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Sony’s PlayStation Up Next for NFTs?

Sony’s PlayStation Up Next for NFTs?

Sony’s PlayStation Up Next for NFTs?

If NFT fans were to ask “Xbox or PlayStation,” they might have reason to be biased after this week. A new patent from Sony’s console games division has sparked excitement about possible future blockchain-based games for the console. Let’s look at the details surrounding the patent and how it could impact the future of gaming.

PlayStation’s Pursuit

Sony Interactive eventually saw the publication of a US patent entitled “Tracking Unique In-Game Digital Assets Using Tokens on a Distributed Ledger,” with a filing date of July 2021. The patent’s abstract description describes a desire to have a mechanism that “tracks digital assets related to video games,” which includes things like “game elements or characters.”

Speculated that a patent application by Sony for an “electronic sports betting platform” directly referenced possible cryptographic integration and referenced possible integration with gaming consoles and VR/AR.

Initially launched in 2019, this presentation has yet to show direct results from a Sony product.

Meanwhile, this latest filing came amid the bull market. Given the crypto conditions of the past year, it wouldn’t be surprising if the world’s biggest gaming companies were reticent about an early strategy in this space. While Sony is, by and large, likely exploring crypto avenues, the likelihood of Sony Interactive (and subsidiaries such as PlayStation in particular) moving anytime soon is slim; The gaming console space is a bit small, however, and this latest patent puts PlayStation at the top of the list of potential gaming consoles to host NFTs or blockchain-related technology in some way

NFTs & Gaming: How Does It Translate?

Speculation about games has generally been left to specific titles, and that’s understandable. Finally, case study projection for NFT has primarily focused on the potential of titles: Experts cite consumer willingness to pay for digital items in titles like Fortnite or CS: GO: Rarely does the NFT conversation start with Xbox or PlayStation. But NFTs encourage ownership, so how can you own your in-game skin across multiple titles? How does the right of one title transfer to another if developers or publishers do not share the tags?

These are some of the title-specific hurdles that NFTs in games must overcome, and while there likely won’t be an immediate title or console roadmap, a standardized system will probably start at the top (consoles). It works. Low. We’ll see if Sony or PlayStation pulls the trigger on NFTs as we look toward the next console cycle over the next few years.

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