What has Minecraft said on NFTs? How has it impacted NFT Worlds?

4 min read | July 21, 2022 11:31 AM AEST | By Ankit Sethi

What has Minecraft said on NFTs? How has it impacted NFT Worlds?

What is the NFT Worlds and why does Minecraft’s announcement matter?

Minecraft, one of the most popular games worldwide, has announced that blockchain usage within its client and server applications is not permitted. The video game has also categorically mentioned that any in-game content non-fungible tokens (NFTs) are not allowed to be created.

Minecraft has cited its preference for “safe and inclusive experience” for all players, which the game’s developer Mojang Studios says will be impacted by the use of blockchain. The announcement also talks about “some companies” that have launched digital asset implementation on Minecraft.

NFT Worlds, which is said to have bootstrapped with Minecraft, has been hit hard by this announcement. NFT Worlds has 10,000 NFTs listed on OpenSea, which it says are unique worlds that can be “explored” for their developer APIs. Minecraft served as NFT Worlds’ inspiration, and the announcement has triggered a response.

Is Minecraft against blockchain and NFTs?

The July 20 announcement rejects blockchain technology’s implementation into Minecraft by third parties. The game has also refused to let NFTs become a part of Minecraft’s ecosystem. This is because NFTs can infuse exclusivity in the game and Minecraft is not in favour of “scarcity” and “exclusion”.

However, the game, which is owned by tech giant Microsoft, has also said that it will pay “close attention” to how blockchain technology unfolds in the future.

NFT Worlds crypto and NFTs

NFT Worlds’ WRLD token has lost value in the wake of the Minecraft announcement. As of writing, the 24-hour decline was nearly 70%. That said, the WRLD token is not a large-cap crypto, and its trading volume is also quite low. OpenSea suggests that the floor price of the NFT Worlds’ collection is 1.05 ETH, as of writing.

WRLD token price

Data provided by CoinMarketCap.com

What is NFT Worlds’ response?

NFT Worlds has said it will explore getting in contact with the Minecraft team. If this doesn’t yield any result, NFT Worlds will launch its own “Minecraft-like platform”.

Bottom line

Minecraft’s announcement has hit the sentiments of NFT Worlds’ backers, which reflects in the dip in the value of the WRLD token. This is also a chance for crypto enthusiasts to become cautious about how one news report can risk the value of the portfolio.

Also read: Why is Ether up 40% in 7 days? Is Bitcoin’s dominance fading?

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