In its most recent earnings call, Electronic Arts (EA), a major gaming and entertainment company, made insightful remarks about the importance of NFTs and the play-to-earn model. Andrew Wilson, the company’s CEO, addressed the issue in response to several questions from business analysts.
Electronic Arts Is Now Accepting NFTs and Play-to-Earn
Electronic Arts, the company behind gaming sports franchises such as FIFA and NBA, has assessed the gaming industry’s importance of new technologies such as NFTs and the play-to-earn model. During the company’s most recent earnings call, Electronic Arts CEO Andrew Wilson stated that, while the conversation about NFTs and play-to-earn is still in its early stages, these cannot be ignored as an important part of what is to come in the industry.
When asked about the FIFA license negotiations, Wilson stated:
When we interact with our hundreds of millions of football fans, we find that they want more modalities at play inside the game that aren’t just straight 11 on 11 football. They want more digital experiences outside of the game, such as esports, NFTs, and broader sports consumption, and they want us to move quickly.
Wilson’s remarks highlight the fact that gaming technology is advancing at breakneck speed, with fans increasingly desiring greater involvement in the ownership of these virtual worlds and the experiences associated with them.
In response to another analyst question, Wilson acknowledged the validity of these new trends for upcoming innovations in the mainstream gaming arena. According to Wilson:
The play-to-earn or NFT debate is still in its early stages… On some level, there is a lot of hype surrounding it. On a long-term basis, I believe it will be an important part of our industry’s future. However, it is still early.
As Collectibles, NFTs
NFTs have had a tremendous amount of success as part of digital collections that appeal to both traditional collectors and newcomers to the environment. In the industry, there are examples of this happening. One of them is the NBA Top Shots franchise, which allows fans to treasure their favorite players’ most memorable shots, elevating collectibles to a new level. The app had already reached a million users by May of this year.
This type of engagement is what is driving traditional businesses to adopt new technologies. Electronic Arts is not alone in this regard. Ubisoft has also stated the importance of NFTs for the industry’s future and is actively investing in companies such as Animoca Brands that develop blockchain-based games.