PlayStation Is Developing Tools to Monitor Cryptocurrency and NFTs Used In Games

According to a newly filed patent, PlayStation parent company Sony may be considering a switch to blockchain technology. The industry's biggest gaming console manufacturer is reportedly developing a blockchain-based tracking system for virtual items.

Before diving into this piece, you may want to catch up on some relevant stories, like the fact that FTX has filed for bankruptcy in the United States, SBF has resigned, and Kraken has banned FTX, Alameda Research, and Executive Accounts.

According to the patent's specifications, it was first filed in May last year and made public in the official patent journal on November 10, 2022.

The patent, titled "Tracking Unique In-Game Digital Assets Using Tokens on a Distributed Ledger," effectively makes it possible for gamers to trade virtual items across games and platforms.

The scope of the patented technology extends to the whole lifecycle of digital tokens in a gaming environment, from inception through maintenance.

The patent describes how baseball fans who choose to acquire souvenirs linked with their favorite players are an example of how people are finding it significant to possess unique tangible things tied to superstars.

Celebrities are a popular choice for signing these types of assets and collectibles to ensure their validity.

Sony hopes to provide an authentication technique that can verify the legitimacy of digital assets used by professional gamers and well-known content producers that other gamers may choose to purchase, lease, or rent.

In the patent application, Sony said that competent players in multiplayer video games become well-known via their participation in matches or tournaments, which are typically broadcast live or otherwise seen by a large audience.

Also included are single-player games where players do things like speed runs, in-game challenges, multiplayer matches, and so on, which help them gain a large fanbase. They may also get fame for any in-game digital assets, characters, or weaponry they utilize.

A player may make use of digital assets in-game in some video games. Examples of digital assets include individual characters, costumes, and other props. There may be multiples of the same object in the game at once, both inside the same copy of the game and across various copies.

Sony hopes to increase the potential of digital assets related to video games by making non-fungible in-game products and characters.

By keeping track of the digital assets' past, the methods and technologies discussed here improve the utility of systems that develop and manage digital assets for video games.

The creation, usage, modification, rental, sale, purchase, licensing, exchange, and so on of digital assets, as well as the identities of those involved in these transactions, may all be recorded and analyzed.

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