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Xbox Won't Be Getting In On The NFT Hype

Xbox Won't Be Getting In On The NFT Hype
Xbox | Universal Music

Written by 

Joseph Kime

Posted 

18th Nov 2021 11:31

It can't be stopped. It's everywhere.

Every time I sign in to Twitter, I am cursed by a tornado of ugly pictures of monkeys made in an atrocious Flash avatar maker. There's so little we can do to avoid it now, and NFTs are entering the cultural consciousness at an uncomfortable speed.

Silly monkey pictures are ruining my online experience with their presence, and watching dudebros sell their worldly possessions for single JPG files is truly sadder than it is funny (although it is a little bit funny).

And, as the gaming world begins to latch onto them just as many have with cryptocurrencies, the Xbox team doesn't seem to be gearing up to put some themed NFTs into production. Thank goodness.

Xbox Refuses To Get On Board With NFTs

Xbox Won't Be Getting In On The NFT Hype
Click to enlarge
Xbox

After many gaming companies have expressed their interest in getting involved in NFT development, Xbox boss Phil Spencer isn't quite as convinced by non-fungible tokens.

Speaking with Axios in an interview, Spencer revealed his take on the new crypto-JPG boom. "What I'd say today on NFT, all up, is I think there's a lot of speculation and experimentation that's happening, and that some of the creative I see today feels more exploitive than about entertainment."

This doesn't mean it will never happen, though. "I don't think it necessitates that every NFT game is exploitive", Spencer continues. "I just think we're kind of in that journey of people figuring it out."

What Gaming Companies Are Working With NFTs?

The NFT market, as bonkers as it is, is certainly growing. Gaming companies have made their stances on their use and distribution very clear. Ubisoft has publicly announced that it will be developing games to bolster and sell NFTs itself, while Valve has alternatively banned their use on Steam.

Given the massive and depressing impact that NFT and cryptocurrency minting has on the environment, it's a bold move to announce an affiliation with the money-making scheme - but it looks like Ubisoft (and many to come) are going to be investing in them.

It's nice to know, though, that Xbox will be putting much more thought into the implementation of a scheme that has already left many in total financial ruin. How thoughtful of them.

 

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