NFT Weekly: Tencent and Minecraft license game from China

NFT Weekly: Tencent and Minecraft license game from China
Written by ga_dahmani
NFT Weekly: Tencent and Minecraft license game from China

Even with cryptocurrencies banned in China, some major retailers clung to non-fungible tokens (NFTs), which were not fully covered by the law, although reselling them for profit was prohibited.

Now Tencent has given up, shutting down its market entirely, and will likely shut down Huanhe, the unit that mints and distributes NFTs. That comes on the heels of a broader crackdown, with social media giant WeChat banning accounts that even mention NFTs and other digital assets.

See also: China’s Tencent to Shut Down NFT Platform

China is not the only place where the NFT business took a big loss this week.

Minecraft, one of the largest massively multiplayer online (MMO) games with 141 million monthly active users (MAUs), announced on July 20 that it would ban NFTs, and any blockchain technology on its platform, news that they will have a significant impact on the overall gaming community’s love-hate relationship with unique cryptocurrency tokens.

Many hardcore gamers are hostile to NFTs, which they see more as a way for game developers to squeeze extra money out of them, as well as a potential source of purchasable in-game items that give buyers an edge, called payment for payment. win, which is definitely not a compliment.

Read more: Gaming Backlash Against NFTs Is Organizing And Threatens Crypto Token Adoption

in a blog mail, Minecraft developer Mojang Studios explained that their user guidelines require that “all players have access to the same functionality,” explaining the issue as one of inclusion and equal access. “The speculative pricing and investment mindset around NFTs takes the focus off the game and encourages speculation, which we believe is inconsistent with the long-term joy and success of our players.”

Beyond that, he said, no developer will be allowed to introduce any blockchain technology into Minecraft or create skins, change the appearance of a player’s avatar, in-game items, mods, or any other “scant digital assets.”

He also pointed to possible scams such as wash trading to artificially inflate the value of NFTs, as well as “rug pulling” by developers taking money and abandoning projects. Interestingly, he did not mention the high power usage and subsequent contamination of various blockchains, a common complaint from NFT opponents.

Marketers still love NFTs…

The brand marketing industry has embraced NFTs strongly, both as stand-alone elements and as a way to dip a “me too” toe into the metaverse and Web3.

Look here: Since when is launching an NFT Care Bears collection a Web3 ‘strategy’?

The start of the Hang membership and loyalty program has been able to entice several major brands, including Budweiser, Pinkberry, and the Bonnaroo music festival, to use NFTs as a way to increase sales and brand loyalty by offering people who reach new levels of the limited edition NFT loyalty program that can also have resale value on the NFT markets.

See also: Big brands replace membership, loyalty programs with NFT

… And also the thieves

Yuga Labs, developer of the most valuable NFT collections Bored Ape Yacht Club (BAYC) and CryptoPunks, tweeted a warning that their “security team has been tracking a group of persistent threats targeting the NFT community.”

Warning that this is a “coordinated attack targeting multiple communities through compromised social media accounts,” the company asked owners of its avatars, which still attract occasional selling prices in the millions of dollars despite a falling wider NFT industry, stay tuned.

Which is probably cold comfort to actor and TV producer Seth Green, who had to spend several hundred thousand dollars to buy back a stolen Bored Ape NFT that he was in the process of making the main character of a TV show that was producing.

Also read: Seth Green’s Kidnapped Bored Ape Shows Growing NFT Commercialization

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On: Findings from a new PYMNTS study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, the United Kingdom, and the United States. US and showed strong demand for single multifunctional super apps instead of using dozens of individual apps.

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