The founder and CEO of FTX cryptocurrency exchange, Sam Bankman-Fried, says that non-fungible tokens (NFTs) and video games could be the next big thing in the crypto industry.
Bankman-Fried says in a new interview with Scott Melker of the Wolf Of All Streets podcast that the NFT-based online video game Axie Infinity (AXS) is a testament to the potential of the crypto metaverse space.
[adinserter block="1"]“I think Axie [Infinity] is proof of how powerful this can be because it was from a lot of perspectives really coming from a place of weakness, not strength.
Like it didn’t have adoption before getting involved with crypto to build off of.”
The FTX CEO says Axie Inifinity’s play-to-earn feature is what made the game compelling and a bigger success than CryptoKitties, an older blockchain game that allows participants to buy, collect, breed and sell virtual cats.
“I hope I’m not offending anyone by saying it’s [Axie Infinity] not like the most engaging game ever built if you take away the crypto aspect of it. It was sort of like CryptoKitties the video game.
And so you start with that as a base… it’s not the most exciting place to start and you look at AXS market cap as of now is over $6 billion circulating.
And I think it’s just like, that was version zero. And so I think, if anything, it’s just evidence that is super compelling.”
While noting the growing popularity of NFTs, Bankman-Fried says that the makers of video games are now embracing digital collectibles.
“I think that that they [NFTs] could really enhance video games. And we’ve just seen every publisher, big and small in the world, is at least looking into it right now.
They at least have a team that’s looking into what their NFT plan is going to be, their metaverse plan, whatever, they all call it something different.”
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