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Thursday, June 1, 2023

FTX Launches Gaming Unit to Offer Crypto Services to Other Companies

FTX Launches Gaming Unit to Offer Crypto Services to Other Companies – FTX, a well-known cryptocurrency exchange, has announced its entry into the gaming industry. The company announced the launch of its own gaming unit, which would focus on lending crypto services to gaming companies as a middleman. This means that other companies will be able to issue tokens and offer NFTs on the exchange’s platform.

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According to reports, the corporation will develop a gaming division that will focus on providing crypto-related services to traditional gaming companies. This allows gaming firms to concentrate on development while FTX handles token launches and NFT marketing.

The company began hiring programmers with experience with Unity, a popular game engine, earlier this month. A FTX official responded to the situation, saying:

“We’re creating FTX Gaming because we think games are a fun way to use cryptocurrency. More than 2 billion gamers around the world have played with and acquired digital objects, which they can now possess.”

Also Read: Streaming Service Sling TV Adds Crypto Payment Support for Monthly Subscriptions

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The term “ownership” alludes to the introduction of NFTs as elements that players can use to create secondary economies and profit from their activity. The company’s interest in gaming is not new; in November, it collaborated with Solana Ventures and Lightspeed to create a $100 million gaming fund, which has already invested $21 million in Faraway, its first company.

While cryptocurrency businesses and some traditional gaming developers have made steps to incorporate token economies and NFTs into gaming experiences, the response from some elements of the gaming community has been overwhelmingly negative. Amy Wu, who oversees a $2 billion venture capital fund for the exchange, recognized this. 

According to Wu,”

“I couldn’t have predicted the level of hostility some players have against NFTs, which is unfortunate, but interesting.”

To some, the advent of NFTs is viewed as a cash grab, while others argue that the energy consumption connected with their use imposes a pressure on the environment.

Also Read: Intel Reveals Bonanza Mine BMZ1 Blockchain Accelerator Mining Chip

FTX Launches Gaming Unit to Offer Crypto Services to Other Companies – Companies like Ubisoft, on the other hand, are still striving for these components to be incorporated into their franchises.

One of the biggest problems with gamers, according to Ubisoft officials, is that they don’t see the benefits of NFTs. Square Enix president Yosuke Matsuda also suggested using these new features into subsequent games to power a “contribute to earn” economy based on user

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