Skip to content Skip to sidebar Skip to footer

Sony Set to Take Advantage of Booming NFT Market with New PS5 Patent

Sony, a major player in the video game console market, has applied for a series of patents, the latest of which implies that the firm may be investing considerable effort into including non-fungible tokens (NFTs) in its consoles.

About the Patents 

Sony has recently filed with the World Intellectual Property Organization (WIPO) to allow PlayStation 5 users to interact with non-fungible tokens (NFTs) in a standardized format. The filing reveals Sony’s purported goal is to enable gamers to own digital collectibles and seamlessly transfer them across multiple gaming platforms.

Sony’s digital collectibles will be in the form of gaming skins, artworks, gaming weapons, in-game skills, or avatars. The filing document suggests the standardized NFT framework will be used cross-generationally between the PS4 and PS5 consoles.

Various analysts contend that with over 100 million console owners, Sony’s strategic foray into NFTs could prove to be a crucial factor in driving wider adoption of digital collectibles. Despite the current bear market, 2021 saw remarkable figures within the industry.

The Stance of NFTs and Video games

Since the advent of NFTs in 2021, their use in gaming has sparked both enthusiasm and debate among the gaming community. Furthermore, the supporters of digital collectibles have pointed to the unprecedented opportunity they offer to gamers to own and trade game items. 

However, critics have voiced their concerns that the speculative behavior associated with trading NFTs detracts from the essence of video games. They have also called for game publishers to remove the feature. In 2022, following the feedback from community members, Minecraft’s publisher announced that NFTs will not be associated with any in-game content. Furthermore, there are currently no plans to explore blockchain, although the sector’s development will be closely monitored.