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FTX Is Launching A Gaming Unit To Drive Token Adoption

Crypto exchange FTX is launching a new team focused on driving cryptocurrency and NFT adoption in the gaming world. 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. For the FTX exchange, the attempt to build collaborations with game developers is another prong of its incursion into the cultural space.

“We are launching FTX Gaming because we see games as an exciting use case for crypto,” an FTX spokesperson told Bloomberg. “There are 2 billion+ gamers in the world who have played with and collected digital items, and can now also own them.”

The new gaming-focused team from FTX is a sign of the continued push to bring blockchain-based products into the gaming space. 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.

Brett Harrison, president of FTX US, told The Verge that the company believes blockchain technology can build on existing game features without detracting from the experience of players who are hesitant to adopt it.

“I think the backlash is primarily out of concern that the focus on cryptocurrency will divert the efforts of game studios away from making the best game possible for the players,” said Harrison. “We believe that blockchain technology takes features of games that already exist, such as in-game avatars, skins, and rewards, and makes it possible for players to own, invest, and trade these items outside of the game. But the enjoyability of the game for all players, including those who don’t wish to participate in these kinds of economies, should always be the primary objective regardless of whether blockchain tech is involved.”

(All information was provided by The Verge)

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