FTX Launching Gaming Division To Take Advantage Of Growth Of NFTs And Play-To-Earn In Sector

A leading cryptocurrency exchange and NFT marketplace is launching a gaming division that could see growth because the sector is recognizing the monetization efforts of non-fungible tokens and web3.

What Happened: FTX announced the launch of FTX Gaming, a unit that will provide “complete solutions” for companies and projects seeking to grow in web3.

“There’s a future where two billion gamers get to own what they earn and we want to help build it,” FTX said in a tweet.

The new segment will offer Faas, or FTX-as-a-service, according to Amy Wu, the head of FTX Ventures and Gaming.

“We believe the future of web3 games,” Wu tweeted. “We offer an end-to-end solution of our core product to launch NFTs and tokens: a custodial wallet with non-custodial integrations, primary and secondary trading, compliance and licensing, and more, all white labeled and in-house.”

Brett Harrison, head of FTX US, said the company is providing the crossover between crypto and gaming.

“As game studios seek ways to bring ownership, transferability and price discovery to their in-game economics, we intend to partner with them to provide backend exchange technology,” Harrison said.

Related Link: How To Buy NFTs 

Why It’s Important: Growth of NFTs in the gaming sector has boomed with play-to-earn among the most popular topics for NFTs over the last few months.

“There are gamers who don’t believe in NFTs in games, but there were also naysayers about free-to-play and mobile gaming,” Wu said.

Harrison said games need to be fun for every user, whether or not they’re experienced with crypto or NFTs. FTX is seeking to bridge the gap and provide education and technology to allow every user to own their in-game content.

“We also believe that the power of blockchain technology can enable users to invest in their games in ways that carry over to worlds outside of in-game economies, including potential transferability of these involvements to other games,” Harrison said.

Harrison said blockchain gaming can help take features that exist in games such as avatars, skins and rewards and make it possible for players to own these items and trade them inside and outside of the game.

FTX is seeking to find software engineers with experience in programming and also those familiar with the Unity game engine from Unity Software Inc U. Unity is a leading partner for game developers.

FTX launched a $100 million blockchain gaming fund in November with partners Solana Ventures and Lightspeed Venture Partners. The fund will invest in startups in the blockchain gaming space.

FTX was valued at $32 billion in January in a new $400 million funding round.

Photo: FTX screenshot