Tue. Sep 26th, 2023

According to a report by Bloomberg, cryptocurrency exchange FTX is forming a new team to promote cryptocurrency and non-fungible token (or NFT) adoption in the gaming industry.

A “crypto as a service” platform is expected to be the first product from the new gaming division, which will allow game developers to launch tokens and provide support for in-game NFTs.

An FTX spokeswoman told Bloomberg via email that the company is launching FTX Gaming because it sees games as an intriguing use case for crypto. More than two billion people across the world have played with and collected digital goods, and now they can own them as well.

What is a Non-Functional Thing?

Blockchain-based NFTs allow you to buy and sell the ownership of unique digital goods, and you can keep track of who owns them. “Non-fungible token” is an acronym for “non-redeemable token,” and it may be used to store anything digital, from animated GIFs to music and video game goods. One-of-a-kind NFTs or multiple copies of the same file are both possible, but the blockchain keeps track of who owns the file.

Several high-profile memes, including Nyan Cat and the “deal with it” sunglasses, have sold for millions of dollars in NFT auctions recently. In addition, NFTs are frequently criticised for their high electricity consumption and negative environmental effects. If you’re still unsure about anything, feel free to check out our NFT FAQ.

There has been an increase in projects like GameStop’s own NFT marketplace, which focuses on bringing blockchain-based items to the gaming field. This new gaming-focused FTX team is a symptom of that increase. Blockchain technology has been widely dismissed by gamers, despite the fact that game makers and merchants regard it as an exciting new money stream.

The opposition to new forms of expensive downloadable content, which gamers regard as giving little further value, has prompted a number of game publishing companies to scrap proposed NFT initiatives in the last several months. Other blockchain sceptics point out that the value proposition of cryptocurrency tie-ins is unclear because there are already numerous established markets for trading in-game items.

According to FTX US president Brett Harrison, who spoke to The Verge, the company believes that blockchain technology may enhance existing gaming features without taking away from the enjoyment of users who are hesitant to accept it.

Crypto Exchange FTX is Launching

When it comes to cryptocurrencies, “I think the backlash is mostly out of concern,” Harrison wrote in an email, “that the concentration on cryptocurrency is going to divert the efforts of game developers from developing the best game possible.” “We believe that blockchain technology allows players to own, invest in, and exchange in-game avatars, skins, and awards that are already available in games. However, the ultimate goal should always be the enjoyment of the game by all players, including those who do not choose to participate in these kinds of economies.”

As part of its push into the cultural sphere, the FTX exchange is collaborating with game developers. Photographs, posters, and lifetime festival passes were recently offered as NFTs through the company-sponsored creation of a Coachella NFT marketplace. FTX was one among the many crypto firms competing for the attention of football fans during this year’s Super Bowl.

By 2022, the company will be one of the world’s most valuable private crypto firms, with a market capitalization of $400 million. It also claims to be the third largest exchange by trading volume.

While employment listings for the gaming unit are now displayed under FTX US (the business’s U.S. affiliate), the company shifted its international operations from Hong Kong to the Bahamas in September 2021 due to its advantageous and thorough regulatory regime.

By Adam

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