The cryptocurrency exchange known as FTX has announced the development of a new gaming firm that will deliver “crypto-as-a-service” to the clients of the exchange. The new company will be known as FTX Gaming. Programmers will be able to add in-game tokens as well as non-fungible tokens, more commonly referred to as NFTs, into game compositions with the support of this particular service.
It will do business through FTX US, which is the US affiliate of the exchange, and it will work toward the goal of providing gaming items that are based on blockchain technology. The choice was made not long after it became public knowledge that FTX, along with Lightspeed Venture Partners and Solana Ventures, will invest a combined total of USD 100 million in cryptocurrency gaming firms.
We concluded that gaming is an exciting use case for cryptocurrency, and as a result, we have made the decision to develop FTX Gaming. Over two billion gamers around the world have used and accumulated digital products, and they are now able to acquire them entirely, according to a statement that was made by a representative of FTX who spoke with Bloomberg.
FTX made the announcement in November of the previous year that it, along with Lightspeed Venture Partners and Solana Ventures, will make a joint investment in cryptocurrency gaming startups of one hundred million dollars (approximately 750 crores of rupees). The cryptocurrency exchange has named Amy Wu, a former partner at Lightspeed, to serve as the head of its brand-new Web3 venture fund, which has a total target amount of $2 billion (roughly Rs. 14,980 crores). In an earlier post, Wu made a suggestion for a “white-label” system, which is a tool that programmers of video games may employ in order to incorporate a number of cryptographic components.
She started to Decrypt at the time, “We can provide all of that white-labeled for the biggest gaming companies in the world and for new independent studios that are looking for a turnkey solution.” “We’re very happy to be a major player in the gaming industry and a major technology provider.” It would appear that Wu was discussing the introduction of FTX Gaming’s “crypto-as-a-service” platform when he made his comments.
In an effort to pique the interest of gamers and attract new users to their platforms, FTX and a few other large crypto players have made statements to the effect that they will implement cryptocurrency and NFTs in the near future. On the other hand, almost all gamers disapprove of, object to, or outright dismiss the concept.
The fact that FTX has established a new team with a concentration on gaming demonstrates that there is still a significant amount of work to be done in order to introduce blockchain-based goods into the gaming industry. FTX’s new team will work on bringing blockchain-based goods to the gaming industry. For illustration purposes, let’s take a look at GameStop’s very own NFT marketplace as an example of this principle. Despite the fact that game developers and merchants consider cryptocurrency tokens and non-fungible tokens (NFT) things to be a decent way to make money, gamers aren’t sure why blockchain technology is necessary. This is despite the fact that gamers don’t understand why blockchain technology is necessary.
Due to the fact that players did not enjoy playing them, a number of game publishing companies have been compelled, over the course of the past few months, to abandon their plans for new non-fiction titles. This was primarily attributable to the fact that fans did not enjoy new forms of premium downloadable content, which were not regarded as providing users with a significant amount of additional value. Other people who have a negative opinion of blockchain point out that there are currently a great many markets in a place where players can buy and sell in-game items. These people say this as evidence that blockchain is not necessary. It is difficult to understand the purpose of incorporating cryptocurrency into gaming due to the fact that this is the case.