Could Minecraft and GTA be the next big players in Blockchain? – Cryptopolite

Blockchain technology and non-fungible tokens (NFTs) are slowly creeping into mainstream gaming, but the use of this technology has been met with some hesitation from game developers.

However, some industry experts believe it is only a matter of time before they warm to the idea. Blockchain media Cointelegraph spoke to several gaming executives, and they all agreed that once regulatory frameworks are in place to guarantee player safety, mainstream studios will begin to embrace blockchain technology.

Minecraft and GTA on the defensive

In July 2020, Minecraft developer Mojang Studios announced a ban on NFTs and blockchain technology. Later, Rockstar Games updated their website, saying that fan-operated servers for Grand Theft Auto V can no longer use crypto-assets, specifically NFTs. These actions are seen by some as a sign that mainstream studios are skeptical of the benefits and risks of blockchain technology.

Walter Lee, head of game growth at BNB Chain, believes that when there is more education and regulation around blockchain technology, the mainstream studios will warm up to the technology.

Lee argues that the ban on NFTs is more related to NFT activities than general blockchain technology. He says that there is still a lack of education and regulation around Web3, and some companies are still skeptical of the benefits and fraud that can often be associated with it.

Lee believes that player demand will ultimately be the deciding factor for blockchain technology in mainstream gaming. If there is an increased demand from players for blockchain integrations, mainstream studios will likely revise their policies.

Grant Haseley, CEO of mobile and Web3 game development company Wagyu Games, believes that one success story is all it takes to spark mainstream adoption.

Haseley claims that the AAA studios will change their minds once they start giving real market share to Web3 games.

The fear of undermining the current business model

Haseley notes that mainstream hesitancy around adoption is out of fear that it will undermine the current business model of “the consumer strictly paying for entertainment”.

He notes that the mobile game market has broken $100 billion and is trending upward, and if studios can maintain profitability without changing their model, they are unlikely to consider anything radical that could have lasting effects on their consumer base.

Justin Hulog, head of studio at Immutable Games Studio, explains that NFTs and crypto fundamentally transfer ownership of digital assets from companies to players, making it unappealing for mainstream adoption. According to Hulog, both Minecraft and GTA V are motivated to retain control of their in-game economies for financial reasons.

Although there is still a lot of hesitation around blockchain integration in mainstream gaming, it is clear that this technology has the potential to revolutionize the gaming industry.

Although regulatory frameworks are currently lacking, gamers and gaming enthusiasts are showing a growing interest in blockchain technology, and as more education and regulation become available, it is likely that more mainstream studios will warm to the idea.