Future of NFT gaming

Steam has decided to ban the NFT games

 

Steam is a company that sells and distributes video games digitally. It is one of the biggest leading gaming distribution services in the world. And after that comes Epic games. Steam recently banned NFT games or games that involved the use of cryptocurrencies. If you do not know what NFT games are then you can check my last blog post, it tells you what NFT games are and which games are on top currently. The link to my blog can be found here!

 

A screenshot of Steam app

Now for Steam banning these games could be a huge mistake for a number of reasons like:

·         Since last year NFT games have been on the rise. NFTs have grown from 14 million in 2020’s first 6 months to over 2.5 billion in sales in 2021’s second quarter. There is more growth to come.

·         These games are attracting a lot of people. Coca-Cola, sports games, a game by Louis Vuitton, etc. they all have collectibles in the games which can be traded with other players. Thus attracting many people.

·         Big gaming companies like Ubisoft, EA games are planning to develop blockchain games. These companies will also attract people to play the NFT games.

 

NFT Games

Banning them could be a big loss for Steam. The reason Steam banned them is they cannot trade NFTs with anyone. Their main goal is to sell games and give a portion of the profit to the game developers. Having NFT games on their domain was not resulting in a profit. But I believe they could have easily found a solution for that but I could be wrong.

 

It is a major selling point of crypto but it also allows for disintermediation of anything virtually. It creates benefits for users that no longer want the middlemen taking the cut. For instance, AAVE’s DeFi protocol allows p2p lending and borrowing. You can get a loan on their website at low rates with no credit check than what you would have got from a bank and you can pay it off without worrying about late fees. You can also loan your assets out instantly and you have 0 counter-party risk and you can get it back anytime you want. You loan your money to a bank and you get 1% maybe, you loan it to AAVE you get 10 times that.

 

NFTs present countless benefits to virtually every industry on the planet and every person as well. Gaming and art are drops in the bucket for what NFTs will be used for. In a few years everything will be connected to NFTs to some degree, the incentive is too high to not use them. People just don’t understand them yet and it will take a little time for them to figure it out. Businesses will figure it out very quickly.

You can read the article about steam banning the NFT games here.

 

What are your opinions on this? Comment below.