World’s Best-Selling Video Game Announces Ban on NFTs – Here’s Why

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.”

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