2021 has been a breakout year for the cryptocurrency market and aside from Bitcoin cost soaring to new highs, the emergence of a vast decentralized finance (DeFi) ecosystem and the ascension popularity of nonfungible tokens (NFTs) has thrust blockchain technology into the mainstream in a way that looks guaranteed to ensure mass adoption.

One project that has benefited from its focus on NFTs and the ongoing green revolution is Tezos (XTZ), a layer-one smart contract protocol that is capable of evolving its network without needing to undergo a hard fork.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.23 on Dec. 3, the price of XTZ reversed course, gaining 68% to achieve an intraday high of $v.45.

XTZ/USDT 1-day chart. Source: TradingView

Three reasons for the price recovery seen in Tezos are the launch of Ubisoft NFTs on the Tezos blockchain, the projects' focus on creating an environmentally friendly blockchain platform and ascension transactions and protocol revenue on the Tezos network.

Partnership with Ubisoft

The most recent development for Tezos, which actually got the price moving, was the announcement of a significant partnership with video game maker Ubisoft.  The gaming visitor is launching Ubisoft Quartz, a platform where users can learn unique NFTs chosen Digits, which tin be used in-game and the platform will utilise Tezos blockchain.

Blockchain-based gaming has emerged as one of the hottest sectors of the cryptocurrency ecosystem in the second half of 2022 and a partnership with one of the largest video game makers in the world could atomic number 82 to long-term bullish outcomes for Tezos.

The beta for Ubisoft Quartz is scheduled to launch on Dec. 9 and volition be open up to players of Tom Clancy'southward Ghost Recon: Breakpoint. Players who encounter certain criteria will be able to merits iii free cosmetic NFTs from drops for early adopters of the platform.

Focus on environmental sustainability

Another reason for the growing strength of Tezos is the protocol's focus on creating an environmentally friendly and sustainable blockchain network. The network utilizes a proof-of-stake consensus mechanism that is known to offering an energy-efficient culling to more traditional proof-of-work blockchains such every bit Bitcoin (BTC).

According to a report released by the projection, "the total annual carbon footprint of the Tezos blockchain is equivalent to the average energy footprint of 17 global citizens."

Reducing the energy required to operate the Tezos network, which has been a goal of the project for some time, has resulted in a 70% increase in free energy efficiency on a per-transaction basis for the network in 2022, resulting in the "electricity requirement per transaction being less than 30% in 2022 than what it was in 2022."

Related: Tezos blockchain records 70% increase in energy efficiency in 2022: PwC study

Transaction volumes and revenues rising

In merely the past few days, the Tezos network has seen an increment in transaction book and protocol acquirement every bit each spiked to the highest levels seen in 2022.

XTZ daily transaction volume vs. total revenue. Source: Token Terminal

As seen in the graph to a higher place, the transaction volume on Tezos surged to a record-high $369 1000000 on Dec. 3, which could be a hint that some investors had defenseless air current of the Ubisoft news.

The jump in activity and revenue came as the project announced the completion of its Hangzhou upgrade, the eighth protocol upgrade for the Tezos network, which demonstrated the project's ability to self-amend and upgrade without the need to conduct a hard fork.

VORTECS™ information from Cointelegraph Markets Pro began to find a bullish outlook for XTZ on Dec. 5, prior to the recent price rise.

The VORTECS™ Score, sectional to Cointelegraph, is an algorithmic comparison of historical and current marketplace conditions derived from a combination of data points including market place sentiment, trading volume, recent toll movements and Twitter action.

VORTECS™ Score (greenish) vs. XTZ cost. Source: Cointelegraph Markets Pro

As seen in the chart in a higher place, the VORTECS™ Score for XTZ began to pick up on Dec. 4 and reached a high of 87 on Dec. v, around 21 hours earlier the toll increased 49% over the next two days.

The views and opinions expressed hither are solely those of the writer and exercise not necessarily reflect the views of Cointelegraph.com. Every investment and trading motility involves risk, yous should acquit your own research when making a decision.