Money and Markets

Minecraft isn't buying the NFT hype, says they're exclusionary and encourage 'profiteering'

Business Insider US
A child in a Minecraft character costume.
Carlo Allegri/Reuters
  • Mojang Studios, the Microsoft-owned company behind Minecraft, issued a statement on NFTs.
  • NFTs will not be allowed in Minecraft, Mojang said.
  • The company said NFTs are exclusionary and encourage "profiteering." 
  • For more stories go to www.BusinessInsider.co.za.

Mojang Studios, the company behind the wildly popular video game Minecraft, has announced it won't be integrating NFTs into the game in a statement on Wednesday.

NFTs, or non-fungible tokens, are unique digital assets that often take the form of digital artworks.

Other major games studios have embraced a recent NFT craze and the gaming industry is seen by some as a major growth market for the tokens.

Mojang made it clear it will not be jumping on the bandwagon.

In its statement Mojang said NFTs "create models of scarcity and exclusion that conflict with our guidelines and the spirit of Minecraft. NFTs are not inclusive of all our community and create a scenario of the haves and the have-nots."

Mojang also appeared to be worried that NFTs in Minecraft could lead to fraudulent activity.

"The speculative pricing and investment mentality around NFTs takes the focus away from playing the game and encourages profiteering," the company said.

"We are also concerned that some third-party NFTs may not be reliable and may end up costing players who buy them."

Minecraft's popularity gives Mojang's statement heft. Minecraft was the most-played game in the US in the first three months of this year, according to data from market research company NPD Group.

Mojang Studios is owned by Microsoft. Microsoft did not immediately respond when contacted by Insider to ask whether Mojang's statement was reflective of the company's stance as a whole on NFTs.

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