FTX sets up a Crypto gaming unit to bring NFTs Web-3 games

Crypto Exchange FTX's US subsidiary is launching a new gaming division that will provide "FTX as a service" to game publishers seeking to integrate NFTs and blockchain into their titles. According to FTX.US CEO Brett Harrison, this initiative is a crossover between cryptocurrencies and games.

Brett Harrison has said in a tweet that as game studios seek ways to bring ownership, transferability, and price discovery to their in-game economies, we intend to partner with them to provide backend exchange technology.

The new gaming division is pointing its platform to companies and projects that want to enter web3, the next iteration of the Internet that is often associated with the Metaverse. 

Play-to-earn crypto games are becoming more popular among developers, with nearly 60% of US and UK-based game developers starting to integrate blockchain technology, according to a November survey by Stratis. 

These crypto games reward players with in-game digital assets such as NFTs. NFTs can be purchased and sold, but these can be locked into the gaming ecosystem.

The NFT market as a whole has seen a surge in interest and investment over the past year. According to a Jeffreys study, it is expected to be worth more than $ 35 billion in 2022 and more than $ 80 billion in 2025. NFTs are unique digital tokens that represent assets like audio, video, works of art, and virtual real estate.