Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Patent Claims PlayStation is considering NFT implementation – but is it possible?


Although PlayStation is known for filing applications, their most recent application hints that the maker of gaming consoles plans to integrate NFTs and Web3 into their world. According to the patent, Sony is creating a system that would let users buy and trade “unique digital assets” to make those assets more functional and transform their structure from redeemable to non-redeemable.

NFT-like PlayStation Stars programs already exist, although Sony denied using blockchain technology in its implementation of those programs. Despite Sony’s claims, it appears that NFT and Web 3 will almost certainly be incorporated into the PlayStation system at some time.

NFTs are widely used

What was once a way for artists to make money from their work is now a phrase used in every significant sector, especially gaming. After being mined, NFTs are traded. While the latter entails buying and selling of tokens, the former is the creation process.

These NFT tokens are frequently visual pieces of art and are thought of as a way for digital artists to make money. He has been in the headlines since the beginning of 2010, but it wasn’t until the global COVID-19 epidemic that he became a media sensation.

NFTs are sold by everyone, including celebrities and professional athletes. An NFT by the artist Beeple was sold at Christie’s for $69.3 million. So, what precisely is the problem?

Why PlayStation wants to set itself apart from NFTs

NFT is currently marked negatively. There are many theories, but two stand out: trading these tokens has been compared to gambling, and producing them is said to have a substantial carbon footprint.

High-stakes poker tables and the minting and flipping procedures used in NFT trading have many parallels. Entrance barriers exist, and because non-financial assets are not controlled by an underlying policy, their values are extremely erratic. The thrill of hitting a big prize in a casino is not comparable to this type of trading.

Of course, strictly speaking, NFTs are not gambling and are not the only environmentally harmful product, but this is frequently highlighted by the general public’s ignorance of NFTs. They are still a very new concept. Even though the general public has not been utilizing NFTs and cryptocurrencies for some time, experts think that this situation is akin to the early days of the Internet. Today, the Internet is undoubtedly used by both young and old, and it is essential to every significant organization. There are impending PR repercussions in this industry, so it wouldn’t be shocking if Sony is just testing the waters and biding its time with this patent given the current massive upheaval in the crypto sector.

using the Playstation Star application

Sony and PlayStation seem to be preparing for a time when the public will more readily accept the merging of NFTs and Web3 by submitting this new patent.

There might be some PlayStation users who object, but Sony will have the final say. There is no guarantee that PlayStation will incorporate any of these at the moment, but it might just be a matter of time.

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts