PlayStation Considers Cross-Platform NFTs
Sony may be hopping on the Web 3 bandwagon if a recently revealed patent is any indication. Filed last year, the patent would cover NFTs across multiple platforms.
Cosmetics by Any Other Name
The patent covers the transfer of NFTs between game platforms. Players would be able to obtain or purchase a unique cosmetic in one game or on one platform and use them in other games or on another platform. Given Sony’s legal squabbles with Microsoft, this almost certainly would mean only PlayStation consoles and PC.
- The patent also proposes using an NFT effectively as a transferable save point.
Missing the Web 3 Wave
If industry trends are any indication, Sony is a bit late to the NFT party. Since their pandemic peak, the value of Web 3 transactions have plummeted. Investors are starting to figure out that there are far better uses of capital than Web 3 gaming; Q4 2022 saw less than a third of the Web 3 spending that we saw at the height of the pandemic bubble. Despite billions of investment, gamers by and large aren't interested in NFTs, with only 3% owning them as of June 2022. Reinventing the Wheel
When PlayStation revamped its subscription services last year to include PlayStation Stars, an awards system for loyal gamers, it swore up and down that these awards weren’t NFTs. It was a clear indication of how radioactive the reputation of NFTs was among its customers. Almost a year later, and the question still remains: What novel functionality do NFTs add? Based on the patent, PlayStation still has yet to answer this question convincingly. Until it does, the risk of damaging the PlayStation brand would likely would outweigh any short-term revenue or buzz from NFTs
If industry trends are any indication, Sony is a bit late to the NFT party. Since their pandemic peak, the value of Web 3 transactions have plummeted. Investors are starting to figure out that there are far better uses of capital than Web 3 gaming; Q4 2022 saw less than a third of the Web 3 spending that we saw at the height of the pandemic bubble. Despite billions of investment, gamers by and large aren't interested in NFTs, with only 3% owning them as of June 2022. Reinventing the Wheel
When PlayStation revamped its subscription services last year to include PlayStation Stars, an awards system for loyal gamers, it swore up and down that these awards weren’t NFTs. It was a clear indication of how radioactive the reputation of NFTs was among its customers. Almost a year later, and the question still remains: What novel functionality do NFTs add? Based on the patent, PlayStation still has yet to answer this question convincingly. Until it does, the risk of damaging the PlayStation brand would likely would outweigh any short-term revenue or buzz from NFTs
Featured Image: PlayStation
