The worlds of games and NFT continue to blend, but the head of Microsoft’s gaming business thinks NFT is more about exploitation than entertainment.
In an interview with Axios, Microsoft’s head of games Phil Spencer commented on his skepticism towards NFTs. He said that:
I think the NFT carries a lot of speculation and experimentation going on around it, and some of the creations I see today are more of a sense of discovery than of entertainment.
As the CEO of Microsoft’s Xbox division, Spencer’s words carry a lot of weight. Xbox, the gaming console operating system with the second largest market share globally, second only to PlayStation. This gives Xbox a lot of power in accepting or rejecting NFT projects into the gaming ecosystem.
Spencer added that he’s not entirely opposed to all NFTs and doesn’t think every NFT is mining in nature, he just thinks that NFTs are in the process of discovery.
While the NFT can be tracked as early as 2014-2015, it wasn’t until this year that the market’s valuation skyrocketed to the million-dollar territory. And in the gaming space, blockchain-based and Play-to-earn (P2E) games are paving the way for a new era in gaming.
The role of blockchain in transforming the gaming market is being enhanced through GameFi, which refers to the financialization of games. In the past month, at least 3 venture funds have announced sizable capital allocations for GameFi projects. Meanwhile, NFT has grown into a multi-billion dollar market, with total digital collections sales reaching $10.7 billion, in the third quarter.
November marks the 20th anniversary of the founding of Xbox. The company went live with announcements and game updates to celebrate the event.
Source: Ornella Hernandez – Cointelegraph.