Sony’s Web 3 Patent and Its Impact on NFTs:
Many of us are no longer strangers to the concept of NFTs. These assets were at the forefront of the investment drive from 2020 to 2021. However, some industry experts still have doubts as to whether NFTs will stand the test of time and experience widespread adoption. Recent reports of Sony’s patent application seem to have renewed the attention on NFTs.
Sony’s Web 3 Patent Application: All You Need to Know
Sony is one of the largest electronics and IT companies in the world. The company has primarily made a name for itself in the gaming industry, where its Playstation series has been a massive hit. Late last year, the company announced that it had sold 25 million units of its newly released PS5, and it expects to sell 18 million units by the end of this year.
Sony’s large market share has made it a strong force in the gaming industry. Thus, when news broke about its Web 3 patent application, many industry stakeholders were genuinely interested. In September 2022, Sony filed a patent application regarding a system that will assign NFTs to users on its gaming platform. These NFTs will represent digital assets that users can receive through game rewards, kits, and even weapons. The catch of this innovation is that it will be entirely interoperable.
According to the World Intellectual Property Organisation’s website (where Sony’s patent is published), the system will allow gamers to send such NFTs across different gaming platforms. If this becomes successful, it means that gamers will be able to send in-game assets as NFTs to other gaming platforms and devices like VR headsets. So, for instance, if you win a tournament on your PlayStation, you could stand a chance to receive an NFT and send it to your friends on Fortnite.
One remarkable feature of Sony’s planned system is its ability to reject NFT assignments for the same task. Essentially, where a gamer receives an NFT for performing a particular activity, the gamer cannot receive subsequent NFTs on the same activity because the system is programmed to automatically decline further requests on the same task.
Possible Impacts on the NFT Industry
Sony’s PlayStation network currently has 122 million active monthly users. This means that if the NFT system gets deployed, over 100 million users or collectors could potentially be added to the NFT ecosystem. The interoperability of the system also ensures that gamers will be able to trade received NFTs on other platforms. This will likely be highly beneficial for the general NFT market.
First, investors will likely regain confidence in NFTs when a large company like Sony adopts the assets as an integral part of its PlayStation network. Moreso, Sony’s large number of users will significantly boost the adoption of NFTs. As users conduct more trades, NFT prices will likely increase. This could help NFTs regain their position as a store of value.
Sony’s NFT patent will likely change the game for the NFT ecosystem. Moreso, there is a possibility that more gaming companies will follow in Sony’s footsteps. This could significantly expand global NFT adoption.