Xbox boss cautious of “exploitative” NFTs in gaming

Microsoft head of gaming Phil Spencer has revealed a level of skepticism towards the idea of adding non-fungible tokens (NFTs) to Xbox’s products.

Introducing NFTs to video gaming has been one of the many concepts floated about what the future of the industry is going to be, alongside metaverses and virtual realities.

Speaking to Axios, Spencer said: “What I’d say today on NFT, all up, is I think there’s a lot of speculation and experimentation that’s happening, and that some of the creative that I see today feels more exploitive than about entertainment.”

His words are important as he is now in charge of pivoting the company’s entire gaming operation, including that for Xbox, one of the world’s leading gaming systems.

This may mean that Xbox is not very likely to accept NFTs at this stage, even though CryptoGamblingNews previously reported that there have been traces and hints of Xbox beginning to accept crypto.

Microsoft has confirmed that it will turn to a metaverse concept for both its Teams and Xbox experiences, which means that Spencer may be only suggesting that NFTs in particular won’t be a part of any forthcoming experience. He did mention that everyone is still “on a journey where people are still figuring it out”.

Blockchain has played a huge role in the overall transformation of the gaming market. Axie Infinity, a game that is based on NFTs, has made it possible for players to purchase real estate and get rich from the play-to-earn model.

NFTs today are a multi-billion market that has been able to reach a total capitalization of $10.7 billion in the third quarter alone.

If you are a true crypto gaming fan, though, you will surely want to jump right into the blockchain gaming action. We invite you to do so at Bitcasino, 1xBit or FortuneJack.

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Updated: 11/18/2021 — 13:00