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Konami Announces In-Game NFT Trading Platform

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Konami has announced plans to expand its investment in non-fungible tokens (NFTs) and other Web3 services, in part by establishing a trading platform for in-game NFTs.

The Japanese games publisher published a press release this week saying it will recruit a "wide range of talent for system construction and service development to provide new experiences such as Web3 and Metaverse" (H/T VGC). The NFT trading platform will be a focus of the new expansion.

"We have been conducting research and development to incorporate the latest technology into games and contents, and plan to launch a service where players can trade their in-game NFTs (digital items) through a unique distribution platform using blockchain," the company said.

The system will conform to the "Guidelines for Blockchain Games" created by the Computer Entertainment Supplier's Association, the Japan Online Game Association and the Mobile Content Forum. Items traded on it will be usable as in-game items, and to participate in fan communities and events, per Konami.

Konami first dipped its toes into NFTs in January, when it auctioned off 14 pieces of digital artwork based on Castlevania games for more than $162,000 in total. Its investment has been criticized by opponents of NFTs, who decry the practice for its large carbon footprint, its apparent lack of meaningful improvement over pre-existing forms of digital ownership, and its often cynical deployment as a corporate cash grab.