Although some big game companies have taken a visible step back in incorporating blockchain technology, three blockchain gaming professionals believe it’s only time before they reverse course.
The Minecraft creator Mojang Studios declared a ban on NFTs and blockchain technology in July. In November, Rockstar Games changed its website to state that Grand Theft Auto V fan-operated servers could no longer use crypto assets, notably nonfungible tokens.
Mojang Studios cited rug pulls associated with some third-party NFT integrations, NFT wash trading, and digital ownership concerns as the grounds for the prohibition.
Lee thinks that player demand will eventually tilt the balance in favor of blockchain technology in popular video games.
However, some gamers have a love-hate relationship with cryptocurrencies, especially when NFTs are involved.
Due to player protests, the French gaming firm Ubisoft Entertainment was forced to abandon plans to include NFTs in its games last year.
According to a poll conducted in October by blockchain entertainment provider Coda Labs, conventional gamers did not support cryptocurrencies or NFTs in general. Still, they seemed to be okay with gaming-specific NFTs.
Grant Haseley, executive director of mobile and Web3 game production firm Wagyu Games, told Cointelegraph that a single success story is required to encourage mass acceptance.
“AAA firms will rethink their minds if they begin ceding a substantial portion of the market to Web3 games. It will just take one Web3 game to erupt for others to follow suit.”
According to Haseley, mainstream reluctance towards adoption stems from the apprehension that it would undermine the present economic paradigm of “consumers paying exclusively for entertainment.”
The mobile gaming business, for instance, has surpassed $100 billion and is growing, according to Haseley, who added:
“Why would you even contemplate anything drastic that may have long-term implications on your user base if you can develop a game on the fly and sustain profitability without altering your model?”
Because NFTs and cryptocurrencies essentially shift ownership of digital assets from enterprises to players, mass adoption is unattractive, according to Justin Hulog, chief studio officer of Immutable Games Studio.
The market research company Junpier Research predicts that loot boxes and other microtransaction-related features will generate $20 billion for game firms by 2025.
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