The NFT Authorization Challenge in the Roblox Metaverse

In a recent TV interview, the CEO of the Roblox metaverse said: David Baszuckidiscussed the concept of “seamlessly transferring objects and NFTs between different platforms” and also presented a theoretical use case.

Additionally, another Roblox executive hinted at the possibility of introducing NFTs to the platform by 2022.

Let’s see all the details below.

The role of NFTs in the metaverse according to Roblox CEO

As we know, Roblox it currently generates hundreds of millions of dollars every quarter through the sale of its digital currency, which is used by players to purchase assets on its closed platform.

However, founder and CEO David Baszucki is considering opening up the Roblox ecosystem to allow non-fungible tokens (NFTs) on both its platform and others.

In fact, during an interview with CNBC Basutsky shared his “dream” of objects and NFTs that could move freely between different platforms, emphasizing the importance of compatibility.

While it’s unclear whether Basutsky was expressing a vision shared by the company, he outlined a potential scenario by suggesting that famous people love Elton John they could create and sell useful items on Roblox that would later become NFTs and be distributed outside the platform.

Additionally, interoperability will allow digital assets, including NFTs, to operate across platforms, breaking the model of closed ecosystems in which an object or avatar is tied to a specific platform.

Basuki noted that if NFT interoperability on Roblox is successful, creators like Elton John or companies like Nike will play a significant role and have some control over the process.

In this regard, Basutsky mentioned Nike as an example of a company that has invested in NFTs, highlighting the worthy success achieved by selling limited edition shoes using certain tokens.

Roblox and NFTs: the prospect that remains in the background

Following the news, we remind you that this is not the first time that a Roblox executive has mentioned the possibility of introducing NFTs on the platform.

In fact, in 2022, then-Chief Business Officer Craig Donatotalked about NFTs as something destined to work on the platform, almost considering them inevitable.

However, he later stressed that at the moment the transition to NFTs is not of paramount importance. Donato subsequently left Roblox earlier this year.

Despite the potential positive impact on NFT adoption, given that Roblox is now more important than 70 million active users Every day it seems that the push for NFT adoption may not be as urgent for some time.

We also remind you that the platform continues to experience significant growth in its user base and generate significant profits from the sale of its currencies.

In the third quarter of this year, the company announced that it had generated orders worth $839.5 millionwhich is 20% more than in the same period last year.

Roblox defines “bookings” as revenue generated when users purchase “Robux,” the platform’s in-app currency.

Roblox: inventory recovery and quarterly growth

Roblox has gone through a period of stock market volatility in recent months, falling to $25 a share in September after peaking. 45 dollars at the beginning of the year.

However, the stock has rebounded markedly, gaining further momentum.

In particular, shares of the famous video game developer recorded an increase of 19% as the market opened on November 8 after reporting third-quarter results that beat analysts’ expectations for revenue and profit.

Roblox. Specifically, the company reported a loss per share of 45 cents for the third quarter, below estimates of 51 cents per share.

Adjusted revenue, or bookings, reached $839 million in the period, beating Wall Street’s forecast of $830 million and up 20% from last year.

In addition, the number of average daily active users (DAU) increased by 20% compared to the previous year, reaching 70.2 million in the third quarter. Likewise, players spent more than 16 billion hours on Roblox during the quarter, up 20% from the previous year.

Roblox posted a net loss of $3 million in the third quarter, down sharply $277.2 million recorded for the same period last year.

Finally, in a letter to shareholders dated November 8, Roblox highlighted significant revenue growth in East Asia and Western Europe, while the US and Canada continue to lead in booking growth.

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