Video game platform Steam bans NFTs, crypto and blockchain-based games

Oct 15, 2021 | The Block News | 0 comments

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The video game distribution platform Steam has updated its guidelines to ban the use of non-fungible tokens (NFTs), cryptocurrencies or other blockchain-based technologies from its platform. 

The new rule was tacked onto a list of “What you shouldn’t publish on Steam,” which also bans hate speech, libelous or defamatory statements and non-interactive 360 virtual reality videos. 

“Steam’s point of view is that items have value and they don’t allow items that can have real-world value on their platform,” wrote a user named Space Pirate on Twitter, who was among the first to notice Steam’s change in guidelines on Thursday. 

Space Pirate is part of the team behind a game called Age of Rust, which includes blockchain technology and NFTs in its gameplay. They said on Twitter that the game had been removed.

“While I respect [Steam’s] choice, I fundamentally believe that NFTs and blockchain games are the future. It’s why I started this journey with all of you,” they said.

The use of NFTs and blockchains in gaming has gained significantly in popularity this year. Sky Mavis, the startup behind Axie Infinity, one of the most popular NFT games, recently raised $152 million in a fundraising round that valued the company at $3 billion

Valve, the company behind Steam, did not respond to The Block’s request for comment. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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