Crypto change FTX is launching a new team focus on driving cryptocurrency and non-fungible token (or NFT) adoption in the gaming world, in line with a Bloomberg record.
The initial offering from the new gaming unit will reportedly be a “crypto as a provider” platform through which sport publishers can release tokens and offer support for in-game NFTs.
“We’re introducing FTX Gaming because we see games as an exciting use case for crypto,” an FTX spokesperson advised Bloomberg by email. “There are 2 billion-plus gamers within the worldwide who’ve played with and collected digital objects, and may now also own them.”
The new gaming-focused team from FTX is a sign of the ongoing push to carry blockchain-primarily based products into the gaming space, as confirmed using projects like GameStop’s own NFT marketplace. But, even though sports designers and retailers see crypto tokens and NFT items as a promising revenue move, gamers have voiced widespread skepticism over the requirement for blockchain technology.
Read More: Valve bars blockchain games that allow trading of NFTs from Steam
Within the past few months, various game publishing corporations have been compelled to cancel proposed NFT projects after fan backlash, which has broadly sprung from competition to new forms top rate downloadable content which can be seen as providing little more value to players. Different blockchain critics point out that there are already many established markets for the alternate of in-game objects, making the value proposition of cryptocurrency tie-ins doubtful.
For the FTX exchange, the try to build collaborations with game builders is any other prong of its incursion into the cultural space. The corporation was at the back of the latest release of an NFT market for the Coachella pageant, where pictures, posters, and lifetime passes to the festival were sold as NFTs. Visitors of this 12 months’ first-rate Bowl will even have visible advertisements from FTX, which changed into considered one of many crypto businesses vying for the attention of football fans.
Having closed a $400 million investment spherical in January 2022, the enterprise has emerged as one of the valuable private crypto companies inside the world and claims to be the third-biggest alternate using trading quantity.
FTX’s worldwide operations have been relocated from Hong Kong to the Bahamas in September 2021, bringing up the Caribbean nation’s favorable and comprehensive regulatory regime — though task postings for the gaming unit are currently listed below FTX US, the US associate of the corporation.