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Microsoft, Mojang Studios Say No
This past week has been a bit of a whirlwind because of one story.
More specifically, Mojang stated this:
Why did they make this decision? →
Scarcity and Exclusion
Mojang notes that there is a "speculative pricing and investment mentality" around NFTs that takes the focus away from playing the game and encourages profiteering.
Mojang also states that they believe third-party NFT platforms and implementations may not be reliable enough. They think that NFTs' reliance on the blockchain is hazardous.
Artificially Inflated Prices
Mojang wants Minecraft's value to be intrinsic. They don't want their game's value to be based on the secondary market of NFTs.
Our reaction →
NFTs are not exclusive
NFT projects are full of diversity, inclusivity, and community. NFTs monetize creativity for artists from all backgrounds. NFTs have also empowered communities to express and educate others on important values (Like UO's Title IX project to fund female athletes).
Reliability is growing
Mojang is right. NFTs are completely reliant on the blockchain.
But this is a good thing.
The blockchain is decentralized and would only become unstable and unreliable if there was a complete internet shutdown.
Unique features of NFT will drive up demand and bring more users to the game
We have to disagree with Mojang's theory here. In our opinion, NFTs enhance the customer experience tremendously. Minecraft NFTs have the potential to be hugely successful because of their already great user base. By releasing an NFT, they could reward their loyal customers and give them perks for their fandom.
Epic Games Says Yes
As you can imagine, the Minecraft news wasn't taken very well by web3 advocates. Chris Dixon, a general partner at venture capital firm a16z, had this to say:
Jefferey Zirlin, the growth lead at Axie Infinity, one of the most popular NFT games on the market today concurred:
Then came some feedback from Tim Sweeney, the CEO of Epic Games, the creators of Fortnite:
Epic Games is a known advocate for the future of gaming, i.e., the metaverse, so it wasn't surprising to see Sweeney make these comments.
Mojang said, " we will be paying close attention to how blockchain technology evolves over time", so it will be interesting to see if they stick to their guns on this topic.
ABCs of NFTs
C - Composability
The Mint is big on education, and that's why we love this series! This week, our term is composability. Composability is vital to crypto, NFTs, the blockchain, and web3 as we know it. Developers are building applications and open systems that can be built and rebuilt with new features. Listen to the video below to hear John explain composability and why it's so important. Or, if you'd rather read an article on the subject, click here.
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