Ultra Review by Midgard Research

DESCRIPTION

Ultra is a potentially a new gem that can revitalize the gaming industry. The direct competitor is Steam, that has a monopoly position on the market. And Ultra aims to break the current game distribution monopoly! Ultra creates a blockchain-based ecosystem for games distribution with various game-related 3rd party services. 

Ultra creates not only a game publishing/purchasing ecosystem but also a powerful and complex marketing toolset that allows publishers to engage the audience in their games in a flexible way. Moreover, more than 100 game-developers has already signed up to release their games, including BIG NAMES, on Ultra platform.

Ultra creates its platform on forked EOS because it will maximize the speed and scalability of transactions, provide zero fees transactions and give ease-of-use where for example accounts can be recovered with no need of a private/secret key.


ROADMAP

Ultra has begun its road in early 2017. The team behind Ultra has already developed Ultra SDK (Games) and closed Beta version of the platform with a vast majority of features.

The IEO is scheduled on 16th of July with a fundraising target of $5,000,000 for TGE. Ultra plans to release its Blockchain Mainnet after the IEO in Q3 2019.

Ultra Open Beta release is scheduled on Q3 2019 also, and Ultra Core Release is scheduled on Q4 2019. After the Core Release Ultra will attract developers and customers via loud partnerships. Moreover, the project aims to expand the China market and has a separate point in the roadmap for Ultra Core Release (China) that is scheduled for Q1 2020.


MVP AND USE CASES 

Ultra is a pretty old project that worked on the product for more than 2 years. The team has developed a huge part of the product and has released a private beta that includes everything they are promising in the whitepaper. Still, it’s private beta because of LEGAL reasons. The team has not received all patents for the unique things that they developed in their platform, yet.

CryptoDiffer team received exclusive access to the demo of Ultra’s closed beta and found it ground-breaking for the gaming industry. And here are the reasons why:

Steam has its own SDK feature set which game devs can use to build these elements in their games, such as achievements, matchmaking system, ratings, etc. Ultra can port those SDK features into their platform with no additional costs and development.

Ultra has built its own powerful SDK that is fully compatible with Steam and other platforms. That means that gamers can play on the Ultra platform a multiplayer game with players on Steam, moreover, all of the data from Steam games can be tokenized through Ultra.

For every game developer, Ultra gives a bench of powerful features to tokenize their game economy. The position in rating, achievements, items from your inventory, a serial game number, even your chat history can become a tradable commodity.


TEAM

The team consists of more than 40 members and 3 advisors that have been working for Ultra for more than 2 years to deliver the product. Experience of the team is more than relevant, team members worked for such giants like Microsoft, AMD, Ubisoft, Dell, Google, W3C and much more. They have huge partnerships that will bring customer and developer base from the real sector, which will be released later.

David Hanson (Co-CEO at Ultra) has 18 years of experience founding companies and operating as CEO position including Xiaobawang, a 100+ million USD game console project Subor Z+ in partnership with AMD and a video game studio later acquired by Kingsoft (founded by Xiaomi’s CEO).

Nicolas Gilot (Co-CEO at Ultra) is a Serial entrepreneur and Strategist. He led 100+ million USD game console project Subor Z+ as Xiaobawang’s CSO, 1.5x–3x revenue of multiple game/app projects through his monetization strategy firm (Plants VS Zombie, Highnoon, The Economist and much more).

Michael Dunn (CTO at Ultra) is a Former CTO of Dell and Time Warner. He was accomplished technology executive, building the WWW as a member of the W3C and Techstars Mentor.

Edward Moalem (CSO at Ultra) is a Game industry legend. Edward has held positions as Senior Director & Manager at both Apple and Google, SVP PR of IGA Worldwide and Double Fusion. He has brokered deals with most of the leading game companies and founded SKYY Vodka (an American vodka spirit produced by the Campari America division of Campari Group of Milan, Italy).

Lee O’Donovan (CMO at Ultra) is a Former SVP Marketing and Strategy at Google, launched YouTube across 18 countries. Lee holds a First in Business&Economics degree from Oxford with proven skills in Marketing, Biz Dev, Partnerships and Strategy that he applied in his various executive roles in companies such as Vodafone or BBC.

