FTX Exchange To Launch A Gaming-Focused Team To Boost NFTs Adoptions

To boost mainstream adoption of cryptocurrency and NFTs, the FTX crypto exchange plans to add a separate team to its workflow aimed at serving game publishers.

The addition of a new unit will work as a “crypto-as-service” platform to pave the way for game creators to support and build in-game NFTs.

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Expressing their moto behind this move, a representative of the FTX crypto exchange adds;

We are launching FTX Gaming because we see gaming as an exciting use case for crypto. There are over 2 billion gamers worldwide who have played with and collected digital items and can now own them as well.

Setting up a game-focused team will drive the continuous development of new blockchain-based products in gaming. As an example, GameStop has launched its NFT marketplace recently.

Undoubtedly, the NFTs addition in gaming functions will help game studios to generate more revenue, but gamers also expressed the need for blockchain technology for a better experience. 

A couple of months ago, the fan backlash in NFTs based festivals caused many companies to end up proposing NFT projects. As it should be, the intermediaries became the major opponent to make many other NFTs stop direct selling between artist and community, in which players were receiving additional values. 

The opponents’ statements point out fan backslash as a reason to stop NFTs’ related activities. At the same time, few of the oppositions pressed there are many NFTs platforms already giving them value proportion is unclear.

FTX Is Set To Incorporate NFTs In Gaming

On the other side, the President of the US-based FTX crypto exchange, Brett Harrison, expressed his opinion that blockchain technology can be incorporated into existing game functions without harming players’ experience. He added in an email; 

I think the backlash is mostly because the focus on cryptocurrency will distract game studios from creating the best possible game for gamers. We believe that blockchain technology takes features of games that already exist, such as avatars, skins, and in-game rewards, and allows players to own, invest and trade these items outside of the game. But the enjoyment of the game for all players, including those who do not wish to participate in these kinds of economies, should always be the main goal, whether blockchain technology is involved or not.

As part of its strive to drive adoptions, the platform is also attempting to build collaborations with game developers to bring them on the platform to accelerate adoptions in the cultural space. Recently, the FTX launched Coachella Festival NFT Marketplace and sold many posters, photographs, and lifetime passes as NFTs. Super Bowl viewers must have seen the ads from it, as the platform has been struggling for a long to drive the attention of football fans.

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Moreover, the crypto exchange has become the world’s most valuable private crypto exchange after raising $400 million in a funding round in January 2022. Similarly, it claims to be the third biggest exchange per the trading volume.

Due to the favorable crypto laws of the Caribbean, FTX moved its international operation from Hong Kong to the Bahamas. So note that the game team is currently available at FTX’s US subsidiary.

Featured image from Pixabay and chart from TradingView.com