Notes

Minecraft Developers Won't Allow NFTs on The Gaming Platform

Minecraft does not permit tokens that are not fungible (NFTs) to be used on the popular gaming platform, with the company describing them as incompatible with Minecraft's "values of inclusiveness and playing together".



NFTs give ownership to a unique digital item. Hexnet This is typically an image or video. The ownership is stored on a decentralised digital registry, also known as Blockchain.



Digital files can be deleted and copied for free, but a NFT is used to identify the owner of the original file. This is usually used for cryptocurrency.



NFTs were the hottest topic in January, as sales reached a record US$12bn (AU$17.4bn around the world). However, in line with the decline in cryptocurrency, sales began crashing to the lowest level of one billion dollars (AU$1.45bn) in June.



Minecraft is a game that allows users to create entire virtual worlds, can be highly customisable. Minecraft has been in existence for more than 10 years and has a huge user base that creates skins, mods, and maps.



NFTs saw Minecraft as a promising market, with an estimated user base of more than 140,000,000 by August 2021. They already share digital objects created for the game.



Mojang is the Microsoft-owned studio for development behind Minecraft has put an end to speculation that NFTs might be allowed in the game. In a blog post published on Wednesday, the developers said blockchain technology was not allowed, stating it was antithetical to the values of Minecraft.



The company stated that each of these uses of NFTs or other blockchain technology creates digital owner based on scarcity and exclusion, and is not in the spirit of Minecraft values of creative inclusion.



"NFTs do not include everyone in our community and create a situation of the haves and the nots. The speculation about prices and investment mindset associated with NFTs takes the focus away from playing the game and encourages profiteering, which we think is incompatible with the long-term enjoyment and success of our players."



Mojang said that Minecraft creations had intrinsic value and that there were instances when NFTs were sold in a fraudulent manner or at artificially high prices.



The studio was concerned that third-party NFTs could not be reliable and could result in a loss for players. It also stated that it was concerned the implementation of Minecraft built entirely on blockchain technology could also disappear without notice - meaning players could lose their investments.



It is referred to by the crypto community as an "rug pull" which is when the creators behind a cryptocurrency project shut down the project and take off with the money. This has happened with one third-party Minecraft project called Blockverse. PC Gamer reported in January the project disappeared after over US$1m (AU$1.45m) had been invested.



Mojang said that it was open to using "more secure blockchain technology" in Minecraft in the future however, it did not intend to do so in the present time.



We've just posted the following announcement on Discord channel regarding the current @Minecraft & @nftworldsNFT situation. pic.twitter.com/ARbKABRK4A



We've shared the following announcement in Discord regarding the current @Minecraft and @nftworldsNFT issue. pic.twitter.com/ARbKABRK4A



One group working on building NFTs into Minecraft said that the move was an "step backwards in the field of innovation" and if they were banned they would have to shift to a different gaming platform.



Another wildly popular and similarly customizable game, Roblox, which allows the purchase of items in-game however, has not yet declared a position on NFTs. However, the company's chief business officer, Craig Donato, told VentureBeat in April he didn't think there was a reason why the game should not allow NFTs and it was more a matter of when.



Other gaming companies such as Square Enix and Ubisoft are also experimenting with NFTs. This week Square Enix announced that for the 25th anniversary of Final Fantasy VII next year people would be able to purchase physical trading cards that come with digital versions, referred to as NFTs.


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