Phil Spencer, Microsoft’s Head of Games, said in an interview with Axios about his skepticism about non-corruptible tokens, also known as NFTs:
“All I want to say about NFT today is that I think there is a lot of speculation and experimentation and that some of the creations I see today are more of a sense of discovery than of solution.”
As the CEO of Microsoft’s Xbox division, Spencer’s words carry a lot of weight. Xbox is the game console operating system with the second largest global market share after PlayStation. This gives Xbox a lot of power in accepting or rejecting NFT projects in the gaming activity ecosystem.
Spencer added that he is not entirely against all NFTs, which makes it clear that he does not believe that “every NFT game is exploitative. I just think we’re on a journey where people will find out. “
While the earliest NFTs can be tracked from 2014 to 2015, market valuation soared to several million dollars only this year. And in the gaming arena, blockchain-based and play-for-money games, also known as P2E games, are paving the way for a new era in gaming.
The role of blockchain in transforming the game market seems to be increasing due to GameFi, which relates to the financialization of games. Last month, at least three venture funds announced significant capital allocations for so-called GameFi projects. Meanwhile, NFTs have grown into a multi-billion dollar market, with total digital collections revenue reaching $ 10.7 billion in the third quarter.
Related: Solana Ventures, Lightspeed Undertaking Partners, and FTX create $ 100 million recovery fund
November marks the 20th anniversary of Xbox. The company celebrated its one year anniversary with a celebration that was broadcast live with announcements and game updates.