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- Minecraft says f*ck NFTs
Estimated read time: 3 minutes 30 seconds
Welcome back to Decentra Daily, where we love our readers, and all things Web3....unlike Minecraft.
Today's agenda:
Minecraft lashes out
Winners and Losers
Top NFT sales of the day
Minecraft is banning NFTs
The world woke up to some shocking news....
An update to Minecraft's usage guidelines, which disallowed the use of any NFT or blockchain technology in the game.
WTF.
Here's Minecraft's reasoning in their official statement:
“To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications, nor may Minecraft in-game content such as worlds, skins, persona items, or other mods, be utilized by blockchain technology to create a scarce digital asset,”
Just when the world is adopting NFTs and the blockchain more than ever, the 4th most played video game in the world bans it.
It's interesting reading Minecraft's statement on NFTs, as they go on to describe NFTs as:
"An NFT is a unique, non-editable, digital token that is part of a blockchain and often purchased with cryptocurrencies like Bitcoin."
I don't know about you, but unless you're into Rare Pepes, you would never have paid for an NFT in Bitcoin.
Starting to sound like someone that has no experience in NFTs wrote and planned this release.
A live look at me reacting to @Minecraft banning NFTs…🥲
— brycent 🚀 (@brycent_)
6:05 PM • Jul 20, 2022
This is where we will see lines drawn in the sand, with companies not wanting to involve themselves in NFTs and the blockchain.
Minecraft is doing it under the guise of protecting its user base, and thinking NFTs are "not inclusive of all our community", or safe.
However, could this be because they don't want their users to have custody of their assets? Do they not want their players to be able to monetize items?
Perhaps Minecraft is making so much money, they don't want to share that...I wouldn't haha.
Kidding, of course I would.
But until viable Web3 competitors to Minecraft come along, they have little incentive to change their business model. Even if NFTs are the future.
So who could be potential competitors in the virtual world building?
Both the Sandbox and Decentraland are playable, and you can own land and assets within each. The Otherside will be launching in the next year, and will have own-able land and assets as well.
The Web2 vs. Web3 battle has started, and we are here for it!
Now we'll touch on one project that just got absolutely rekt by this Minecraft news 😔
How this affects NFT Worlds
NFT Worlds is attempting to create the largest multi-metaverse in existence....whatever that means.
But it was an NFT based metaverse that was being built on Minecraft...was is the operative word here. As they would building as a layer on top of Minecraft.
NFT Worlds was not expecting this news, and said they were "blindsided" in a Discord announcement.
The team has been in touch with Minecraft's IP department multiple times in the past, and they supposedly never indicated that NFT implementation would be restricted, let alone banned.
The native token of NFT Worlds, $WRLD dropped 70% after the news, from 3 cents to just under 1 cent. Buy the dip? Probably not!
The NFT Worlds floor dropped from ~3 ETH to under 1 ETH following the announcement.
We think this likely spells the end for NFT Worlds, they have a great team, so perhaps they can pivot, but we won't be touching their NFTs or token with a ten foot pole.
Terrible news for projects like NFT Worlds, which are just a layer on top of Minecraft. Their token price and NFT floor prices have both crashed more than 70% on the news.
— web3 is going just great (@web3isgreat)
6:53 PM • Jul 20, 2022
Microsoft is the parent company of Minecraft, so we'll be keeping our eye out if they are zigging away from NFTs and Web3, while many major brands are zagging towards it.
Winners and Losers
The projects that have stood out to us the most in the past 24 hours, the good, and bad
Winner: Nickelodeon: Rugrats & Hey Arnold! - Floor price up 270% in the last 24 hours (0.07 ETH → 0.259 ETH)
Nickelodeon with that nostalgia play! A few smart things about this:
They combined 2 pieces of their IP into one collection
Gamified it where if you collect enough you earn “slime” that you can redeem for a mashup NFT
Launched their own NFT marketplace for these where you can buy and sell, separately from OpenSeas fees
Altogether, a well thought out entrance to the space from an old school media company.
Loser: Moonbirds Oddities - Floor Price down 46% in the last 24 hours (3.1 ETH → 1.68 ETH)
My eyes burn! These have been around for a while, and today was reveal day....and when revealed, they tanked pretty hard. Hate to come down on these, but everyone I’m talking to about them, has one thought: they ugly. LOL. Anything Moonbird related could always come screaming back up, but I’m cautiously pessimistic.
Top NFT sales of the day
@BoredApeYC #5555 - 270.005 ETH ($427,076.53)
CryptoPunk #9650 - 169 ETH ($264,133.95)
Otherdeed #89944 - 152.42 ETH ($235,353.61)
@BoredApeYC #5099 - 117.605 ETH ($186,020.59)
Headlines of the day
Disclaimer: Nothing in this article/newsletter should be considered financial advice. The purpose is to inform readers of the current trends and news in the web3 space. We encourage every reader to do their own research and not act upon information put forth by Decentra Daily.