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FTX launches its own gaming unit to support mainstream crypto adoption

FTX launches its own gaming unit to support mainstream crypto adoption

FTX Gaming aims to promote the merger between the crypto, blockchain, and crypto industries to support growth in these areas.

Crypto exchange FTX is entering blockchain-based gaming with its own unit to reach a mainstream audience. The new division will encourage more game developers to use cryptocurrencies, blockchain networks and NFTs, Bloomberg reported. According to a spokesperson for the crypto exchange:

“We are starting FTX Gaming because we see gaming as an exciting use case for cryptocurrencies. There are over 2 billion gamers in the world who have played, collected and now own digital items.”

According to FTX, the gaming unit, dubbed “FTX Gaming,” will be launched through the exchange’s US subsidiary. In addition, FTX Gaming will also launch as a “crypto-as-a-service” platform, allowing gaming companies to run crypto operations. In particular, this includes the launch of tokens and support for other digital assets such as NFTs.

However, Bankman-Fried said there will be a stark difference between cryptocurrency companies developing games and traditional developers looking to add digital assets to their franchise titles. He said:

“I think it’s very difficult to make a really compelling video game. I don’t think I can do it. It would take a long time to develop this experience. So when you hear about high-profile game publishers looking to introduce crypto into their system, I’m pretty optimistic.”

The launch comes months after FTX, Lightspeed Venture Partners, and Solana Ventures collaborated on Web3’s $100 million gaming funding initiative. The initiative focuses on supporting game studios, technologies, and projects focused on the intersection between blockchains and games, Blockworks previously reported.

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In the last 12 months, blockchain games like Axie Infinity have grown in popularity, stabilizing at around 1 million users with nearly 400 active blockchain games, according to data from DappRadar. In early January, users peaked at around 1.5 million, but have since fallen 28% to 1.09 million.

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