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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$500M blockchain gaming proposal Game7 to come online with backing from industry veterans

As outlined in a prepared statement obtained by Cointelegraph, Game7 is an upcoming $500 million blockchain ecosystem acceleration decentralized autonomous organization, or DAO, with the goal of onboarding gamers worldwide to the blockchain ecosystem. Entities backing the proposal include BitDAO, Forte, Alameda Research, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Games, Polygon Studios, and Solana Ventures. Meanwhile, Forte Labs and Magnus proposed its creation.

Together, Forte will commit $100 million in fiat and crypto while BitDAO will commit $400 million worth of crypto assets in its treasury, such as Ether (ETH) and Tether (USDT). The funds will be released over a period of five years. 

First, 15% of the funds will be allocated to grants promoting the research, development, tooling, and regulatory compliance of novel blockchain games. Next, 5% of funds will be used to educate developers on building token economies. Finally, 80% of the funds will be given directly to game studios and DAOs. In the distribution proposal, BitDAO will retain the majority of ownership rights regarding intellectual property, while most of the governance rights will be given to community partners.

Forte builds secure economic technology for blockchain games. As for BitDAO, it is one of the largest decentralized treasuries in the world, with billions of dollars in assets. Brian Lee, a partner at Alameda Research, a quantitative trading firm involved in the venture, had the following comment with regards to the development:

Gaming has become one of our main investment focuses this year and we are very excited to be part of and work with Forte, the go-to token-based gaming infrastructure, BitDAO and Mirana Ventures, to back incredible game developers and accelerate blockchain-based game adoption.