Metaverse and NFTs on Nintendo's radar

The company expressed interest in the Metaverse's potential to be incorporated into its video games.

Metaverse and NFTs on Nintendo's radar

Nintendo held a live Q&A following the release of its latest financial results report, where the company expressed interest in the Metaverse's potential to be incorporated into its video games using blockchain and non fungible tokens (NFTs).

In a tweet, MST Financial's David Gibson asked what the Japanese gaming giant thought of the Metaverse and NFTs, and they responded that they aren't working on anything but are still figuring out how NFTs can be used to benefit gamers.

Interestingly, Nintendo's main concern is bringing joy to players and fans. NFTs or integrations across metaverses are clearly being viewed with caution.

Metaverses, as Neal Stephenson dubbed them in his 1992 novel Snow Crash, are networks of virtual worlds focused on social interaction, and have become somewhat of a buzzword in recent years thanks to companies like Facebook.

Nintendo is clearly looking for ways to generate revenue using the metaverse concept, even though  it's generally seen as a social tool.

Those words from the creators of the Pokemon and Zelda franchises come at a time when other major gamers and console manufacturers are exploring blockchain games.

Konami, which makes Castlevania, has released its own collection of NFT games. Ubisoft has developed its own NFT platform. Activision Blizzard was sold to Microsoft for $69 billion. Xbox will begin developing metaverse platforms following the acquisition.

Despite Ubisoft's announcement of Quartz and Digits, these technologies have received considerable backlash from the community. In fact, Ubisoft executive Nicolas Pouard recently suggested that gamers might not yet fully comprehend NFT's benefits.

It was disclosed during Nintendo's financial briefing that it lost 2.5% in profit for the nine months through December due to shortages of computer chips.