FTX Starts Gaming Unit To Encourage Crypto Adoption Among Game Publishers

The privacy-focused cryptocurrency exchange FTX is now set to release its own gaming unit aimed at encouraging more game publishers to embrace cryptocurrencies, blockchain networks, and non-fungible tokens. Operating via the American affiliate FTX.US, the company is launching a new gaming business dubbed FTX Gaming.

According to a Bloomberg report this Monday, FTX Gaming will be a “crypto-as-a-service” platform, through which gaming enterprises may launch tokens and offer support for NFTs. This move aims to offer a step forward towards helping game studios integrate blockchain technology and digital tokens into the gaming industry, as stated under two job openings posted by FTX.US earlier this month. “We are launching FTX Gaming because we see games as an exciting use case for crypto,” an FTX spokesperson said via email, Bloomberg reports.

The unit’s begun hiring a fully-remote team just this month, seeking software engineers with experience coding in the game engine Unity. Sam Bankman-Fried’s crypto exchange, FTX, has entered into the gaming scene following its November announcement that declared the entity would invest $100 million together with two partners to spur the integration of the Solana blockchain into video games.

Public Sentiment On Mixing The Crypto And Gaming Industries

For those unaware, crypto and NFT adoptions into gaming have been a long-standing controversy, with fans and developers alike criticizing the very nature of “play-to-earn” models, where gamers can benefit financially from participating in blockchain-based games. Supporters and proponents of the idea claim that nonfungible tokens and digital currencies offer solid ownership over items they earn through playing games.

On the other hand, Bloomberg observes that critics denounce gaming developers who mingle their products with a digital trading industry that’s rife with scams, financial crime, and a hefty carbon footprint as a profit-hunting exercise, while also taking the fun out of playing by introducing a financial element. The FTX spokesperson argues in the email for advocating a mix of the two by pointing out that “There are 2 billion-plus gamers in the world who have played with and collected digital items, and can now also own them.”

According to DappRadarv data noted by CoinDesk, there were 398 active blockchain games as of January 2022, up 92% from a year prior.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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