In an effort to explore the potential of blockchain technology, Sony has recently announced plans to conduct several experimental projects.
In this blog, we will be covering the topic of how everyone’s loved Sony PlayStation is going to explore the ever-growing Blockchain industry.
Sony's patent, which was published in November, suggests that the company is branching out into the development of its own blockchain and NFTs.
The patent reads:
“The techniques and technologies described herein expand the capabilities of digital assets associated with video games, and of systems that create and manage such digital assets, by converting the digital assets associated with video games from being fungible to being non-fungible.”
According to the patent, Sony's blockchain technology could be utilized to verify digital assets used by seasoned players or popular content creators that other gamers may want to purchase, sell, or rent.
Where is the Market now?
Although Sony's patent was filed a year ago and published in November, it makes sense given the drastically different landscape of the NFT market at the time. Since then, player sentiment has shifted against NFTs due to concerns ranging from artificial scarcity to environmental impact.
Sony is targeting a market that has been largely neglected by its competitors: the competitive video gaming community. This group boasts a large fan base and offers opportunities for fame and acclaim.
PlayStation, eSport and NFT:
Unlike Sony's PlayStation Stars program, which offers quests and collectables, Sony's NFT patent focuses on specific in-game items that players might desire for the same reasons that fans want memorabilia from sports stars. These NFTs can be transferred across platforms or blockchains, and the patent compares them to baseballs signed or hit by baseball legends such as Babe Ruth.
Sony's NFTs are presumed to be actual digital items utilized by eSports stars or other influential figures in the gaming sphere, but given the current sentiment against NFTs, players may not be receptive to the company's vision.
Despite widespread opposition, many companies are continuing to develop NFTs. Konami, for example, is attempting to establish an NFT marketplace. If Sony's plan is successful, it will have its own marketplace as well. Although Sony's plan has yet to be proven successful, the company may have an early advantage in the emerging NFT market thanks to its unique premise.
Despite the downgrading interest in NFTs, Sony made clear that they are interested in Blockchain and NFT industry and they will process to develop the latest technology and follow the trends.
Also, they aim to take the gaming experience to a whole new level. As PlayStation’s motto says Play Has No Limits.