XTZ, the native token of the multipurpose blockchain project Tezos, jumped nearly 60% in just three days on prospects of its booming adoption following a breakthrough partnership.
The XTZ price climbed from $4.13 on Tuesday to a little over $6 during the ongoing Thursday session as Tezos partnered with Ubisoft Entertainment, the company behind popular franchises such as Rayman, Just Dance, and Assassin Creed, to host their upcoming nonfungible token (NFT) collections.
So…@Ubisoft released their first in-game playable NFTs on @tezos.
You will ACTUALLY be able to use them in the game Ghost Recon: Breakpoint!
Let’s unpack this whole thing,
1/ Thread, pic.twitter.com/blLXutdAe1
— MattyVerse (@DCLBlogger) December 8, 2021
Energy efficiency is…bullish
Ubisoft identified Tezos as an energy-efficient proof-of-stake blockchain, thus giving it an edge over Ethereum, the world’s leading smart contract platform grappling with higher fee and slower transaction speed issues.
“We chose Tezos because of its original proof-of-stake network and its leadership on clean NFTs,” said Ubisoft’s blockchain chief, Didier Genevois, adding:
“One transaction on their network uses the same amount of energy as streaming 30 seconds of video, while the previous generation of blockchain networks can consume the same energy required for one year of nonstop streaming.”
On Tueaday, PricewaterhouseCoopers Advisory SAS, a French member firm of the PwC network, also reported drastic improvement in the Tezos blokchain’s efficiency based on carbon footprint and energy consumption — despite a rise in network activity.
Tezos typically consumes 0.001 Terawatt hours (TWh) every year, which comes to be much lesser compared to Bitcoin’s 130 TWh and Ethereum’s 26 TWh consumption. So it appears, Ubisoft and PwC’s validation of the Tezos blockchain boosted traders’ appetite for XTZ, a token relevant to its consensus mechanism and on-chain governance system.
XTZ to all-time high next?
The latest bout of buying in the Tezos market has increased its possibility of establishing a new record high.
That is mainly due to its recent uptrend in an ascending channel pattern. In detail, the XTZ price has just bounced ahead of testing the channle’s lower trendline as support, now eyeing an extended rebound towards the upper trendline after closing above a sequence of Fibonacci retracement supports, as shown in the chart below.
XTZ/USDT three-day price chart. Source: TradingView
Should it happen, XTZ would retest $8.70, followed by a breakout towards a new record high.