Microsoft’s rumored Xbox cryptocurrency wallet integration gains attention due to a reliable source, although unconfirmed.
Recently, there has been an official rumor circulating that suggests Microsoft would integrate a cryptocurrency wallet inside the Xbox. Despite the fact that this is just a rumor and not confirmed, the news should be taken extremely seriously because the source is reliable.
The tale
The US Federal Trade Commission (FTC) sued Microsoft over Activision Blizzard’s purchase, which is where this story starts.
Microsoft was forced to provide official documentation about the Xbox and its development goals as part of that lawsuit.
One of the company’s provided documents was a medium-/short-term Xbox development roadmap, which was inadvertently made public.
Not in time to escape detection, it was afterwards taken down and replaced with a single document that had some parts blacked out.
Specifically, a portion of this documentation was shared on the ResetEra online gaming community.
The incorporation of a cryptocurrency wallet was reportedly specifically mentioned in the May 2022 Xmob plan.
Microsoft: Blockchain wallet for Xbox
Consequently, this is merely Microsoft’s aim as stated in an internal paper, but this purpose is stated in plain and white in an official document.
But first, a crucial distinction needs to be made.
That blueprint was from May 2022, predating not just the demise of Celsius, BlockFi, and particularly FTX, but also the collapse of the Terra/Luna ecosystem.
Stated differently, the goal to incorporate a cryptocurrency wallet inside the Xbox existed prior to the significant scandals that caused a stir in the world of cryptocurrency. It is unknown, though, if it still exists.
Cryptocurrency and Microsoft: a new Xbox entry?
It is important to note that Microsoft has shown interest in the cryptocurrency space for a number of years.
As early as 2020, rumors were circulating that Starbucks had partnered with Microsoft to begin a new program to precisely track its items on blockchain. A year later, it was revealed that Microsoft was also entering the metaverse through Xbox.
Even Microsoft itself released a piece about an Azure solution for NFTs on its own website in 2022.
Given that some of the company’s tests date back to 2018, it’s probable that their interest in crypto technologies dates even farther.
Because of all of this, it is quite likely that the Xbox will come equipped with a cryptocurrency wallet. This is because the gaming platform can only be natively integrated with cryptocurrencies, NFTs, and the metaverse in this manner.
It is important to remember that gaming is one of the top industries for NFTs and has the most potential of any industry, including the metaverse itself.
The possibilities of Xbox
One of the top digital game consoles on the market is Xbox.
More than 24 million units of the original version were sold when it was released in 2001; yet, just four years later, the second version sold 86 million units. After its 2013 release, the third model sold an additional 58 million units.
Launched in 2020, the fourth line consists of Xbox, Xbox Series X, and Xbox Series S.
Microsoft now offers games consoles, apps, streaming services, internet services, and other products under the Xbox name.
Therefore, incorporating a cryptocurrency wallet into the new console would enable millions of people to utilize this cutting-edge technology, particularly NFTs and cryptocurrencies. It is important to remember that transferring NFTs requires payment of cryptocurrency fees.
We may not know for sure if the new console will genuinely have a cryptocurrency wallet built until it launches at the end of next year. But with all of the chatter about it these days, Microsoft might be forced to make an official announcement about it far in advance of 2024.
It should be noted that not only is the theory of an integrated cryptocurrency wallet in the upcoming Xbox tenable, but it may even appear odd that they would choose not to integrate it.
It’s possible that Microsoft will even take a cut of transaction fees, and they would be able to release new games that are very competitive with rivals if they were to properly integrate NFT and metaverse on blockchain.
However, at this point, all that can be done is wait for confirmation (or denial).
