Sony has filed a patent with the U.S. Patent and Trademark Office, detailing how they plan to use blockchain technology and non-fungible tokens (NFTs) to track in-game digital assets on the PS5 console. The patent has been under review since February 19, 2019, where it was first published on March 18, 2019. Like NFT, you can also trade Bitcoin by using a reliable trading platform like Bitcoin News Trader
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What are NFTs?
NFTs (Non-Fungible Tokens) are tokens that represent digital assets that are non-fungible or of a single type. They are often used to represent collectibles, such as trading cards or virtual items within video games. NFTs can be purchased and owned by individuals, unlike fungible tokens which can be traded without the owner’s knowledge.
NFTs have been around since at least 2009 when they were first used in a video game called CryptoKitties. The game allowed players to purchase and trade kittens with their own unique attributes, such as fur pattern and eye color, using Ethereum blockchain technology. The game became popular quickly because it was one of the first ways people could interactively create and trade virtual goods on the blockchain.
What is a patent?
A patent is a set of exclusive rights granted by a government agency to an inventor or their assignee for a limited period of time, usually 20 years. A utility patent protects the way an invention works, while a design patent protects its appearance. Patents are important because they give inventors the right to exclude others from making, using, selling, or importing their inventions without permission.
A utility patent is granted if an invention is new and useful; it does not matter how old the idea is as long as it has never been used before.
What is Sony’s patent?
Sony has filed a patent that could help track in-game items and make sure they are not duplicated. The idea is to use non-fungible tokens (NFTs) to track the asset. When the game wanted to give a player another one of these unique items, the software would verify that there were no more available before handing it over. In this way, Sony hopes to cut down on fraud and duplication of rare items while keeping them scarce and valuable.
What does this mean for gamers?
Tracking in-game items with Non Fungible Tokens (NFTs) could revolutionize the gaming industry. It would allow gamers to truly own their game and not just rent it from the company. The gamer would still need to purchase a copy of the game but they could then take that same game and play it on any device they have access to. They can trade, sell, or give away their games at will without needing to account for anything other than the base cost of the original purchase price of the game.
Benefits of the patient
It’s already been established that Sony has an interest in blockchain and cryptocurrency, the company has now filed a patent that could see it use non-fungible tokens (NFT) to track assets. This is important because it would allow gamers to sell their digital possessions to other players without issue. For instance, if you want to trade your level 90 character on World of Warcraft for a level 50 character on another game, then this is a step towards making that possible. The idea behind the system is that it will be able to track when something changes hands – so if someone wants to sell their level 90 character they should be able to do so without any trouble from the authorities since they have proof of ownership.
What are the potential implications of this patent?
This is a really interesting development from Sony. There are a lot of implications to this, but the main one that I can see is that it will make it easier to track and register ownership of in-game items through the blockchain. This could make game developers more willing to create games where you can trade and sell in-game items on secondary markets, since they will be confident that they won’t lose any potential revenue by someone copying or stealing their content. It also makes it easier to prove ownership if there are disputes about whether the item was obtained legitimately or not. As cool as this sounds, I think there could be some risks too.
This patent could allow Sony to create a blockchain and cryptocurrency which would be used to track in-game items. For example, if a user has acquired an item that they do not want, they could sell it on the market for other players to buy. Additionally, this system could enable players to resell and trade their items. If Sony decides to start using blockchain technology in games like Fortnite and NBA 2k, it will be interesting to see how gamers react.