Video Game Industry NFT's; Cash Grab?

Video Game Industry NFT's; Cash Grab?

Remy Sharp
Play To Earn Games | 23 Dec 2021 12:56 UTC

A True Revolution or Just a Way to Make More Money: Video Game Industry NFT.

NFTs and blockchain gaming are hot buzzwords and sits at the top trend in the tech and gaming industry for the past couple of years. However, the gaming industry is divided on the issue as some have embraced it as a revolution and future of gaming.

Video Game Industry NFT's; Cash Grab Or Not?
Video Game Industry NFT's; Cash Grab Or Not?

While others are skeptical about it and term it as exploitative and just another way to grab more cash. Moreover, gamers and fans also have had their say on the issue and are openly vocal about it.

Video Game Industry NFT

Initially, game companies like Electronic Arts experimented with a model known as the “pay to win” model. In 2017, it launched the model where gamers were required to pay to unlock certain characters in the “Star Wars Battlefront II” game. This step wasn’t well received in the gaming community and EA had to take back its decision after severe backlash.

More recently Ubisoft also faced severe criticism from its fans when it launched Quartz. The announcement was made via YouTube video, the video received an overwhelmingly negative response.

This led to Ubisoft taking delisting its NFT launch video. Quartz was aimed to provide players with an opportunity to own in-game items as digital assets with a feature to track ownership on the blockchain.

This new feature was added to the “Ghost Recon Breakpoint” game. This move was lambasted by gamers who termed it as just another way to milk the game and grab the cash. Moreover, concerns about the environment also added to the criticism as many regard cryptocurrencies as harmful to the environment.

However, Ubisoft replied that ‘Digits’, Ubisoft’s NFT's, is an experiment and is not mandatory but optional for gamers. Moreover, the technology used is a less energy-consuming cryptocurrency network called Tezos.

Video Game Industry NFT's; Cash Grab Or Not?
Video Game Industry NFT's; Cash Grab Or Not? - Video Game Industry NFT

The industry is still divided on the issue, Microsoft Xbox Chief Phil Spencer warned about NFT's and termed it as “exploitive.”

Also, Geoff Keighley of The Game Awards said, “There are definitely some aspects of [NFTs] that feel a little exploitive right now with some of these games.”

However, several others are betting on NFTs that it is the future of the gaming industry. A prime example in this context is the massive success of the Play to Earn game Axie Infinity.

NFT's might have a splendid future ahead but right now, it is still in their embryonic stage.

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