Blockchain was heralded as disruptive tech once it became clear that cryptocurrency wasn’t its only use case. Now, its game-changing applications seem more promised than practiced and many claims it’s overhyped. Blockchain technology has recently become a phenomenon in various areas of the economy, driving innovation, fostering growth, and bringing added value. Among the most noteworthy of these sectors is the gaming industry. Gaming is a use case that drives the true adoption of blockchain technology by taking the incentive for the user from pure speculation to transactions on a blockchain platform. This drives innovation in development as well as consumer adoption.
Not so with gaming. With the first true blockchain gaming application being Cryptokittie, experts say the industry is poised for a sea-change; they say gaming will be the first real use case for blockchain. Blockchain could completely restructure the industry, turn the tables on the monopolistic console market, create a multiverse, and make games more immersive and boundary-blurring than ever. How gaming navigates the remaining hurdles will become a case study for other industries considering widespread adoption. These trends on Blockchains have however not been able to successfully leave FTX out of the game as it took its own spot just recently
FTX Rolls like Rolls Royce
The Bahamian Cryptocurrency exchange, FTX, has set out to launch a new team that will be focused on driving cryptocurrency and non-fungible token (or NFT) adoption in the gaming world. The FTX community has however realized over time, how important the new wave of gaming is becoming, housing over 2 billion+ gamers which is still in the count where they play, collect digital items and own them, as well as its overwhelming prospects with reference to its use cases for crypto. The new unit, according to FTX, will aim at helping gaming studios integrate blockchain technology and NFTs into their games. The initial offering from the new gaming unit will reportedly be a “crypto as a service” platform through which game publishers can launch tokens and provide support for in-game NFTs.
FTX Clears its Laser
The new gaming-focused team from FTX is a sign of the continued push to bring blockchain-based products into the gaming space, as demonstrated by projects like GameStop’s own NFT marketplace. But though game developers and retailers see crypto tokens and NFT items as a promising revenue stream, gamers have voiced widespread skepticism over the need for blockchain technology.
Why FTX Move is Considered Smart It’s juicy to know that the global gaming industry is expected to top a value of $300 billion in 2022, and it ties in with digital items and currencies which are collected and used or traded in-game. In all of these, FTX aims to harness more in this regard by building a platform that allows game developers to launch their own tokens. Another key move to note which the Project had engaged in was in November last year when the firm stated that it would join partners to invest $100 million to integrate its Solana blockchain into video games. In lieu of this act, developers and crypto companies saw the marriage as being highly profitable.