CoinClear

Ultra

4.2/10

Blockchain Steam competitor with a real client and game catalog — technically functional but facing the monumental challenge of disrupting Valve

Updated: February 16, 2026AI Model: claude-4-opusVersion 1

Overview

Ultra is a blockchain-based game distribution platform that aims to bring the benefits of web3 — true ownership of game licenses, resellable digital games, and NFT integration — to a mainstream PC gaming audience. Built on a custom Layer 1 blockchain derived from EOSIO (Antelope), Ultra offers a game store client similar to Steam, an integrated NFT marketplace, and features for game developers and publishers to distribute content with blockchain-verified ownership.

The company, founded in 2017 and headquartered in France, has been building toward this vision for years. The Ultra Games client is a functional desktop application that allows users to purchase and play games, similar to Steam, the Epic Games Store, or GOG. Games are distributed as blockchain-verified licenses (Uniqs), which in theory enables secondary market resale — a feature that Steam and Epic do not offer. The NFT marketplace supports in-game assets, game licenses, and collectibles.

Ultra's challenge is existential in nature: Steam controls approximately 75% of the PC game distribution market, with a deeply entrenched network effect (gamers, developers, publishers, community features, Workshop, friends lists, achievements). Every previous challenger — including the Epic Games Store with billions in resources and exclusive deals — has struggled to make significant dents. Ultra's blockchain value proposition (resellable game licenses, NFT assets) is interesting but unproven as a sufficient differentiator to overcome Steam's dominance.

Gameplay

Game Quality

Ultra itself is a platform, not a game. The quality score reflects the catalog of games available on the Ultra Games store. The catalog includes hundreds of titles, primarily indie and mid-tier games, with some notable partnerships. However, the library significantly trails Steam's 50,000+ titles, and major AAA publishers have not committed exclusive content to Ultra. The available games are generally playable but unremarkable — you will not find the latest AAA releases here.

Player Retention

Player retention for Ultra as a platform depends on whether users have reasons to launch the client regularly. Without exclusive must-play titles or a social ecosystem comparable to Steam, retention is a significant challenge. Most gamers already have established libraries and friend networks on Steam. Ultra's secondary market for game resale is a unique draw but insufficient alone to change entrenched habits. Reported player counts suggest modest engagement.

Content Depth

The game catalog is growing but remains thin compared to major platforms. Ultra has secured partnerships with some publishers and indie developers. The Uniq NFT system adds a layer of asset ownership and trading that traditional platforms lack. However, content depth in terms of game variety, community features (forums, guides, workshops, modding), and social infrastructure is vastly behind Steam. The platform experience is functional but bare.

Technology

Blockchain Integration

Ultra's custom L1 blockchain handles game license distribution (Uniqs), NFT creation and trading, and account management. The blockchain provides proof of ownership for digital games, enabling a secondary market for game resale. Transaction costs are covered by Ultra (gasless for users), removing a major friction point. The blockchain verification of game licenses is the core innovation — transforming digital games from licenses into tradeable assets.

Infrastructure

The Ultra blockchain is an EOSIO (Antelope)-derived chain with custom modifications for gaming use cases. It offers high throughput and finality suitable for marketplace operations. The Ultra Games client is a native desktop application built with modern frameworks, providing a familiar storefront experience. The integrated wallet, NFT marketplace, and game launcher create a unified platform experience. Developer tools include SDKs for Uniq integration and marketplace features.

User Experience

Ultra's UX is one of its strengths relative to other crypto gaming projects. The game client looks and feels like a traditional game store — users can browse, purchase, download, and play games without deep blockchain knowledge. The wallet is integrated and simplified. This "blockchain invisible" approach is the correct strategy for mainstream adoption. However, some features still expose crypto complexity (NFT trading, secondary market mechanics), and the overall polish trails Steam's decades-refined experience.

Economy

In-Game Economy

Ultra's economy operates at the platform level: game licenses (Uniqs) can be bought and resold, NFTs from supported games can be traded on the integrated marketplace, and developers set royalty percentages for secondary sales. The resellable game license concept is revolutionary in theory — imagine buying a $60 game, playing it, and reselling it for $40. In practice, publishers have been reluctant to enable resale for fear of cannibalizing primary sales.

Sustainability

The platform's economic model depends on transaction fees from primary game sales (taking a cut similar to Steam's 30%) and secondary market fees. If Ultra achieves meaningful game sales volume, the model is sustainable. However, current sales volumes are a tiny fraction of what sustainability requires. The chicken-and-egg problem is acute: developers want platforms with users, users want platforms with games.

