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NFT

Epic Games CEO Reaffirms NFT Stance After Minecraft Rejection

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in NFT
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Epic Games CEO Tim Sweeney has responded to Minecraft rejecting NFTs by reaffirming his stance regarding the matter.

Minecraft Says No To NFTs, Epic Games Tim Sweeney Keeps Open View

A couple of days back, the super popular videogame Minecraft released an official statement in relation to non-fungible tokens and blockchain technology.

The company was of the opinion that NFTs don’t align with the game’s values of creative inclusion and playing together.

“NFTs are not inclusive of all our community and create a scenario of the haves and the have-nots,” said the announcement. “The speculative pricing and investment mentality around NFTs takes the focus away from playing the game and encourages profiteering, which we think is inconsistent with the long-term joy and success of our players.”

Related Reading | Quant Suggests Tesla’s Bitcoin Dump Behind Recent Red Coinbase Premium

Following this view, Mojang, the developer behind the game, has disallowed the use of non-fungible tokens and other applications of blockchain-based technology on the platform.

Last year, Valve’s Steam announced a ban of crypto and NFT-related games on the PC gaming store. As a reply, competitor Epic Games Store welcomed such videogames on their platform with open arms.

Yesterday, one Twitter user asked Tim Sweeney, the founder and CEO of Epic Games, as to whether the company will now also take a similar stance as Minecraft.

“Developers should be free to decide how to build their games, and you are free to decide whether to play them,” said Sweeney in a response. “I believe stores and operating system makers shouldn’t interfere by forcing their views onto others. We definitely won’t.”

While Minecraft rejected NFTs on its platform, the Japanese videogame company Square Enix announced its new NFT project on the same day.

State Of The Market

After facing dwindling trading volumes for many months, the NFT market finally showed some high activity during the start of May, providing some hope to investors.

Related Reading | Bitcoin Is “Here to Stay” Ex-BlackRock Investment Adviser Says – Better Than Gold?

However, the surge didn’t last too long, and the subsequent plunge took volumes down by around 90%. The below chart shows the trend in the weekly non-fungible token trading volumes over the past year.

NFT Trading Volume

Looks like the volumes have been very low in recent weeks | Source: NonFungible

In the last couple of months, the NFT weekly volumes have stayed around $233 million, a pretty low value when compared to the normal for last year.

At the time of writing, Bitcoin’s price floats around $23.1k, up 12% in the past week.

Bitcoin Price Chart

The value of the crypto seems to have been moving sideways over the last few days | Source: BTCUSD on TradingView
Featured image from Andrey Metelev on Unsplash.com, charts from TradingView.com, nonfungible.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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