Sony Files Patent for NFT Transfer Between Game Platforms

The developer of the immensely popular PlayStation gaming console, Sony Interactive Entertainment, has recently submitted a patent application for a framework that, once implemented, will enable users to transfer and utilize non-fungible tokens (NFTs) across multiple gaming platforms. This will be made possible by the aforementioned framework. The filing of this patent, which bears the description “NFT framework for transferring and utilising digital assets across gaming platforms,” is only the most recent sign that Sony is becoming more interested in the cryptocurrency industry.

Sony has been actively pursuing opportunities in the cryptocurrency industry for a number of years, during which time the business has formed partnerships with a variety of blockchain-based platforms and registered a number of trademarks pertinent to this sector. NFTs, or non-fungible tokens, are digital assets that are confirmed on a blockchain and cannot be replicated or replaced. In addition to this, Sony has been investigating the potential usage of NFTs.

The most recent patent application that Sony has submitted aims to design a system that would enable players to move and utilize non-fungible tokens (NFTs) across a number of different gaming platforms. Because of this, players will be able to utilize their NFTs in a variety of games, irrespective of the platform that they are playing on.

The framework has a wide variety of possible uses in a variety of contexts. For instance, players might buy non-fungible items (NFTs) in one game and use them in another, or they could exchange NFTs with other players who were using separate platforms. The framework could also make it simpler for game creators to design games that are compatible with several platforms and make use of NFTs.

Even if Sony’s patent application has not yet been approved, it is abundantly evident that the business has an interest in the bitcoin market. It is probable that we will see more firms like Sony researching the possible uses of NFTs and other digital assets as blockchain technology continues to advance and become more widespread. Currently, Sony is one of the more prominent examples of this trend.


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US Authorities To Return Over $150,000,000 in Embezzled Bitcoin Back to Tech Conglomerate Sony

The U.S. Department of Justice (DOJ) is cracking down on criminals who seek to use cryptocurrency as a means of hiding their illicit gains.

In a new press release, the U.S. Attorney’s Office of Southern California announced that it plans to return over $150 million of funds that were stolen from Japanese electronics giant Sony by an employee named Rei Ishii.

As part of an international effort, the Federal Bureau of Investigation (FBI) determined that Mr. Ishii first embezzled the money while Sony was conducting a transfer between accounts.

Ishii diverted the funds to a bank account he controlled in La Jolla, California, then converted it into 3,879 Bitcoin and sent the BTC to a cold wallet.

This past summer the FBI worked closely with Sony and Citibank as well as Japanese law enforcement authorities to investigate the matter. They were successful in obtaining the cold wallet’s private key and subsequently recovered its contents.

Acting U.S. Attorney Randy Grossman said the stolen funds will be returned and also issued a stern warning to those seeking to take advantage of cryptocurrency’s promise of anonymity in order to steal.

He said,

“Criminals should take note: You cannot rely on cryptocurrency to hide your ill-gotten gains from law enforcement.

The United States coordinates extensively with its international partners to forestall crime and retrieve stolen funds.”

FBI Special Agent in Charge Suzanne Turner added,

“The FBI’s technical expertise was able to trace the money to the subject’s crypto wallet and seize those funds.”

A number of domestic agencies coordinated on the investigation, including the DOJ Criminal Division’s Money Laundering and Asset Recovery Section and the Justice Department’s Office of International Affairs.

Mr. Ishii faces criminal charges in Japan. At time of writing Bitcoin is priced at $48,690, meaning that his illicit haul is now worth over $188 million.

Read the entire press release here.

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Key data points suggest the crypto market’s short-term correction is over

The performance of cryptocurrencies in the past 7 days might have seemed slightly unexciting, especially since the total market capitalization increased by “only” 1.8% to reach $2.7 trillion. However, even with the muted price action, some altcoins managed a decent rally. Bitcoin (BTC), on the other hand, was down 6% until Nov. 28, but it still managed to close the week up 1.5% after a $3,200 rally on Sunday night. 

Winners and losers from the top 80 coins. Source: Nomics

Metaverse tokens are still pushing to new highs

The metaverse sector continued to outperform with Gala (GALA), The Sandbox (SAND), and Decentraland (MANA) among the top 5 gainers. While few play-to-earn and Metaverse “environments” are available for true interaction, major news and partnerships are still boosting these metaverse-related token valuations.

As reported by Cointelegraph on Nov. 24, Metaverse Group purchased virtual land in Decentraland for about $2.5 million. On Nov. 25, a digital land plot in the Axie Infinity game was sold for 550 ETH on Nov. 25, or roughly $2.5 million.

Moreover, a collaboration between Sony Pictures and AMC Entertainment announced on Nov. 28 will offer up to 86,000 Spider-Man NFTs to celebrate the opening day of its new feature movie.

Zash (ZEC), a privacy-focused cryptocurrency launched in Oct. 2016, spiked 20% in 24 hours on Nov. 20 as developers announced plans to abandon traditional mining and migrate to a Proof of Stake network.

Amp (AMP), the native collateral token of the Flexa payment network, also rallied on Nov. 24 after listing on Binance. Meanwhile, Terra (LUNA) benefited from a 5.4 million token burn in four days, according to Caviar startup founder and crypto investor Jason Wang.

Ethereum-killers limp along

Among the worst performers were four smart contract platforms aiming to break Ethereum’s dominance: Cardano (ADA), Near Protocol (NEAR), Polkadot (DOT) and Harmony (ONE).

On Nov. 24, Ethereum co-founder Vitalik Buterinand issued a proposal for the transaction calldata limit in a block to “cut costs and to incentivize an ecosystem-wide transition to a rollup-centric Ethereum”.

Aave Protocol (AAVE), the collateralized lending and yield platform, continues to trade in a downtrend after its TVL decreased by 30% in 3 months.

Dash (DASH) saw its number of addresses with at least 1,000 tokens decrease to 5,210, the lowest level since July 2018.

Tether and derivatives markets are looking flat

The OKEx Tether (USDT) premium measures the difference between China-based peer-to-peer (P2P) trades and the official U.S. dollar currency, has improved slightly.

OKEx USDT peer-to-peer premium vs. USD. Source: OKEx

The indicator’s 99% reading is neutral-to-bearish, signaling weak demand from cryptocurrency traders to convert cash into stablecoins, but it’s still a vast improvement from the 5% discount in mid-October.

Furthermore, the cryptocurrency total futures open interest held steady near $50 billion, which is merely 10% below the all-time high. It is worth noting that an open interest decrease is not necessarily bearish, but maintaining a certain level is interesting because more liquidity providers and market makers enter the market.

Total crypto aggregated futures open interest. Source:

The futures’ open interest provides a healthy reading considering the nearly $2.0 billion worth of liquidations that happened during the week. The 10% total crypto market capitalization dropped to $2.37 trillion on Nov. 25 and was responsible for 44% of the forced futures contracts terminations.

The above data might not sound exciting, but considering that Bitcoin (BTC) and Ether (ETH) are both strong on Nov. 29, the rebound from the previous day might indicate that the 2-week correction period could be over.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.