FTX Gaming aims to foster the integration of the crypto, blockchain, and cryptocurrency industries to support growth in these areas.
Crypto exchange FTX enters the blockchain-based gaming with its own module to reach the mainstream audience. Bloomberg reports that the new division will encourage more game developers to use cryptocurrencies, blockchain networks, and NFTs. According to a cryptocurrency exchange spokesperson:
“We started FTX Gaming because we see gaming as an exciting use case for cryptocurrency. There are over two billion gamers in the world who have played, collected and now own digital items.”
According to FTX, the gaming console, dubbed “FTX Gaming,” will be launched through the US-affiliated exchange. In addition, FTX Gaming will also launch as a “crypto-as-a-service” platform, allowing game companies to run crypto operations. Notably, this includes launching tokens and supporting other digital assets such as NFTs.
However, Bankman-Fried said there will be a noticeable difference between crypto companies developing games and traditional developers looking to add digital assets to their award winning titles. He said:
“I think it’s really hard to make a really compelling video game. I don’t think I can do that. It’s going to take a long time to build that expertise. So when you hear that major game publishers are looking to bring coding into their system, I’m pretty optimistic.”
The launch comes months after FTX, Lightspeed Venture Partners, and Solana Ventures collaborated on Web3’s $100 million gaming funding initiative. The initiative focuses on supporting game studios, technologies and projects that focus on the intersection between blockchain and gaming, Blockworks previously reported.
Over the past 12 months, blockchain games like Axie Infinity have grown in popularity, reaching nearly one million users with nearly 400 active blockchain games, according to DappRadar data. In early January, the number of users peaked at around 1.5 million, but has since fallen by 28% to 1.09 million.
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