“Any reform has short-term costs but ultimately reforms will bring long-term gains. “Rushing into offering NFTs without fully evaluating it could lead to serious reputational damage,” Jijiashvili said.WASHINGTON: The World Bank today said that the “adverse effects” of demonetization in India will disappear in the medium term, saying any reform has short-term costs. While NFTs may one day have a place in video games, right now they’re still in an “embryonic stage,” according to George Jijiashvili, principal analyst at Omdia. Still, despite excitement from some over NFTs and their potential use in gaming, it’s clear that not everyone is on board. And so now blockchain is enabling that to happen again, where you can dispose of content that you are no longer interested in or are not playing with anymore.” “These days with digital content we’ve not had that second-hand market. “If you bought cartridges for your games console and you wanted the new one but couldn’t afford it, you would sell some of your old games at a second-hand shop,” Yung said. He said the phenomenon reminds him of his childhood. Players can then take those assets outside of the game and exchange it elsewhere. Yung says the NFT approach is innovative as it means gamers can now take ownership of digital properties they buy within a game.
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The idea is that it’s free upfront but you have virtual assets inside the game that you acquire to enhance and improve your gameplay.” “That has transitioned largely to an economic model around free-to-play. You paid upfront prices for games,” he said. “Gaming’s historically more premium, meaning you bought cartridges or DVDs or, later, downloadables. Robby Yung, CEO of Animoca Brands, an investor in Axie Infinity creator Sky Mavis, said the business model in gaming has changed over the years. Axie Infinity, for example, is a blockchain-based game that lets users collect and breed creatures called “Axies” - kind of like “Pokémon” but with NFTs. Several cryptocurrency start-ups are betting NFTs will play a role in the world of video games. It’s a bit like microtransactions, when that was the big drama for gamers.” “What I don’t want is for things to feel transactional. “To me, what I love about games is the worlds, stories and experiences inside them,” he added.
While Keighley says he likes the idea of game creators making revenue through royalties on NFT sales, “the thing I hope doesn’t happen is that games become a platform just for commerce.” “There are definitely some aspects of that feel a little exploitive right now with some of these games,” Geoff Keighley, host of The Game Awards, told CNBC on a call ahead of the video game industry’s annual awards ceremony, which recently took place. Last month, for instance, Microsoft Xbox chief Phil Spencer warned some efforts to bring NFTs to video games feel “exploitive.” The Ubisoft debacle highlights division in the gaming world over non-fungible tokens. “Ubisoft Quartz is an experiment,” the spokesperson said.
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OperatorDrewski, a YouTube channel with over 1 million subscribers, commented: “To me, this is a blatant signal that you’re just milking the Ghost Recon franchise for literally every cent while putting in minimal effort into the actual game itself.”Īlthough YouTube has recently hidden dislikes on its videos, users downloading software to get around the change were able to find Ubisoft’s trailer for Quartz has been overwhelmingly disliked, with only 1,600 likes and more than 40,000 dislikes.Īn Ubisoft spokesperson told CNBC the NFTs available on Quartz are currently free, and that the company is not taking a cut of any secondary market sales. Some commenters also raised concerns with the environmental impact of cryptocurrencies. The move was met with widespread anger from gamers, who slammed Quartz as a cash grab.
The feature was added to Ubisoft’s “Ghost Recon Breakpoint” game. The company debuted a platform called Quartz which lets players own in-game items such as helmets in the form of NFTs, digital assets designed to track ownership of unique items on the blockchain. So when Ubisoft, the French video game publisher, dropped a video this month showing off its foray into non-fungible tokens, it’s fair to say the reaction was a little predictable. The outcry was so intense that EA eventually walked back its plans, which critics described as a “pay-to-win” model. Traditionally, players are required to toil for several hours to access such content. In 2017, for example, Electronic Arts faced huge backlash over a decision to let players pay to unlock certain characters in its “Star Wars Battlefront II” game. Gamers are a notoriously skeptical crowd.
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