NFTs and blockchain technology are controversial, especially in the gaming industry. Valve used to ban all blockchain-based games from Steam, but Gabe Newell now sheds some light on why.
NFT, why crypto is banned on Steam
Put these Steam Deck Dev-Kits together and start sending them to your developers right away! I’m very excited to be one step closer to bringing Steam Deck to the world! #SteamDeck https://t.co/sx0EKJdPoE
— Steam (@Steam) September 2, 2021
In an interview with Eurogamer, Valve President Gabe Newell elaborated on the ban. The main reason for this ban is the rough and borderline illegal activity surrounding the blockchain.
Gaben is not against blockchain technology as a whole, but against the current implementation. He likened it to accepting cryptocurrencies at their storefronts.
“We have the same problem when accepting cryptocurrencies. 50% of the cryptocurrencies paid for transactions were fraudulent, right?” Newell said.
What’s interesting about Newell’s answer is the consumer experience when dealing with cryptography. Especially when it comes to the unstable value of cryptography. Consumers do not know the price they are paying.
For Steam, consumers seem to come first. They don’t make quick cash with NFTs or cryptocurrencies and want to avoid the situation where someone buys something with a cryptocurrency that crashed the next day.
Newell concludes an interview blaming the crypto business. “People currently active in the field are usually not good actors,” Newell said.
This insight into the crypto debate helps us understand the difference between digital currencies and digital assets. CS: GO skins are notorious for their high resale value, even though they are digital assets.
The difference is that the aftermarket value of something like a skin is determined after it is created. This is the first game and the product develops organically according to supply and demand.
The crypto boom is not organic and is artificially inflated by malicious attackers trying to deceive people. It is an unstable space of pumping and damping.
Money is too dirty for Valve and continues to support consumers by completely avoiding potential problems.
