According to the CEO of the FTX exchange, Sam Bankman-Fried, NFTs will experience mass adoption in the gaming world and ultimately lead to the mass adoption of crypto.
He said this during the Financial Innovation Summit organized by Bloomberg.
NFTs, crypto and the gaming industry
According to Sam Bankman-Fried, a distinction must be made between gaming companies that want to integrate crypto and crypto companies that want to get into gaming. For the CEO of FTX, it is easier for a gaming company to integrate crypto than the other way around. This is where a lot of scepticism is encountered. After all, why should a good team that has launched a cryptocurrency also be able to create an engaging gaming environment?
But if a big game decides to enter into market dynamics where users can actually own a game gadget, this is where NFTs come in, and this is what will lead to their mass adoption.
In his vision, NFTs will bring liquidity to the video game market, integrating an internal economy that is illiquid, with the external one.
However, it will have to include ease of payment and the possibility of integrating the game identity with social networks, so that the player’s account can tweet as if it were a real person.
It will be a slow but inevitable process. He expressed himself on the subject as follows:
“I don’t know when but I can say that almost every major game studio is extremely actively actually looking into doing something tech wise here. It’s not going to happen tomorrow. These are going to be the slow trickle at the beginning. But I think almost all of them have decided that they will eventually take the plunge somehow some way”.
NFTs will expand the crypto population
According to the CEO of FTX, with their multiple use cases, NFTs will amplify cryptocurrency users:
“I think that there’s a few things it could be but I would now put NFTs in that top category probability wise on with a couple other things in terms of what brings a non crypto native audience to crypto for something other than financial investing where you know whether it’s integrating with video games whether it’s ticketing for venues or events or teams. You know I think that we’re seeing really active movements on those fronts. It makes a lot of sense as a product and it’s a pretty clean innovation layer to add on top of the existing structures”.
The peculiar thing is that, a year ago, Sam Bankman-Fried would not have bet on NFTs himself, but now the rise of this industry is convincing him that they could be a key vector for the mass adoption of crypto.
The evolution of Sam Bankman-Fried
The way he has evolved in his thinking about NFTs is not the only thing about Sam Bankman-Fried. He himself has changed his life in just a few years. He learned about Bitcoin only 4 years ago. While he can’t be called an innovator, he is credited with creating one of the most widely used crypto derivatives exchanges.
This insight led him to become one of the richest under-30s in the world according to Forbes. And that is no small feat.