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During the crypto bull run of 2021, non-fungible tokens (NFTs) created a massive rage in the market. Almost every big tech company has been experimenting with the use of NFTs, especially in the gaming, metaverse, and social media industries.
As per the latest patent application, Japanese multinational Sony is investigating the use of non-fungible tokens (NFTs) and blockchain for its very popular PlayStation platform. The company is basically exploring the use of in-game assets using the power of NFTs and blockchain.
BREAKING: Sony just filed a patent for in-game nft infrastructure for their Playststion console 😳
Nfts are coming to gaming whether you like it or not 😍
— NFT POWER RANKINGS 💎 (@nftpowerranking) November 15, 2022

Titled “Tracking Unique In-Game Digital Assets Using Tokens on a Distributed Ledger,” the patent shows a theoretical mechanism for tracking the changes to in-game assets. This includes visual appearances, ownership, and metadata. The patent description notes:
Individuals often find it meaningful to own or use unique physical items related to respected celebrities or activities. In traditional video games, multiple instances of the same in-game item exist within the same copy of the video game and/or within different copies of the video game. These different instances of the same in-game item are traditionally fungible, as they are indistinguishable from one another.
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Effectively, Sony is working on a system wherein players can trade unique in-game assets that are verified for authenticity over the blockchain network.
Although, this is just a patent filed by Sony at this stage, introducing NFTs as in-game assets could be great for Sony. The gaming industry is evolving fast and with Metaverse looking to take over virtual gaming experiences, NFTs provides a greater value of interaction among peers.
As we know other tech giants like Meta are already working in this direction and have been experimenting with NFTs on their existing platforms such as Facebook and Instagram. Thus, if NFTs become mainstream in the future, it would put Sony in a major position of advantage to push its growth forward.
Sony has already been working in this direction. Recently, the Japanese multinational launched its PlayStation Stars loyalty programme featuring digital collectibles. However, Sony seems to be testing waters and said that these collectibles are not tradeable NFTs. But it is very much likely that Sony would reconsider the same in the future.
Currently, the biggest blockchain hosting NFTs is Ethereum and a number of projects have also chosen this blockchain for launching their NFTs. Son’y possible collaboration with Ethereum in the future could not be ruled out.
On the other hand, Cardano is working hard to bring smart contracts and NFTs to their platform.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.
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