodesk In 5 Years
Why It’s Important: As one of the largest gaming developer companies, Unity had over 5 billion downloads of apps built with its software in 2020. The Unity platform was used to create 50% of all games for mobile, PC and console, and 71% of the top 1,000 mobile games are made with Unity.
“The integration of Unity, one of the most popular game development engines, will usher in supercharged gaming applications and innovations,” Matic Network’s Arum Philips said.
The ability for Unity to offer NFT building through this partnership could help set it apart from the competition and could help boost revenue with premium offerings.
Ark Funds has been adding to its position in Unity Software as shares have fallen after the company’s latest earnings report.
The gaming company is a top 15 holding in both the Ark Next Generation Internet ETF (NYSE:ARKW) and Ark Innovation ETF(NYSE:ARKK). Unity Software is also a holding in the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ).
U Price Action: Shares of Unity were down 1.97% to $90.788 on Thursday. Shares have traded between $65.11 and $174.94 since the company’s 2020 IPO.