NFT is the new trend in gaming and millions are already invested in US dollars. Now Phil Spencer, current Xbox boss has reported. Do not really like the trend around NFT and also explains that he does not want to have something on the Xbox.
What are NFTs at all? NFT is the abbreviation for Non-Fungible Token. It is a protected digital object based on blockchain technology. On the blockchain, cryptocurrencies such as Ethereum or Bitcoin are also based.
All of these objects and items are secured via the blockchain and thereby unique. Also games make use of it and promise to players items or skills with real value.
But every new business idea also calls some scammers on the plan, which want to exploit the new trend of course. For example, people had invested millions of dollars in virtual monkeys, but the developer was then disappeared with the deserved money.
Xbox boss Phil Spencer now explained in an interview that he has little of these digital objects. Because these seem a little reliable and speculative on him.
Xbox boss holds NFT for speculation and experiments
What says Spencer? In the interview with the news magazine Axis he talked about NFT and his effects (via axios.com). Here he explained that these digital objects was a lot of speculation :
What I would say to the NFT today is that I think there is a lot of speculation and experiments, and that some of the creative work I see today are rather exploitative than serving entertainment.
He also adds that he did not want these speculative objects on the Xbox. He compares that with a shop window. If you praise on the shop window of your business, you finally only want to see trusted products:
I think we would know about everything in our shop window, which we consider as exploitative, you would already proceed. We do not want this kind of content.
Nevertheless, he also restricts this attitude and does not drive a very clear line. So he adds, I can understand that you see a lot of things in the beginning that you probably do not want to have in his store.
So it could certainly be that there is still a project on the way, which could convince him in the end. He also says I do not think every NFT game is inevitably exploitative.
For many users, NFT is an investment with potential value increase
What does Spencer say with speculation ? Persons investing in NFT money hope for an increase in value. Because how other collection objects are also treated by some investment : they buy a work of art in the assumption that it rises in value, and they can help it later for more money.
So you can buy in Dead by Daylight soon NFT skins for a character
Others buy NFT clips of a twitch streamer for a lot of money
Why buy en people ? The NFT serve as speculative objects that you buy to help you with profit.
Some see that very critically as a bubble or a short-term trend, where you can burn a lot of money, because eventually you can make a screenshot from a twitch image. For others, these objects are a growth market in which they want to get in.
If you want to know more about NFT and the backgrounds, you can read more here on Mango:
NFT is 2021 the new trend in the gaming, companies are worth billions — but why?