Crypto integration into Xbox also has the potential to onboard millions to crypto, further propelling adoption.
Recently leaked internal documents suggest that Microsoft plans to integrate crypto wallets into its Xbox gaming console. The documents were posted on the gaming forum ResetEra and reveal that an Xbox roadmap from May 2022 featured plans to add support for crypto wallets to the next version of Microsoft’s flagship gaming console.
The documents were leaked in connection to a Federal Trade Commission’s (FTC) lawsuit against the tech giant’s proposed acquisition of Activision Blizzard for $69 billion. In a memo to Microsoft employees, the Head of Xbox, Phil Spencer confirmed the authenticity of leaked documents but added that a large portion of the documents was outdated and did not reflect the company’s position at present.
We’ve seen the conversation around old emails and documents. It is hard to see our team’s work shared in this way because so much has changed and there’s so much to be excited about right now, and in the future. We will share the real plans when we are ready.
— Phil Spencer (@XboxP3) September 19, 2023
The documents included communications between Xbox executives and outlined plans for a new disc-less Xbox Series X, a gyro controller, and a next-gen hybrid Xbox in 2028. The leak sparked excitement and conversation in the crypto industry, which remains optimistic despite Spencer’s statement.
A major technology company such as Microsoft introducing crypto to the Xbox ecosystem – which includes consoles, handheld devices, PCs, web browsers, and a “cloud console” – would create multiple opportunities for gamers, game developers, publishers and investors. It would present gamers with the chance to buy in-game items and features, digital assets, mods and possibly even games, using crypto. Gamers would also be able to seamlessly trade in-game items and digital assets without the involvement of intermediaries.
Crypto integration into Xbox also has the potential to onboard millions to crypto, further propelling adoption. It could also disrupt the traditional gaming economy by enabling gamers to purchase downloadable content and games from non-traditional distributors.
Commenting on the news, Michael Silberberg, head of investor relations at AltTabCapital, said that “in concept, digital assets and gaming have always been closely tied,” adding “Microsoft’s inclusion of cross-chain wallets in Xbox will allow the next generation of game developers to enable players to create and retain real value from in-game worlds, facilitating actual digital asset ownership, decentralized player-driven markets, and reduced fraud in digital economies.”
Microsoft is not opposed to blockchain technology and its applications as shown by its recent partnership with layer-1 blockchain network Aptos (APT) developer Aptos Labs to improve the capabilities of the Web3 ecosystem.
Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.
