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NFT gaming: the future for Sony?

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16 June 2023 / Prakash Kerai , Joe Stephenson
Issue: 8029 / Categories: Features , Technology , Cyber
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Prakash Kerai & Joe Stephenson outline Sony’s potential new approach to virtual asset transfer, & the legal hurdles which could stand in the way
  • Sony’s ground-breaking patent application hints at using NFTs to transfer virtual assets between games and consoles, potentially revolutionising the gaming industry.
  • The move signifies a shift in the gaming industry’s conservative approach to NFTs and opens doors for interoperability with other platforms beyond its own ecosystem.
  • However, legal hurdles including anti-money laundering, financial regulation, data protection, and intellectual property rights must be navigated for a successful implementation.

Sony Interactive Entertainment recently made headlines with the publication of an international patent application to make non-fungible tokens (NFTs) transferable between games and consoles.

Despite an initial 2021 popularity boom, 2022 saw a dramatic decline in the trading volumes of NFTs. While the downturn has been touted by some commentators as having ‘fallen off a cliff’, Sony’s patent application may be seen as indicative of a diversification of use-cases for NFTs. Thus far, the gaming

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