How Google innovates for web3, Sony's NFT patent, and more

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Web2 behemoth Google trying to innovate for web3

Source(s): 1

Google says it wants to disrupt itself to serve the needs of the crypto community.

• Web3 is still very early and a lot of the revenue or product opportunities for companies to operate in the space have yet to be identified.
• On this note, Google have taken the position to look forward and serve the crypto community by innovating and creating new products instead of simply selling their current suite of products.
• James Tromans, head of Google Cloud Platform for web3 spoke to The Block on The Scoop podcast and stated that while Google have made good progress, there is a lot more that can be achieved.
• "Google was interested in exploring what it means to take crypto for payment and continuing to commit ourselves and to really not just building these tools but using them ourselves as well," Tromans said.

 

So, what has Google launched so far in the Web3 space?

• Google introduced the Google Cloud's Blockchain Node Engine in 2022, which aims to assist Web3 developers in creating and launching innovative products on blockchain-based platforms.
• We also saw a partnership between Google and Coinbase. As part of its strategic partnership to promote the adoption and advancement of Web3 technology, Google Cloud chose to collaborate with Coinbase Commerce, Coinbase Cloud Node, and Coinbase Prime.

 

What would this mean for the market?

• It’s always great to see Web2 companies wanting to push Web3 forward and it brings confidence to the market to see such big companies showing support.
• While there is no direct impact from the news of Google’s commitment to Web3, it will be very interesting to see what products they are able to build to support developers in the space.
• As I mentioned before, a lot of Web3 is a blue ocean yet to be discovered. With numerous opportunities yet to be identified!

 

Sony NFTs: New patent filed by gaming and entertainment powerhouse

Source(s): 1

NFTs are coming soon to the Sony ecosystem.

• The company has submitted a patent application that proposes enabling customers to utilize NFTs (non-fungible tokens) within and beyond the Sony network.
• To clarify, this means that Sony want the end users/players to be able to use the NFTs across different games and also consoles and/or platforms – for example, Xbox.
• The filing stated: “[T]he NFT is provided to the [user] … so that the digital asset may be used, via the NFT, across plural different computer simulations and/or across plural different computer simulation platforms,” the filing said. “Ownership of the NFT may also be subsequently transferred to other [users] … for their own use across different simulations and/or platforms.”
• As blockchain-based games and their developers face difficulties in drawing in mainstream gamers accustomed to playing on consoles and platforms such as PlayStation and Xbox. Sony’s interest in utilizing NFTs arrives at a critical juncture. Sony's acceptance of in-game digital assets, including NFTs, as well as its possible extension of interoperability to other companies, could mark a significant turning point in the gaming industry's evolution and provide a path forward.

 

What would this mean for the market?

• For the interoperability that Sony desire would mean that other large companies; Xbox, Nintendo etc. would also need to share the same vision as them.
• In the end, the winner will be the end user/player as they can have real ownership of in-game items and will be able to showcase this across various games and platforms.
• Let’s quickly look at the market size of Blockchain Gaming compared to that of the Global Gaming Consoles industry.
• The market size of the global gaming consoles industry in 2022 was valued at USD 39.3 billion, while the revenue size of the blockchain gaming market was estimated to be USD 4.6 billion in the same year.
• Despite being a smaller market compared to gaming consoles, the blockchain gaming market is expected to grow rapidly with a projected compound annual growth rate (CAGR) of 70.3%, in contrast to the 5.3% CAGR estimated for the gaming consoles market.
• Looking at the expected CAGR of the blockchain gaming market alone, it shines a light as to why Sony would like to commit to the space as a growth opportunity.

 

The Graph integrates on-ramp to enable direct fiat payments

Source(s): 1

Users will be able to make fiat payments instead of crypto for their product suite.

• Partnering with Crypto Payments company Banxa, users of The Graph will be able to purchase the products that are offered directly with fiat.
• These products include indexing and querying data from blockchains.
• In a nutshell, the aim of the integration is to simplify access to decentralized protocols, thus reducing barriers for developers seeking to access blockchain data. As a result, users can now interact directly with The Graph's user interface without the need to firstly purchase crypto from a centralized exchange.
• This partnership marks the initial utilization of Banxa's OpenRamp product, which facilitates fiat payments for interaction with smart contracts. Specifically, it enables the fulfillment of all fiat transactions directly to The Graph's billing contracts.
• Banxa's integration with The Graph should open up web3 to more users, according to the CEO of Banxa, Holger Arians. "We believe the future of crypto lies in interoperability — a prime example of which lies in enabling seamless value movement in fiat and crypto across The Graph Network," he said.

 

What would this mean for the market?

• As of right now, on/off-ramping to Crypto is a frictional experience for the end user as there are a lot of steps to do so.
• As we are moving into the ‘Utility phase’ of crypto, this experience needs to become much more seamless for the end user.
• The news of the partnership is a step in the right direction to break down barriers to entry and improving the overall experience Web3.