Bitcoin News and Finance
FTX Launches Gaming Unit to Offer Crypto Services to Other Companies Skip to main content

FTX Launches Gaming Unit to Offer Crypto Services to Other Companies

FTX

FTX, a leading cryptocurrency exchange, has announced it will enter the gaming field. The company revealed it is launching its own gaming unit to focus on lending crypto services to gaming companies, acting as a middleman. This means that the exchange will support other companies launching tokens and offering NFTs via its platform.

FTX Gets Into Gaming

FTX, one of the leading cryptocurrency exchanges, is branching out into gaming. The company will reportedly launch a gaming unit that will be focused on offering crypto-related services to traditional gaming companies. This would allow gaming companies to focus on development, leaving token launches and NFT commercialization to FTX.

The company began hiring positions this month, seeking programmers with experience using Unity, a popular game engine. An FTX spokesperson commented on the issue, stating:

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.

The ownership mentioned refers to the introduction of NFTs as elements that can be leveraged by players to establish secondary economies and profit from their activities. The interest of the company in gaming is not new, as it partnered with Solana Ventures and Lightspeed to establish a $100 million gaming fund last November, that has already funded Faraway, its first company, with $21 million.

Crypto and Gaming

While cryptocurrency companies and some traditional gaming developers have been making moves to introduce token economies and NFTs into gaming experiences, the reception by some segments of the gaming community has been largely negative. This was acknowledged by Amy Wu, who manages a $2 billion VC fund for the exchange. Wu stated:

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.

To some, the introduction of NFTs is seen as a cash grab, while others believe the use of NFTs puts a strain on the environment due to the energy consumption associated with their use. However, companies such as Ubisoft are still pushing to see these elements integrated into their franchises.

To Ubisoft executives, one of the big issues with gamers is that they fail to see the convenience of NFTs. 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? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory