FTX Launches Gaming Unit to Promote Crypto, Blockchain Adoption Among Game Publishers

FTX Gaming will be a platform through which gaming enterprises may launch tokens and offer support for NFTs.

FTX Launches Gaming Unit to Promote Crypto, Blockchain Adoption Among Game Publishers

Photo Credit: FTX US

FTX is starting a new gaming unit to help incorporate blockchain, NFT elements in games

  • Blockchain gaming has generated contrasting opinions so far
  • FTX co-launched a $100 million blockchain gaming fund in November
  • Gaming is an exciting use-case for crypto, according to FTX

Crypto exchange FTX is launching a new division to encourage the onset of digital currencies, blockchain technology, and non-fungible tokens (NFTs) in the gaming world. FTX Gaming, a "crypto as a service" platform, will enable gaming companies to create tokens and provide support for NFTs to customers. Job adverts for FTX Gaming posted since the beginning of February reveals that the new division is onboarding software engineers to form part of a remote team that will help partner companies with blockchain integration.

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

Last year in November, FTX announced that it would be co-investing $100 million (roughly Rs. 750 crore) into crypto gaming projects alongside Lightspeed Venture Partners and Solana Ventures. Amy Wu, who was previously a partner at Lightspeed, also recently joined the crypto exchange to lead FTX's new $2 billion (roughly Rs. 14,980 crore) Web3 venture fund. At that time, Wu had hinted at a white-label solution for game publishers to integrate various crypto components.

“We can provide all of that white-labelled for the largest gaming companies in the world, and new indie studios that are looking for a turnkey solution,” she told Decrypt at the time. “We're super excited to be a major player in providing and being a technology vendor for the gaming industry.” The launch of FTX Gaming and its "crypto-as-a-service" platform appears to be precisely what Wu was referring to.

While FTX and several other major crypto players have attempted to entice gamers with the promise of integrating crypto and NFTs into their platforms, the reaction has almost universally been hatred, rebellion, and outright rejection of the idea.

Even in the relatively short time since NFTs have become prevalent, there are already numerous examples of gaming companies announcing what they see as an "exciting" plan to integrate NFTs directly into their games or platforms. Almost without exception, these plans end with the company in question having to backtrack after their planned audience riot over the idea.

As an example, French game maker Ubisoft, the publisher of the Assassin's Creed franchise, was heavily slammed in 2021 for planning to launch Ubisoft Quartz. This platform would have enabled players of the company's game, called Ghost Recon, to buy and sell collectibles inside the game as NFTs.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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