Video game developer Valve banned all non-fungible tokens (NFTs) and cryptocurrency-related games from its Steam platform — one of the world’s largest video game platforms, hosting 25 million daily concurrent players.
On October 16, Steam distribution onboarding guidelines asserted that it would no longer support and publish applications built on blockchain technology that allow the exchange of cryptocurrencies or NFTs.
According to reports, Steam marketplace, as a centralized platform owned and run by Valve, lets its users buy and sell their digital items for money.
However, the money can’t be transferred out and is more related to store credit, where users can buy other marketplace items or games from the official store. To clarify, the experts said technically speaking, there is no “real” monetary value behind these items.
In addition, it means that NFTs and crypto-related games pose a risk for Valve, as its growing digital economies and marketplace could fall under the label of securities. So, this is why reports revealed to be the reason Steam is no longer supporting NFT and blockchain-focused video games on its platform.
But as of now, Valve didn't give any statement about the company's decision to ban NFT related-games. So, it remains to see whether Valve will release an official statement.