Patent suggests PlayStation is looking at NFT implementation

PlayStation is no stranger to filing patents, but their recently filed patent seems to suggest that the console giant is looking to integrate NFTs and Web3 into its world. A reading of the patent says that Sony is coming up with a system that will allow users to acquire and trade “unique digital assets” hoping to extend the functionality of such assets, and change their structure from fungible to non-fungible.

PlayStation already has a PlayStation Stars program similar to NFTs, but Sony was quick to deny that they incorporate blockchain technology. However long Sony may deny it, it seems NFTs and Web3 are will almost certainly be integrated into the PlayStation setup at some point.

Image credit | Archysport

NFTs are everywhere

What was once a means for artists to monetize their work has quickly become the talk of every major industry, especially gaming. NFTs are minted and reversedwhere the former is the process of creating one, and the latter is the buying and selling of one of these tokens.

These NFT tokens are usually works of visual art, and were seen as ways for digital artists to make a small profit. Despite being talked about since the early 2010s, they only became a media phenomenon around the time the world was hit by the Covid-19 pandemic.

Everyone from sports personalities, Hollywood actors and musicians have sold NFTs. An NFT by artist Beeple sold at Christie’s auction for $69.3 million. So what exactly is the problem here?

Why Playstation might want to distance itself from NFTs

NFTs have been given a negative code at the moment for various reasons, but two stand out: trading these tokens has been compared to gambling, and the carbon footprint allegedly associated with producing them.

Many of the characteristics found at a high stakes poker table are seen in the minting and flipping process in NFT trading. There are barriers to entry, and the value of an NFT is quite volatile because an NFT’s value is not governed by any underlying policy. The thrill of profiting from such a trade is not unlike winning big rewards at a casino.

Of course, NFTs are not strictly gambling, and they are not the only products in the world that harm the climate, but this is often highlighted due to the lack of information that the masses have about NFTs. They are still a fairly new concept to the larger world, and is not used by the masses yet, but the feeling among experts is that this phenomenon around NFTs and cryptocurrencies is not unlike the early days of the internet. The Internet today is of course used by young and old alike, and is fundamental to any major industry. But in the wake of the massive turbulence in the crypto world at the moment, it wouldn’t be surprising to see if Sony is just testing the waters and biding its time with this patent – ​​there are PR costs to go all in on this world in the immediate future.

By putting in place The PlayStation Star programand the filing of this new patent, it appears that Sony and PlayStation are preparing for a time when the integration of NFTs and Web3 will be better received publicly.

Some PlayStation users may object to this, but Sony will have the final say. So far, there’s no confirmation that PlayStation wants to incorporate any of this – but it could only be a matter of time.