VeChain (VET) Price Rises 13.5% on Announcement Microsoft Will Use Its Blockchain

The price of VeChain (VET) has risen more than 13% in the last 24-hour period shortly after it was announced tech giant Microsoft, major game developer Eidos, and gamebook firm Fabled Lands were set to use its blockchain for a card game.

The card game, called “Arena of Death” will see players fight fantasy-themed battles against each other, and is based on the 1980s best-selling book “The Way of the Tiger” by Jamie Thomson and Mark Smith. As major firms are involved investors seemingly want a piece of the action, helping VET’s price rise.

VET price performance over the last 24-hour periodSource: CryptoCompare

The game will leverage blockchain technology to ensure card ownership is guaranteed and verifiable. Jamie Thomson, one of the original book’s author’s and the CEO of the new brand, revealed it “just made more sense” to use blockchain technology.

In a press release, he detailed the game was being launched anyway, but the use of distributed ledger technology could add to it:

Imagine playing Magic the Gathering but knowing if you owned a card, it really does belong to you. Or if we say there are only 100 editions of an item or skill, you know there really are only 100 editions.

The press release details the cards will be non-fungible tokens on the VeChain blockchain, similar to CryptoKitties on the Ethereum blockchain. VeChain was chosen for being “associated with enterprises and supply-chain management” and for its “ability to scale, and create our cards and items without having to deal with all the crypto stuff.”

By “crypto stuff” Thomson likely meant private keys, as well as exchanges in general. VeChain allows users to bypass actually owning VET through a featured that allows them to interact with decentralized applications without paying fees

VeChain’s price has likely also been rising as the cryptocurrency has been listed on several top cryptocurrency exchanges. Early last month, VET was added to Binance.US.

Featured image via Pixabay.