Electronic Arts said that blockchain games are the future of our industry. On the other hand, Valve recently banned them on the Steam platform.
Valve, the company that owns Steam, has banned games that use blockchain technology, but also NFTs on the distribution platform. Valve explained that programs that include blockchain technology for issuing or exchanging cryptocurrencies and NFTs are no longer allowed.
The developer of Age of Rust, a game that uses such technologies, said on Twitter that Valve's decision reflects the company's philosophy, which does not want the elements on its platform to have value in the real world. SpacePirate added, however, that it believes blockchain-based games are the future.
The decision is an important one, because Steam is the largest virtual game store for PC. Rivals at Epic Games have not missed the opportunity to announce that they allow new innovations, as long as they are subject to the laws in force. This is despite the fact that the company led by Tim Sweeney has so far stayed away from blockchain and NFT technologies.
NFT comes from Non-Fungible Token, a technology through which the author is authenticated using data stored in the blockchain. Amy Wu, a partner at investment firm Lightspeed, believes Valve's decision is related to the fact that in blockchain-based games the company does not receive its share of transactions made within them.
But what are these games? These are securities that allow you to earn virtual play (to-earn), that accept payments in cryptocurrencies or that allow the creation or use of digital elements, such as NFTs, that can be traded in a public blockchain, in out of the game. Simply put, there are those games that integrate crypto technology into their economy. NFT comes from Non-Fungible Token, a technology through which the author is authenticated using data stored in the blockchain. In games, these can be rare skins, digital clothing, or artwork related to the title.
Blockchain or NFT games are controversial because they are open and decentralized. In these games, companies like Valve or Apple do not receive their share of transactions made within them.
In crypto gaming, digital goods in games gain value in the real world. When a gamer gives up a game and uninstalls it, he does not lose the digital goods created or won in it. They continue to exist in the blockchain. Basically, the player takes them with him and can keep or sell them.
Moreover, unlike traditional games, which belong entirely to the entities that created and distributed them, in crypto games anyone can create and own a small part of that game. Examples of such titles are Rust, Coin Hunt World, The Sandbox or Axie Infinity.
In 2020, the crypto gaming market was worth $ 321 million, according to Triple-A.