Julien Marron (CFO at Ultra) is Hands-on Gaming&Entertainment Finance expert with 20+ years experience in high caliber finance positions including CFO for Wargaming America&Europe, International Cost Controller, Headquarter Cost Controlling Manager for Ubisoft and Royalties Manager at EMI.  

Cristian Rizea (Project Manager at Ultra) used to manage large projects. Cristian is a seasoned game producer with 25+ games produced at Ubisoft, Microsoft and Bandai Namco including Age of Empires 3, The Settlers Online and the Blazing Angels series. He’s also the former CTO of Smartree.

The rest of the team is huge and consists of solid programmers and product developers.

Ritche Corpus (Lead Content Advisor) AMD’s Head of Worldwide Content & Director of SW Alliances. He is an industry veteran and executive currently managing a worldwide cross-functional team responsible for evangelizing technology, content acquisition, and business development at AMD. 

Allen Foo (China Market Advisor) is a founder of 2 Chinese Tech funds (UCCVR), he’s the former Country Manager of China for Unity3D and a former Director at Microsoft. Allen drove consistent growth through the development of Chinese specific Go To Market strategies. 

Alexandre Mironesco (Investment Banking & IPO Advisor), seasoned investment banker, Alexandre was among other executive positions, the Managing Director of the Santander Bank, he has deep experience in market optimization and currently manages a €300m institutional fund to help mid-cap companies go to IPO.

Overall, we would like to highlight that the team is really strong. Relevant experience, connection, and partnerships with prominent game-development companies, soft companies and much more will provide Ulta a competitive advantage.


TOKENOMICS 

Ultra tokenomics is solid. Ultra token becomes a key point of their ecosystem and has a lot of use-cases. Ultra coin is the main currency of the platform and is always used for purchases on the platform, including items, advertisement campaigns. With the growth of the platform more tokens are used in the ecosystem, less supply is trading on the exchange. Even if users buying anything thought fiat money (PayPal or other payment methods – Ultra automatically and momentary converts into tokens through the exchange. Ultra platform takes 15% of the price item or game purchased (Steam takes up to 30%), and lock up 5% of company revenues for 2 years every time transaction happens to adjust token supply.

One of the features of the Ultra platform is providing an easy 1 button coin miming solution. Ultra Miner finds most profitable ways to use gamers computing power on profitable tasks – it can be coin mining, a video renders or cloud computations (which makes it an Amazon competitor). All of the mined value will be automatically converted to Ultra tokens increasing its relevance.

IEO will take place on EthFinex (Tokinex Platform) on 16th of July

Ultra raised $6,381,611 between 2 different rounds, the seed and the presale. The terms were as follows:

Seed Round: 
-5.21% of all tokens were sold for a price of $0.063

Presale Round:
-3.95% of all tokens were sold for a price of $0.071
-0.39% of all tokens were sold for a price of $0.077

IEO Hardcap: $5,000,000
IEO token price: 1 ULTRA = $0.05
TOTAL HARDCAP: $11,381,611

The important point to be noticed is 12% allocated for EXCHANGES. This amount both tokens and funds raised will go for exchanges to provide enough liquidity and MM. That’s great that the project thinks about investors and token perspective after the IEO.

Seed and Private presale tokens are locked up for 3 months after TGE. After that 1/9th of tokens will be proportionally unlocked each month. Lock-up and vesting terms looks solid.

The significant amount of tokens will be unlocked after the product will go publicly for stimulation customer base growth and expand the ecosystem.


VERDICT: 9.5 out of 10

Overall, we like the idea of the project and its almost completed product that might break the current game distribution monopoly. Ultra creates a revolutionary blockchain-based ecosystem for games distribution with various game-related 3rd party services. 

The team consists of all-star executives and prominent advisors. The team is experienced in product and business development, marketing, tech, and after all gaming industry, that is very important for further growth.

The product has almost done and we saw it’s beta that looks impressive. Further loud partnerships and more game-developers involved in the platform will increase its potential and position on the market.

Tokenomics looks solid, lock-up and vesting terms for seed/private are reasonable. Moreover, the token price for seed/private rounds is higher than IEO token price. The only concern is Ethfinex exchange that is pretty new and does not have a significant customer base and volumes. Hope the token will be listed on other exchanges (a significant amount of funds and tokens is allocated for exchanges).

The hype around of project and it’s awareness increases fast. We are waiting for IEO and the project further progress.

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Vladyslav Skakun
thecryptodiffer@gmail.com

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