Steam no longer wants NFTs
The 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 its “rules and guidelines” section, the Steam team has added a new element:
“Applications built on the blockchain that issue or allow the exchange of cryptocurrencies or NFTs are prohibited.”
The new rules fall under the category “what you must not post on Steam” which also prohibits hate speech, defamatory statements.
Despite this discreet rule change, the ban on Steam did not go unnoticed for long. One of the harshest criticisms came from Sky Mavis studio, the creator of Axie Infinity (AXS):
“Today Steam has blocked all blockchain-based games using NFTs 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 gaming is at stake. ”
What are the reasons for this decision ?
What can be the reasons for this distancing from Steam? Steam says NFTs have value and the company doesn’t allow real-world items that can be priced on their platform
Thus, NFTs and cryptocurrency-related games represent a legal risk for Valve, as NFTs could be considered securities in the eyes of regulators. With these risks, we understand better why Steam wants to distance itself from this type of game.
However, the use of NFTs 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 that $ 476 million, 75% was raised by only 3 companies: Forte ($ 185M), Animoca Brands ($ 89M), and Mythical Games ($ 75M) for a total of $ 349 million.
A new competition that worries the behemoths of the gaming industry?
👉 To read on the same subject: TikTok bans ads promoting cryptocurrency
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About the author: Florent David
Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFTs).
All articles by Florent David.