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Crypto exchange FTX will launch game division

Crypto exchange FTX will launch game division

The new division will focus on implementing games, in-game cryptocurrencies, blockchain, and NFT of various issuers in their products. The division has been named FTX Gaming.

According to Bloomberg, the division will work through a U.S. branch. The first service will be a crypto-as-a-service platform, using which game development teams will be able to issue tokens and offer support for NFT.   

According to the publication, the recruitment of specialists started in February, with an emphasis on those who have experience working with the game engine Unity. Thus, FTX Gaming can also start making its own games in the future. 

Recall that even though the GameFi sector has actively started to gain popularity in 2021, gamers face intense criticism. Many believe that combining computer games with the chance to make money will destroy the entire industry of games designed to provide fun. 


GameFi

GameFi (from "games" and "finance") or Play-to-Earn (P2E) are projects for monetizing the gaming experience. The mechanics are combined with cryptocurrencies and blockchain technology. Each game has its own token, i.e., the in-game currency used to pay for various items, artifacts, etc. Developing a character, the gamer is rewarded in tokens that can be exchanged for real money.

Since games run on the blockchain, the user fully owns any objects obtained in the digital world. Artifacts, weapons, and even characters, pets, and real estate are non-exchangeable tokens (NFT).

Read more: GameFi: what it is, how it works, and the best 2022 projects

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