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Minecraft isn't Buying the NFT Hype, and Says they're Exclusionary and Encourage 'profiteering'

Mojang Studios, the Microsoft-owned company that runs Minecraft, issued a statement on NFTs. Mojang declared that NFTs will not be allowed in Minecraft.


According to the company, NFTs promote profiteering and exclude.


For more stories go to www.BusinessInsider.co.za.


Mojang Studios, the company behind the wildly popular video game Minecraft, has announced it won't be adding NFTs into the game in a statement released on Wednesday.



NFTs, also referred to as tokens that are not fungible (or tokens that are not fungible), are digital assets that may be described as digital art.



Other major game studios have also joined the NFT craze, and the gaming industry is regarded as an important growth market.



Mojang said it would not join the bandwagon.



In its statement, Mojang stated that NFTs "create models of exclusion and scarcity that conflict with our guidelines and the spirit of Minecraft. NFTs aren't inclusive of all of our communities and create a scenario of the haves and have-nots."



Mojang was also concerned that NFTs in Minecraft might lead to fraudulent activity.



"The speculation on pricing and investment mindset surrounding NFTs distracts the player from playing the game and encourages profiteering" the company said.



"We are also concerned that third-party NFTs may not be reliable and could end up costing players who buy NFTs."



The popularity of Minecraft gives Mojang's announcement heft. Minecraft was the most-played game in the US in the first three months of the year, according to information from market research firm NPD Group.



Mojang Studios is owned by Microsoft. Microsoft did not immediately respond to inquiries made by Insider to inquire whether Mojang's statements were representative of the company's stance as a whole regarding NFTs.
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