One of the world’s most popular online video games is updating its policy to ban non-fungible tokens (NFTs).
According to a new company article, Minecraft, the best-selling video game of all time, is updating its guidelines to ban NFTs due to their potential to create inequality among the game’s 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…
NFTs and other blockchain technologies create digital ownership based on scarcity and exclusion, which does not align with Minecraft 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.
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.”
Minecraft also says they are worried about the reliability of digital collectibles and the potential scams centered around them.
“We are also concerned that some third-party NFTs may not be reliable and may end up costing players who buy them. Some third-party NFT implementations are also entirely dependent on blockchain technology and may require an asset manager who might disappear without notice.
There have also been instances where NFTs were sold at artificially or fraudulently inflated prices.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Mrspopman1985/Fotomay