FTX to launch gaming unit to popularize NFTs

Cryptocurrency exchange FTX plans to create a dedicated division to focus on non-fungible token (NFT) and cryptocurrency adoption in games.

Even though several developers have dropped the idea of using NFTs in their games, including Activision Blizzard and Electronic Arts, FTX believe it can help these solutions to be accepted by gamers.

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

This is the latest move by a crypto company in the gaming space hoping to establish blockchain and NFTs as complementary features of gaming.

During its last earnings call EA said that it recognized the potential of these solutions but admitted that it did not know how to introduce them in a way that would lead to adoption. The company previously called NFTs “the future of the industry” in a bid to hype them.

The game developer’s enthusiasm was partly chilled by Ubisoft’s own hit-and-miss with NFTs. Speaking to The Verge, FTX US president Brett Harrison told the publication why gamers react negatively to the concept of NFTs in their games.

Part of this, he argued, was because gamers automatically assume that developers’ focus would shift to NFTs and not make the best possible games, and acknowledged that NFTs or NFTs players should always be able to have fun.

“But the enjoyability of the game for all players, including those who don’t wish to participate in these kind of economies, should always be the primary objective regardless of whether blockchain tech is involved”, Harrison explained.

FTX has been making waves recently. The company advertised during the Super Bowl and has been participating in various partnerships with sports and gaming franchises, including Team SoloMid, the Golden State Warriors and others.

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Updated: 02/22/2022 — 12:00