Phil Spencer Says NFTs in Gaming “Feels More Exploitive than about Entertainment”

Phil Spencer, the executive vice president of gaming at Microsoft and a major figure in the industry, said that digital collectibles (NFTs) inside video games “feels more exploitive than about entertainment.” He cited security concerns as one of his reasons for not wanting to see these items implemented into Halo or Gears.

Phil Spencer, the head of Xbox and a former president of Microsoft Game Studios, has said that “NFTs in gaming feel more exploitive than about entertainment.” NFTs are non-fungible tokens, which is an asset that can be traded or transferred to another person. In other words, it’s a digital collectible. Read more in detail here: top gaming cryptocurrency 2021.

The use of NFTs in gaming is becoming more common. Ubisoft revealed earlier this month that it has invested in a blockchain gaming firm and that it will use blockchain to monetize future games. NFTs and play-to-earn games, according to EA, are the industry’s future. Now, Xbox CEO Phil Spencer has weighed in, saying that although he isn’t completely opposed to them, he doesn’t believe the current experimenting is genuinely focused on entertainment.

Overall, what I’d say about NFT today is that I believe there’s a lot of conjecture and experimenting going on, and that some of the creativity I’m seeing today seems more exploitative than entertaining.

But he doesn’t think it’s all exploitative, and he thinks a lot of people are simply trying to figure it out. Andrew Wilson, the CEO of Electronic Arts, had similar thoughts. When questioned about games on the Microsoft Store that use NFTs, Spencer replied that if Microsoft believes anything is exploitive, it would take action.

I don’t believe that every NFT game has to be exploitive. I simply believe we’re on the cusp of people finding it out. And I realize that you will see a lot of items early on that you will most likely not want to have in your business. I believe that anything we saw in our storefront that we thought was exploitative would be something we would, you know, act on. That’s not the kind of stuff we’re looking for.

Steam has declared that games that use cryptocurrencies or NFTs would be banned, whilst Epic has opted to accept them. Microsoft has not yet determined how it would address the situation, but it is considering its alternatives.

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