Crypto Exchange FTX Enters Gaming (Updated)

Crypto Exchange FTX Enters Gaming (Updated)

Play To Earn Games | 09 Mar 2024 10:05 UTC

FTX has declared backrupt - 2023 Read more on FTX

Crypto Exchange FTX Announces Entry into the Video Game Industry.

Crypto and gaming nexus is getting a solid expansion with FTX crypto exchange launching its gaming department. The objective behind FTX’s new gaming unit is to encourage and engage more video game developers and publishers to introduce cryptocurrencies, blockchain tech, and NFTs into their games.

Crypto Exchange FTX Enters Gaming
Crypto Exchange FTX Enters Gaming

The new crypto gaming unit is known as FTX Gaming which will operate via FTX’s US affiliate. FTX Gaming will make its debut with the “crypto-as-a-service” platform which will provide game publishers a platform to launch tokens.

Moreover, the service will also offer support for NFTs in games. The hiring process is also underway for FTX Gaming where they are looking for a fully remote team. As of now, the unit is looking for software engineers with a background in coding in the game engine Unity.

FTX exchange’s move further assures its commitments which it made last year in November.

Previously, the crypto exchange announced that it would invest $100 million along with two partners to introduce Solana blockchain into video games.

Despite all the investments, the crypto industry’s integration into the video game industry isn’t well-received by the general public. Both gamers and game developers have criticized Play to Earn games owing to various reasons.

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

Crypto Exchange FTX Enters Gaming
Crypto Exchange FTX Enters Gaming

Amy Wu, the head of FTX venture capital fund, while talking on P2E future and profit potential said that more game developers should make quality games that offer NFTs rather than “making tradeoffs that actually make that content experience worse in exchange for profit.”

“I wouldn’t have been able to predict kind of how fierce the animosity has been with some gamers against NFTs and it’s unfortunate, but it’s interesting,” he further added.

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