Xbox executive Phil Spencer has given his opinion on the emerging NFT market in an exclusive interview.
The non-fungible token (NFT) market is gaining popularity in gaming, and some of the industry’s major voices are speaking out. In an exclusive interview with Axios, Xbox CEO Phil Spencer reiterated his position on NFTs.
A strong opinion from a big name in video games
Despite his strong stance on opening up the gaming landscape and allowing for the creation of new markets, the head of Microsoft’s video game efforts stated that he believes there is too much speculation in the NFT space and that many of the titles he sees are more geared towards exploitation rather than key aspects such as creativity and fun.
“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,” Spencer told Axios.
“I think anything that we looked at in our storefront that we said is exploitive would be something that we would, you know, take action on. We don’t want that kind of content,” he added.
Major industry executives have already spoken out on the subject. Geoff Keighley, video game reviewer and host of The Game Awards, has declared that there would be no “NFT stuff” this year.
The future of video games
Despite Spencer’s assertions, businesses that have collaborated closely with Xbox believe otherwise. Industry giants Electronic Arts, Ubisoft, Sega, and other key industry companies see something positive in this burgeoning sector, even stating that it represents “the future of our industry.”
This is thanks to the great success of games like Axie Infinity, the Pokemon-like game which we have previously talked about. Through a card-based turn-based combat game, monthly Axie Infinity player earnings can range from $400 to $600, making it a showcase of what the NFT market can offer to the current video game industry. The major downside is that it also costs a lot of money to get started in the game.