NFT Market

The Ultra NFT marketplace supports game-related NFTs, collectibles, and Uniq game licenses. Trading volume is modest, reflecting the small user base. The marketplace infrastructure is technically competent, with low fees and integrated wallet management. The limited catalog and user base constrain NFT market activity. Future growth depends on onboarding more games with meaningful NFT integration.

Adoption

Player Count

Ultra does not publicly disclose detailed user metrics. Estimates suggest tens of thousands of registered accounts with daily active users in the low thousands. These numbers are negligible compared to Steam's 120+ million monthly active users. The client has been available for several years, and the modest traction suggests that blockchain game distribution has not yet found product-market fit with mainstream gamers.

Revenue

Ultra generates revenue from game sales commissions, NFT marketplace fees, and token-related activities. Specific revenue figures are not disclosed. The company has raised approximately $50M+ in funding across multiple rounds, including backing from Ubisoft's investment arm. The runway depends on token reserves and continued investor support, as operational revenue from game sales is unlikely to cover development costs at current volumes.

Community

Ultra maintains an active Discord community of approximately 150,000+ members and a Twitter/X following. The community includes both crypto enthusiasts interested in the platform thesis and gamers who have discovered the store. Community engagement is moderate, with discussion split between token speculation and actual platform feedback. Developer community engagement is nascent.

Tokenomics

Token Overview

UOS is the native token with a total supply of 1 billion tokens. Distribution includes team and advisors, investors, ecosystem development, and various reserves. The token is used for on-chain transactions, marketplace fees, and governance. The EOSIO-derived chain uses UOS for resource staking (CPU/NET), though this complexity is abstracted from end users. Token unlock schedules have been managed with periodic adjustments.

Play-to-Earn Model

Ultra is not a play-to-earn platform. It is a distribution and marketplace platform where players buy, play, and trade games and NFTs. Any "earning" comes from secondary market trading of game licenses or NFTs — not from gameplay rewards. This is a more sustainable model than P2E but offers less speculative appeal to the crypto gaming audience.

Value Capture

UOS captures value through marketplace transactions — all fees on the Ultra platform are ultimately denominated in or convertible to UOS. The token also serves as a staking mechanism for enterprise partners and node operators. The value accrual model is sound in theory: if Ultra achieves meaningful transaction volume, UOS fees create genuine demand. At current volumes, the fee revenue is negligible relative to the token's market capitalization.

Risk Factors

  • Steam's network effect: Competing with Steam is arguably harder than competing with any other incumbents in tech. Steam's game library, social features, community, and developer relationships create an almost impenetrable moat.
  • Publisher reluctance: Major publishers may resist resellable game licenses, fearing cannibalization of primary sales — removing Ultra's key differentiator.
  • Chicken-and-egg problem: Users want games; developers want users. Breaking this cycle has defeated multiple well-funded competitors.
  • Blockchain value proposition unclear: Most gamers do not understand or care about "true ownership" of digital games. The value proposition does not resonate with the mainstream audience Ultra needs.
  • Funding risk: Without meaningful revenue, Ultra depends on treasury and investor funding that could dry up during extended market downturns.
  • Regulatory risk: Tokenized game licenses may face regulatory scrutiny as digital securities in some jurisdictions.

Conclusion

Ultra is one of the more grounded and practical blockchain gaming projects — rather than building a speculative P2E game, it is attempting to solve a real problem (digital game ownership and distribution) with blockchain technology. The game client is functional, the UX is accessible to non-crypto users, and the resellable game license concept is genuinely innovative. These are meaningful accomplishments.

The problem is not the product — it is the market. Steam is perhaps the most deeply entrenched platform in all of gaming, with network effects that have resisted challengers with far more resources than Ultra. The Epic Games Store spent billions on exclusives and free games and still holds a small fraction of the market. Ultra's blockchain value proposition — while interesting — is not the existential draw needed to overcome this inertia.

The scores reflect a technically competent platform facing an almost impossibly difficult competitive landscape. For Ultra to succeed, it likely needs a confluence of factors: major publisher adoption of resellable licenses, mainstream gamer interest in digital ownership, and continued execution over many years. The team deserves credit for building a real product in a space full of vaporware, but the road ahead remains extraordinarily challenging.

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