Gaming Companies Rush to Capitalize on NFTs

In the digital world, e-sports and gaming is fertile ground for NFTs, with opportunities for character skins, designs, and screen captures to be tokenized and transacted on the blockchain. NFTs have brought big investments in 2020, and we are also starting to see patent investment on the Patent Forecast®. 

Microsoft has four patent applications regarding asset tokens, including one for a customizable creation template. This technology likely came in handy for Microsoft’s February 2021 partnership with blockchain developer Enjin to launch a browser game that rewards players with cross-platform NFTs. Unity Technologies, which creates one of the most popular game engines in use today, also has an issued patent for digital token exchange. In December 2020, Unity launched a plugin to allow developers to create NFT collectibles in their games that are published directly to the Matic blockchain. Patent Forecast® has also reported on Big Time Studios, which received a patent for tokenized assets backed by smart contracts in just four months, followed by $21M in funding in May of 2021.

The gaming company that has really exploded on the NFT Patent Radian® is Mythical Games, which was founded in 2018 to create “player-owned economies” for tokenized assets. Mythical Games raised $16M in funding at the end of 2018, $19M in 2019, and $75M in Series B in June 2021 for a total reported funding of $110M. The company also has 12 cryptocurrency patent assets covering creating, tokenizing and transferring modifiable game assets on a blockchain. Mythical Games has taken an aggressive approach to patenting by utilizing the expensive Track One prioritized examination program to accelerate patenting. The strategy has paid off — most of its patents were allowed in less than a year. One, filed in January of 2021 for peer-to-peer exchange of non-fungible digital assets, was granted without any rejections in just four months. The relatively easy prosecution demonstrates something that we at Patent Forecast® already know: there is room for growth in NFT patents. Will Mythical Games be able to dominate the space with its exclusive head start? Keep up with new developments and investments with the NFT Patent Forecast®.