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FTX Launches Gaming Unit to Offer Crypto Services

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Joyashree Dey Follow

INDIA

Feb, 23 2022

Feb, 23 2022

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Cryptocurrency exchange FTX is launching a gaming unit prone to be a "crypto as a service" platform through which game gaming companies can launch tokens and offer help for in-game NFTs in the gaming world, as per a Bloomberg report published on February 21.

“We are launching FTX Gaming because we see games as an exciting use case for crypto,” an FTX spokesperson told Bloomberg via email. “There are 2 billion+ gamers in the world who have played with and collected digital items, and can now also own them.”

The new gaming group from FTX is an indication of the proceeded push to bring blockchain-based items into the gaming space, as shown by projects like GameStop's own NFT marketplace. However, game developers and retailers see crypto tokens and NFT things as a promising income stream, gamers have voiced far and wide wariness over the requirement for blockchain technology.

In the last couple of months, different game publishing organizations have been compelled to drop proposed NFT projects after the fan backfire, which has to a great extent sprung from resistance to new forms of premium downloadable content that is viewed as offering minimal additional worth to players. Other blockchain critics bring up that there are now many laid out business sectors for the exchange of in-game things, making the offer of cryptocurrency connections not clear.

For the FTX trade, the endeavor to fabricate joint efforts with game developers is one more prong of its invasion into the social space. The organization was behind the new launch of an NFT marketplace for the Coachella festival, where photos, banners and lifetime passes to the celebration were sold as NFTs. The audience of the 2022's Super Bowl will likewise have seen advertisements from FTX, which was one of the numerous crypto organizations competing for the focus of football fans.

By closing a $400 million funding round in January 2022, the organization has become one of the most significant private crypto firms on the planet, and cases to be the third-biggest trade by exchanging volume.


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Joyashree Dey

CBW - External Analyst

INDIA

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