FTX is a major cryptocurrency exchange and has just announced that it plans to enter the gaming industry. The company said it would launch its gaming division to lend crypto services and act as a broker to other gaming companies. The exchange supports other companies that launch tokens or offer NFTs through its platform.
FTX Gets Into Gaming
One of the top cryptocurrency exchanges, FTX, has decided to venture into gaming. According to reports, the company is launching a gaming unit which will focus on providing crypto-related services for traditional gaming businesses. Gaming companies can now concentrate on their development while NFT marketing and token launches are left to FTX.
This month the company started hiring programmers who have experience with Unity, a well-known game engine. A spokesperson for FTX commented on this issue by saying:
We launched FTX Gaming as we believe games are a great use for cryptocurrency. More than 2 billion people around the globe have already collected and used digital objects and now can also purchase them.
NFTs can be used by players to build secondary economies. It isn’t new that the company has an interest in gaming. In November last year, it joined forces with Lightspeed and Solana Ventures to create a $100m gaming fund. This gaming fund already funds Faraway with $21M.
Crypto and Gaming
Some traditional game developers, as well as cryptocurrency companies have tried to integrate NFTs and token economy into the gaming experience. However, this has not been met with positive reception from some gamers. Amy Wu who is the manager of a $2B VC fund on the exchange acknowledged this. Wu said:
I wouldn’t have been able to predict kind of how fierce the animosity has been with some gamers against NFTs and it’s unfortunate, but it’s interesting.
Some people see NFTs as a way to make quick cash, but others feel that they pose a threat to the environment because of the increased energy use. Ubisoft is pushing to have these elements included in its franchises, however.
Ubisoft executive say that gamers are not seeing the benefits of NFTs as a major problem. Yosuke Matsuda, president of Square Enix, also favored the introduction of these new elements in upcoming games to power a “contribute to earn” economy with user-generated content.
What do you think about FTX’s foray into gaming? Leave a comment below.
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