News JVTech PS5: if this novelty is confirmed, the fans will scream
A patent filed by Sony Interactive Entertainment has just confirmed that the giant is tackling new technology for its PS5. It can only be assumed that this innovation will not be unanimous among the players…
NFTs on PS5, Sony’s new project
No wonder, because the Japanese colossus has been interested in new Web3 technologies for quite some time. This new concept, sometimes a catch-all term, spans multiple technologies, but the company seems particularly interested in NFTs.
Playstation had previously taken temperature with gamers on non-fungible token (NFT) certified digital assets during its annual Evo 2022 event.
Having hit the internet more than a year ago, these virtual certificates of ownership registered on the blockchain (technology behind cryptocurrencies) have largely lost interest after the speculative bubble burst. However, like other giants like Amazon, Sony seems determined to find uses for non-fungible tokens (NFT), particularly through gaming.
Anyway, this has been revealed by a patent recently discovered by the PS5 gamer community. This was recorded by Sony in July 2022 and clearly shows the brand’s desire to integrate blockchain and NFTs on the console.
An NFT rental system
This famous document refers to a system where any player could rent a “digital asset” better known as NFT. Specifically, according to the first elements, these NFTs would not be in-game items, but rather cosmetics based on the PlayStation universe. These could be displayed on the console interface.
Once the rental offer expires, the NFT will be placed back into a marketplace dedicated to these virtual collectibles and accessible through the PS5 UI – for another player to rent and view that collectible in their UI. To purchase or rent it, Sony’s system evokes different prices offered to players and viewers.
This initiative may come as a surprise when we know that the NFT market has largely lost interest, as evidenced by the trading volumes of the various marketplaces over the past few months. After their value explosion in 2021, NFTs suffer from an ultra-speculative image that sometimes even outweighs the real benefits of these tokens.
Still, it’s clear that the technology, if properly integrated, should be beneficial by giving players more freedom in terms of their in-game acquisitions.The use of blockchain in particular could bring cosmetics, DLCs, a confer level of legitimacy, etc. As an NFT, for example, every game skin should logically be moved, stored, and resold outside of its platform of origin.
However, with PS5 NFTs, the rental system more or less collides with the technology itself. In fact, the interest of NFTs is in ownership. What is the real point if, as a tenant of an NFT, you cannot claim and exercise rights in it?
It’s important to note that this project appears to be still in development and we don’t know if it will actually see the light of day in this form. If this becomes a reality, the Japanese giant won’t be the first to take the plunge, as either Ubisoft or Epic Games have been trying out the experience for a number of months by incorporating NFTs into the game.
About NFTs
What is an NFT?
An NFT is short for Non Fungible Token or non-fungible token in French. NFTs are cryptographic tokens issued on a blockchain.
By using this technology in the creation of cryptocurrencies, NFTs inscribe inviolable properties in this virtual register. As a result, NFTs are true attestations of digital ownership.
Is an NFT necessarily an image?
A distinction must be made between an NFT and the object associated with it. In fact, the non-fungible token is above all a virtual certificate of ownership and not the digital file as such. An NFT is usually associated with a photo or video, but can also be in the form of text, music, or some other digital or physical format.
What is an NFT used for?
NFTs are generally used to assert intellectual property rights on the Internet. Thus, the owner of a token of a virtual work can collect royalties, ensure respect for the intellectual property of his digital object, etc.
This feature has particularly allowed the NFT to shine in the arts by creating value and rarity in digital images available on the web. Beyond art, this technology offers a wide range of possible uses in various areas, such as in video games, traceability of a product, etc.
How is the value of an NFT defined?
These tokens are non-fungible meaning they have a unique value unlike cryptos which are fungible (1 bitcoin = 1 bitcoin).
The price of an NFT is thus set arbitrarily by the owner of the token. This price is usually in cryptocurrency, mostly in Ether (ETH).
How do I buy and sell NFTs?
NFTs are typically bought or resold on trading platforms such as Opensea or Foundation.
What is an NFT coin?
The “mint” or strike in French is the initial process of selling a token. In order to permanently become part of the blockchain ledger, these new tokens must be mint. Through this action, the user completes a transaction with their fees to see their token appear first-hand on the blockchain.
What is an NFT airdrop?
An airdrop refers to the free distribution of an NFT to a crypto wallet address.
How do I store an NFT?
To store an NFT, you must have a wallet/crypto wallet. The most popular are metamask or trust wallet.
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