The maker of the well-known game bearing its name, Mojang Studios, said that it will be omitting the inclusion of nonfungible tokens, or NFTs, along with blockchain technology as a whole.
Blockchain technologies are not allowed to be incorporated inside the client and server programmes in order to guarantee that Minecraft users have a secure and inclusive experience. Worlds, skins, and other in-game items in Minecraft may not be used by blockchain technology to produce a valuable digital asset.
Therefore, third-party NFT collections digitising in-game assets for Minecraft may be in breach of such agreements and subject to possible legal action.
The corporation also questioned the speculative NFT pricing and investment attitude, which detract from the gaming experience and promote profiteering at the expense of the games’ long-term playability.
Although the changes don’t affect the majority of Minecraft players, they are expected to have a big impact on a small group of players who are also making money from in-game NFTs.
In order to justify the prohibition, it also cited rug-pulls involving a few third-party NFT integrations as well as NFT wash trading or deceptive pricing manipulation.
The new guidelines prohibit Minecraft’s client and server applications from integrating with third-party blockchain solutions.
In an effort to stop businesses from fleeing the country, the tech trade group Chamber of Progress urged members of the US Senate and House of Representatives to provide regulatory certainty in the cryptocurrency sector.
Without congressional intervention, the current unpredictability in the cryptocurrency markets is a result of a lack of clear laws and regulations.
The United States’ unclear regulatory environment may lead businesses to look elsewhere for more favourable conditions. Pushing many high-paying, remote-friendly jobs that mainly survived the pandemic outside would pose a threat to the nation’s interests.
Some of the unsuccessful businesses took advantage of the market’s unclear restrictions. Leaders in the industry have issued a warning that smaller exchanges that offer substantial margin loans are silently going out of business.
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