Minecraft Blocks the Blockchain

10th Dec, 2022

Minecraft Blocks the Blockchain

Mojang is also concerned about "situations where NFTs are sold at artificially- or fraudulently inflated rates" and situations in which NFT assets "may need an asset manager who might vanish without notice." Mojang warns that these issues could lead to "some third-party NFTs not being reliable" and could end up costing players who purchase them.

A rug pull external?

NFT World tokens have been falling in daily trading for months, despite the larger crypto crash in recent months. Mojang's Wednesday announcement triggered a drop in the price of NFT Worlds cryptocurrency by nearly 70%.

The leaders of NFT Worlds expressed confidence in their future despite the "out of nowhere" announcement by Microsoft/Minecraft. They felt it was a step backwards and could have negative downstream effects.

NFT Worlds' team said it is currently brainstorming next steps and reaching out to Mojang decision-makers to see if they can come up with a better outcome that benefits both the Minecraft player base and Microsoft's vested interests in blockchain/NFT technology. If an arrangement is not possible and NFT Worlds is banned from interfacing with Minecraft, the team will "pivot" to its own "Minecraft like game engine & platform" or to become a "GameFi platform for other studios seeking their own NFT/metaverse solutions.

The team wrote, "Bottom line we're still here." "We have the community, the warchest and the knowledge to build.