A large portion, if not the majority of gamers, have pushed back against the gaming industry's efforts to incorporate NFTs, otherwise known as nonfungible tokens, within the gaming landscape in a clear demonstration that the approach is way off base.
Aggro Crab's first major title, Going Under, is full of satire, poking fun at capitalism and startup culture, and full of digs at the existing gig economy, as well as data mining and blockchains.
"A third of the game is us just attacking crypto,” Kaman says. “That was the whole joke.”
“We believe NFTs cannot be environmentally friendly, or useful, and really are just an overall f---ing grift,” Aggor Crab studio head Nick Kaman said in a statement.
The report goes on to note the massive resistance has been, partially, a factor in the dip in cryptocurrency prices, and the plummeting of the industry following a massive boom towards the end of 2021 and beginning of 2022.
“The initial backlash from consumers was a response to the shallow game mechanics and Ponzi-scheme-like practices that informed most of the early designs,” Joost van Dreunen, a games industry analyst and investor said. “It isn’t fun or sustainable.”
Per Bloomberg, Bitcoin’s price has dropped below $20,000, which is a steep drop of more than 70% from its November peak. Additionally, the drops in the market have led to company layoffs, as brand such as Coinbase Inc have laid off close to 1/5th of their staff, a whopping 1,100 people.
In regards to how the gaming industry can properly incorporate NFTs, a number of executives chimed in.
“We need to carefully assess many things,” Sega Corp. said in an official statement issued back in December.
Platforms such as Coinbase have reportedly struggled with user activity, and some within the gaming industry have dwindled their interest in NFTs.
The fact of the matter is that they approach of Gamer crypto, and even NFTs, comes from the approach.
Gamers have shown a willingness to spend money on in-game products, and even participate in pay-to-play activities, but the approach of cryptocurrency and NFTs often seems hollow, bullish, and disconnected.
It will be interesting to see how the industry, and the market, pivot as we head towards 2023.
Will prices stabilize? Will we see another boom? Are content creator NFTs a thing to consider? Will gaming completely shut out web3?
Time will tell.