• Sun. Aug 14th, 2022

Are Minecraft NFTs Coming? Here’s What The Video Game Company Says

ByChris Katje

Jul 20, 2022
Are Minecraft NFTs Coming? Here's What The Video Game Company Says

One of the most popular video games of all time put out an article discussing non-fungible tokens Wednesday. Could NFTs be coming to Minecraft? Here’s what the company said.

What Happened: Video game Minecraft is one of the most popular games despite being released in 2011. The game is owned by Mojang Studios, which was acquired by Microsoft Corporation MSFT in 2014.

Minecraft and Mojang Studios issued an article called “Minecraft and NFTs” Wednesday, which could be a preview of what’s to come for the company.

“We’ve received some feedback from members of the community asking for clarification and transparency regarding Mojang Studios and Minecraft’s position on NFTs and blockchain,” the company said.

The company said it is in the process of updating its usage guidelines, but wanted to share feedback with users.

“We wanted to take the opportunity to share our view that integrations of NFTs with Minecraft are generally not something we will support or allow.”

The company said users who buy, sell or trade NFTs that use Minecraft skins or worlds will be affected by the usage guidelines.

Minecraft was built with the belief that everyone in the community has access to the same content and with NFTs and scarcity that core item conflicts with “the spirit of Minecraft,” the company said.

The company said it would have more to share with users soon.

Related Link: Minecraft Hits 1 Trillion Views On YouTube: How The Game Has Maintained Its User Base 

Why It’s Important: Based on the update from the company Wednesday, it appears that Mojang Studios has no immediate plans to bring NFTs to Minecraft. The company also could attempt to shut down several NFT collections that utilize Minecraft intellectual property.

Video games have been one of the sectors that are expected to see a rise of use cases for NFTs and the blockchain. Some have pointed to skins purchased in game for games like “Fortnite” and elsewhere that can only be used in one game and not sold by the user.

Minecraft is one of the largest games in the world, with 140 million monthly active users in 2021.

Roblox Corporation RBLX, a rival to Minecraft, has not commented on NFTs and remains a potential contender for more blockchain integration. Roblox ended the first quarter with 54.1 million average daily users.

Roblox guided for bookings in the second quarter to come in lower than the previous year. Shares of Roblox have fallen 59% year-to-date in 2022. Integration of NFTs could be a catalyst for the company to get some momentum back.

“We remain focused on delivering our innovation roadmap to unlock the full potential of the Roblox platform and drive long-term returns for investors,” Roblox CEO David Baszucki said.

Benzinga’s Take: The comments made by Minecraft Wednesday could be a setback to the NFT community hoping for more inclusion in major video games.

Games that have large communities and see big in-game spending may need to integrate NFTs or risk losing users over time to platforms that allow them to buy and sell their goods.

Large companies like Nike Inc NKE and The Walt Disney Company DIS are pushing further into NFTs and blockchain technologies as ways to capture growth from a sector seeing major interest.

Disney recently announced funding for Polygon MATIC/USD as part of its accelerator program. The company also partnered with VeVe for NFT collections.

Major sports leagues are also pushing into NFTs after seeing the growth of NBA Top Shot from Dapper Labs. All four major professional sports leagues in the U.S. have seen launches of NFTs for teams and/or players.



Image and article originally from www.benzinga.com. Read the original article here.