FTX Bankruptcy and its Effects

FTX Bankruptcy and its Effects

Play To Earn Games | 08 May 2024 12:25 UTC

FTX Collapse and its Ongoing Impacts on Blockchain Gaming Industry.

FTX collapse was a big deal in the crypto industry, especially blockchain gaming. We still do see the fallout of FTX collapse in the recent Super Bowl crypto cancellations. So, what is the future of blockchain gaming and those startups planning to launch their blockchain games and projects? The connection between cryptocurrency and gaming is not always simple. Some gamers and gaming businesses have rejected anything linked to blockchain technology and digital currencies. They argue that the environmental impact has not been thoroughly addressed. Moreover, transforming games into investment schemes takes away from the enjoyment of playing.

On the other hand, there are those who are carefully optimistic and are testing the use of NFTs within their games. And there is a smaller faction of highly vocal supporters of cryptocurrency who are deeply dedicated to the creation of blockchain-based games. Among this dedicated and vocal minority is FTX.

At the beginning of this year, FTX revealed its intentions to establish its own gaming division. That is a platform that would allow other companies to release their own tokens and NFTs. FTX also collaborated closely with several cryptocurrency gaming startups to increase its presence in the industry. However, following the FTX crisis, there is uncertainty about the future prospects of these small startups.

FTX Collapse and Blockchain Gaming Future

Although the FTX collapse is a big deal, we see big changes happening in the blockchain gaming industry. Investment is still coming into the sector with many gaming studios working on building AAA blockchain games. However, a growing number of developers and companies are now switching the language dynamics. During the bull run of crypto, people blatantly referred to games as crypto games or NFT games. However, now, a gradual change happening lies in the use of words like ‘underlying technology.’ 

Sam Bankman was of the proponents of using games to bring regular consumers to blockchain technology. However, his role in the spectacular collapse of FTX is also evident. But what about the future of blockchain gaming then? Despite the FTX collapse, many blockchain game developers and companies are confident about the sector’s success. However, many blockchain gaming companies made necessary amendments to their business model after the event. 

However, companies like Gamestop and others that were associated with FTX are in more of a challenge. We see that after FTX collapsed, Gamestop NFT game sales suffered a decline. And it could face more challenges as the FTX name might taint it more. The FTX presence and the failure attached to it have provided setbacks to the industry. Moreover, we might also see a bit of a delay in mainstream acceptance due to the ongoing media trial of FTX

But still we see many AAA games, ongoing investments, and new gaming business models rolling out. This year we saw investors showing plenty of confidence in the blockchain gaming sector. Moreover, we also have AAA blockchain games ready to roll out in the last quarter of this year. So, plenty to come in blockchain gaming and metaverse after which we will see FTX collapse in the rear view mirror. 

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