FTX.US has announced that it will launch a new blockchain gaming unit. FTX.US is the US division of the largest international FTX exchange which is used in NFT trading, payment services and so on.
The company’s goal is to bring more game developers to a blockchain gaming system. This can incentivize players through NFTs or crypto tokens. FTX plans to launch this platform to help gaming companies establish their tokens and support NFTs. There is already a remote team being formed to help partner companies in this integration.
There are over 2 billion players worldwide. Many are collecting digital items in their games and this would give them the ability to own them as well. They believe companies could use this opportunity to reward their most loyal users. NFTs would allow these users to have ownership over the items they won by playing.
However, this integration can lead to many problems. The main problem would be hackers and scammers. They can use this integration to exploit players.
NFTs in games do not seek profit
In 2021, people spent over $90 billion on microtransactions. Most of these transactions came from players looking to gift themselves and buy new outfits and weapon skins. Many of these players are very passionate about their games. Some of them don’t mind spending large sums of money on extremely rare items.
We have an example of a Counter-Strike weapon skin that sold for $61,000 at auction. In 2012, a single weapon in Diablo III sold for over $8,000. Many see game items sold for high prices as a phenomenon.
The first company that tried to integrate NFTs into their game was Ubisoft. Ubisoft created many popular games that were of great accomplishments such as Far Cry and Assassin’s Creed. Regardless, integrating NFT into a shooter called Ghost Recon Breakpoint was a failure.
Comments on this experiment were overwhelmingly negative. In 2021, only about 20 NFTs were sold in total. Other gaming companies agreed that they would not pursue NFTs if the only objective is to make money.
New microtransaction system
To help demonstrate how NFTs in games would work, we can take any card collecting game as an example. Each card collected can essentially become its own NFT. You can then use this card to sell your property to other players. However, the company would cut the sale that was put up for auction. Theoretically, the company can also open new revenue that would be based solely on these resales.
People believe that NFTs will be a new way to pay for microtransactions in video games. There were similar concepts like battle passes or loot boxes.
A large part of the player base is afraid of losing things in the game. It is believed that NFTs would easily embezzle money from these individuals.
Your capital is at risk.
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