GameFi Executives Hint Minecraft And GTA Could Embrace Blockchain
Though many commonplace gaming studios are taking a step back from incorporating blockchain technology, a few blockchain game execs convey that it will not take them long to alter their decision.
A year ago during the month of July, Mojang Studios, the Minecraft creator, revealed a prohibition on blockchain tech and NFTs.
A few months later in November, Rockstar Games changed their site to specify that fan-functioning servers for the game – Grand Theft Auto V – will not utilize crypto commodities, precisely NFTs.
Walter Lee: Mainstream Games to Adopt Blockchain
Walter Lee is BNB Chain’s Gaming Growth Guide. He said that the prohibition is concerned with NFT operations compared to normal blockchain technology.
Lee believes that authorities are taking an action for the security of users, and that commonplace studios will eventually adapt and get used to the technology.
He conveyed that there exists less knowledge and awareness among people and that authorities need to take more action concerning Web3.
Those are the reasons behind firms and consumers being confused regarding the advantages and fraudulent behavior that can be attached to it.
Mojang Studios referred to rug-pulls in relation to specific external NFT incorporations, as well as NFT issues concerning digital possession and wash trading as the rationale for the prohibition.
Lee thinks that, in the end, demand by users will decide on the utilization of blockchain technology in commonplace games.
Game Studios May Embrace Blockchain Despite the Wariness
With that being mentioned, a few gaming fanatics both like and dislike the association with cryptocurrency, specifically when NFTs come into play.
Ubisoft Entertainment is a gaming firm in France. A year ago, the company had to alter its plans for the incorporation of NFTs into its games following the user response.
Coda Lab is a blockchain entertainment service supplier. Last year in October, their survey depicted that conventional gamers did not normally fancy either NFTs or crypto. Although, they did not have an issue with NFTs that much.
Lee said that if the demand rises from users for blockchain incorporations, they will be willing to alter the policies.
Grant Haseley works at Wagyu Games as the executive director. The firm is a Web3 game development firm. He thinks that only a single success story can change the usage.
He said that AAA studios are likely to alter their decision after they begin yielding the market share to Web3 games.
As per Haseley, commonplace reluctance in relevance to usage is due to people being afraid that it will undermine their firm model of users only giving money for amusement.
The Chief Studio Officer at the company – Immutable Games Studio – is recognized as Justin Hulog.
He has the same viewpoint and elaborated on it by saying that since crypto and NFTs essentially shift possession of digital commodities from firms to users, it is unattractive for common usage.
He conveyed that GTA V has become among the top successful entertainment item now, and everyone is aware that a large chunk of the profits is due to micro-transactions that have in-game currency.
In addition to it, Microsoft revealed micro-transactions in Minecraft a while ago. It makes sense because firms want to possess control over their games for monetary purposes.
As per research in 2020 from the market research company – Juniper Research, micro-transaction characteristics, and loot boxes will provide gaming firms with approximately $20B by the year 2025.
Hulog conveyed that it can also be comprehended as the firms accepting that crypto and NFTs are actual world commodities.
These assets have a significant level of regard connected to them, which could possibly be dangerous for their firm model. Though he thinks that it is highly likely that commonplace studios can adopt blockchain technology, he believes that they will most probably begin with incorporating support for crypto as a payment procedure for gaming.
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