Sony’s new patent indicates growing NFT interest in PS5
Video game console giant Sony has filed for a number of patents, with the latest suggesting the company could sink significant resources into incorporating non-fungible tokens (NFTs) into its consoles.
The filing with the World Intellectual Property Organization (WIPO) revealed that Sony intends to allow its PlayStation 5 owners to interact with NFTs in a standardized format. According to the filing, the company’s end game is to allow players to own digital collectibles and allow transfer across multiple gaming platforms.
Sony’s digital collectibles will be in the form of game skins, artwork, game weapons, in-game skills or avatars. The filing document suggests that the standardized NFT framework will be used across generations between the PS4 and PS5 consoles.
Sony notes that current game hardware makes it difficult to use digital assets across multiple platforms, but claims that a standardized framework for NFTs could provide a solution to the problem.
“The standardized format can be readable for inserting the digital asset into different computer simulations that can include different video games with different titles,” Sony’s filing states. “In addition, or alternatively, […] readable via various video game platforms such as PlayStation and Xbox.”
With over 100 million owners of consoles, analysts believe that a proper attempt at NFTs by Sony will be key to accelerating adoption in the industry. Currently, digital collectibles are reeling from a prolonged bear market, a stark contrast from the amazing numbers posted in 2021.
OpenSea, the largest NFT marketplace, saw trading volumes plunge for five consecutive months at the end of 2022. In October 2022, daily transaction volumes were down 99% from the height of their powers as floor prices of several digital collectibles bottomed out.
“I think the unique thing about this environment is that it’s the intersection of both the macroeconomic downturn and the crypto winter,” said Devin Finzer, OpenSea’s CEO. “The previous crypto winters were a little more isolated to just crypto prices, so for that reason I think it’s wise to be conservative about how long this could last.”
Spotted marriage of NFTs and video games
Since NFTs made their big debut in 2021, the asset class has found several uses in gaming, but has divided opinion among the gaming community. Proponents of digital collectibles claim that NFTs give players the right to own and trade game items for the first time in gaming history.
However, critics argue that the speculative tendencies associated with trading NFTs take away from the essence of video games, with some urging game publishers to eliminate the feature altogether.
In 2022, Minecraft announced that following the feedback it received from community members, NFTs are not allowed to be associated with in-game content. The game’s publisher noted that there are no plans to explore blockchain, but it will keep an eye on the sector’s developments.
See: Buzzmint: Elevating NFTs
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