Crypto

Steam bans NFT and blockchain related games on its video game platform – RemoNews

Steam no longer wants NFT

Valve Studio, behind Steam, has banned all games related to non-fungible tokens (NFTs) and cryptocurrencies on its platform. Steam is one of the largest video game platforms in the world, with a catalog of thousands of games and 25 million daily players.

In their “rules and guidelines” section, the Steam team added a new item:

“Applications created on the blockchain that issue or allow the exchange of cryptocurrencies or NFT are prohibited.”

The new rules are included in the category “What not to publish on Steam”; which also prohibits hate speech and defamatory speech.

Despite this discreet rule change, the Steam ban didn’t go unnoticed for long. One of the harshest criticisms came from studio Sky Mavis, the creator of Axie Infinity (AXS):

“Today Steam has blocked all blockchain-based games that use NFT from their store. Our games represent a different path, a future where players have property rights and economic freedom. We will win. The future of the game is at stake ”.

What are the reasons for this decision?

What could be the reasons for this departure from Steam? Steam says that NFTs have value and that the company does not allow real-world items that can be priced on its platform.

Therefore, NFTs and games related to cryptocurrencies represent a legal risk for Valve, as NFTs could be considered securities in the eyes of regulators. With these risks, we better understand why Steam wants to differentiate itself from these types of games.

However, the use of NFT and blockchain in games has grown significantly in popularity this year. Sky Mavis, the startup behind Axie Infinity, recently raised $ 152 million in a fundraiser that valued the company at $ 3 billion.

According to the Invest Game report, Crypto Gaming companies raised 9% of the $ 4.6 billion raised by the gaming industry in the first half of 2021. Of this $ 476 million, 75% was raised by just 3 companies: Forte ($ 185 million), Animoca Brands ($ 89 million) and Mythical Games ($ 75 million) for a total of $ 349 million.

A new competition that worries the giants of the gaming industry?

👉 To read on the same topic: TikTok bans ads promoting cryptocurrencies

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About the author: Florent David

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Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0, and non-fungible tokens (NFT).
All articles by Florent David.

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