FTX Launches New Gaming Arm With NFT Support

Popular crypto exchange FTX has plans to launch a gaming unit to offer mainstream gaming publishers support for non-fungible token (NFT) integration and other blockchain-powered collectibles.

FTX to Provide Web3 Operability for Game Studios

Bloomberg reported that the company will launch its gaming outfit in the coming months. The so-called FTX Gaming unit is set to function as a “crypto-as-a-service” platform for mainstream game studios. Also, the service will offer support for NFTs and allow companies to launch digital tokens for gamers.

According to the report, the foray into gaming marks a strategic move for the exchange in its bid to incentivize the adoption of blockchain technology and digital assets by game publishers. The Bahamian-based firm believes decentralized systems could play a pivotal role in the future of gaming, per the report.

In addition, the company’s American affiliate will oversee its new gaming unit. Two job listings geared towards hiring experts in software engineering and Unity game engine development were also published earlier in February.

Commenting on the launch of FTX Gaming, a spokesperson for the exchange said:

“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 announcement aligns with previous comments from FTX officials regarding expansion plans for 2022. President of FTX U.S. Brett Harrison tweeted in January that the company considers the gaming industry a key point of interest. Harrison added that FTX plans to integrate NFT, crypto trading, and wallet technology directly into game economies at a massive scale.

CryptoPotato previously reported that FTX partnered with Solana Ventures to launch a $100 million blockchain gaming fund. It aims to support game studios focused on integrating decentralized technology.

“NFTs as a Service”

Indeed, the high technical requirement for deploying certain protocols can often be a challenge even for established corporations when it comes to enterprise blockchain adoption.

Crypto native companies like FTX, borrowing the software-as-a-service (SaaS) model, have created customized enterprise-grade blockchain applications that allow mainstream organizations to adopt the emerging technology and match the demand for contemporary product offerings.

As the metaverse becomes a fixture in pop culture, more companies could be looking to firms like FTX for interactive decentralized solutions they can deploy, rather than relying on their in-house expertise.