Joining the Crypto Charge

As a society, we coexist with many different ideas, so deciphering which ones deserve our attention becomes quite tricky. Now, with such high volume in play, it’s also a given that we’ll make mistakes every once in a while. However, even though we can’t eliminate all these mistakes from the picture, what we can do is curb their impact on us, and we have done exactly the said job by bringing technology into the fold. You see, when technology turned up on the block, it scaled up our lives beyond all expectations. Considering it was now playing on the house’s money, the dynamic gave us an opportunity to understand the creation in a rather freestyle manner. This approach did lead us to some dead-ends, but if we assess it from a more holistic standpoint, we can clearly see how it eventually paved the way for even more ingenious ideas to come and do their thing. While the said ideas have appeared in every imaginable shape and form, none of them happen to be as controversial as cryptocurrency. Deemed a detriment, which aims to undermine the current financial structure, cryptocurrency has really ruffled some feathers so far. However, the pushback seems to be having no impact whatsoever. The concept is still expanding at a breakneck, and FTX’s latest announcement will only add to the simmering trend.

According to a Bloomberg report, crypto exchange FTX is officially launching a new unit dedicated to bolstering NFT adoption in the gaming sphere. By putting out a crypto as a service platform, the company hopes to enable game publishers in regards to launching in-game digital tokens. Interestingly enough, the decision comes just months after FTX, Lightspeed Venture Partners and Solana Ventures partnered on a $100 million Web3 gaming funding initiative. If we move beyond that for a second, the timing also makes sense in the context of where NFT is in its journey. Since the start of year 2022, the NFT stock has reached an all-time high. With the value around it getting more and more apparent, many big entities are now putting their chips on digital tokens. Nevertheless, despite all the rage, FTX will have to be careful about navigating the ground reality. Up until now, many game publishers have faced backlash for their attempts at integrating blockchain technology into the gaming world. This backlash is seemingly rooted in how the said additions force gamers to spend sizeable sums on low-value content and features.

When asked about the gaming community’s concerns, FTX US President, Brett Harrison said:

“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. 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.”

 

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