Skip to content Skip to sidebar Skip to footer

GameFi Execs Reveal: Minecraft, GTA Set to Explore the Possibilities of Blockchain Technology

Despite some mainstream game studios having taken a cautious approach toward the integration of blockchain technology, three blockchain gaming executives are confident that it is only a matter of time before they start taking more interest in this sector.

Expert’s Views on Recent Events 

Earlier, Rockstar Games updated its website in November to specify that the fan-operated servers for Grand Theft Auto V are now prohibited from utilizing crypto assets, specifically NFTs.

However, BNB Chain’s gaming growth lead, Walter Lee, believes the ban is mainly related to NFT activities, rather than blockchain tech in general, and that when proper regulation is implemented to ensure user safety, leading studios will become more tolerant of the technology.

Furthermore, Mojang Studios, developer of Minecraft, highlighted the potential for rug pulls, NFT wash trading, and issues around digital ownership as prominent challenges associated with Web3. As this might require better regulatory measures. Consequently, some users and companies also remain skeptical about the benefits of Web3 and are wary of possible scams.

Lee believes that, ultimately, player demand will be the deciding factor in the adoption of blockchain technology in mainstream gaming. While many gamers have a love-hate relationship with cryptocurrency, particularly when non-fungible tokens (NFTs) are involved, the demand for these features could be significant.

Potential Catalyst for this Adoption 

Last year, Ubisoft Entertainment, a French gaming giant, found it necessary to rethink its plans to integrate non-fungible tokens (NFTs) into its games due to a negative response from players. A survey conducted by Coda Labs, a blockchain entertainment provider in October, indicated that traditional gamers were not in favor of cryptocurrencies or NFTs in general. However, they were comparatively less averse to applying NFTs in gaming.

Wagyu Games’ executive director, Grant Haseley, also stated that one proven success story could be the incentive needed to stimulate mainstream adoption. Haseley commented that the reluctance of mainstream gaming for this adoption may be due to the fear of it affecting the current consumer business model of solely paying for entertainment.