Surprising news rocks NFT
Minecraft, a popular video game, has made a big change.
The crypto sector didn't need this, especially after the liquidity bottleneck that hit Voyager Digital, BlockFi, Celsius Network, and Babel Finance.
Stabilizing cryptocurrency prices Unfortunately, another industry sector, non-fungible tokens (NFTs), has been hit hard.
Mojang Studios, the developer of Minecraft, has banned NFTs and Blockchain technology because they are against its ideals of inclusivity.
"To ensure Minecraft players have a safe and inclusive experience, blockchain technologies are not allowed to be integrated into our Minecraft client and server applications," Mojang, acquired by Microsoft for $2.5 billion in 2014, said in a statement.
Which ones?
This decision hurts NFT monetization. Video games are a natural business model for this year's buzzword.
Minecraft is a worldwide craze. Its wide sandbox lets gamers create planets and buildings. Kid-friendly.
NFTs are unique, non-editable digital tokens that are part of a blockchain and commonly acquired using Ether, the second largest cryptocurrency. It can be a JPEG or GIF. Its purchase gives the digital file's ownership token.
The Swedish developer took this decision after community feedback. Minecraft will also outlaw using in-game material like worlds and skins to create "rare digital items."
Mojang allows game server operators to charge for customised experiences, leading to NFTs in Minecraft. The video game allows internet users to construct servers so people may play online in customised virtual worlds. Mojang's new policy targets this element.
The ruling affects the NFT Worlds project, which leverages Minecraft to create decentralized virtual worlds where gamers may purchase and sell NFTs. NFT prices vary by shortage.
"We're endeavoring to get in touch with the right decision makers inside the Minecraft policy enforcement team and the overall Minecraft studio," NFT Worlds tweeted. If after the aforesaid chats we can continue operating, business as usual.
If Minecraft/Microsoft genuinely bans us from innovating on the Minecraft environment, we shift.
Speculation
OpenSea, the Amazon of NFTs, has not withdrawn NFT Worlds' content as of this writing.
Mojang banned NFTs to ensure a "safe and inclusive experience" The studios contended that NFTs create fake rarity models and unfairly exclude players.
Mojang: "Some firms have launched NFT implementations for Minecraft world files and skin packs." Creating Minecraft collectible NFTs, allowing players to earn NFTs through server activity, and collecting Minecraft NFT incentives for activities outside the game are other ways NFTs and blockchain could be used with Minecraft.
"These usage of NFTs and other blockchain technology create digital ownership based on scarcity and exclusion," Minecraft's developer said. "NFTs aren't inclusive and generate a haves-and-have-nots dynamic."
The corporation worries that third-party NFT projects are scams or push players to buy virtual things at inflated prices.
"Speculative pricing and investing mentality around NFTs takes the attention away from playing the game and encourages profiteering," Mojang warned.
Despite the ban, the firm allows room for a future adjustment.
"We'll see how blockchain technology matures"