Gabe Newell Explains Why Valve Banned NFTs From Steam

4 March 2022 at 19:34 in Gaming News with no comments

NFTs are proving to be a very unpopular addition to gaming, and now Gabe Newell has revealed why Valve banned NFTs on the Steam platform.

By    Daniel

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Gabe Newell, co-founder and president of Valve has told Rock Paper Shotgun in an interview why he is against NFTs and why Valve chose to ban them and cryptocurrencies from Steam.

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Valve removed games that integrated cryptocurrencies and NFTs from Steam last year, whereas Epic Games and other platforms chose to wait for feedback before deciding.

In the Rock Paper Shotgun interview with James Archer, Newell states that Steam once “accepted cryptocurrencies for payments. And it turned out that it just made customers super mad.”

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As far as Newell says, the problem is that the NFTs come with “criminal activity and a lot of sketchy behavior.”

Newell says that cryptocurrency adds a lot of confusion and volatility to the video game market.

He adds that users could “spend $497 one day to buy a game, and the next day I spent 47 cents.”

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Unfortunately, when games on Steam used NFTs and cryptocurrency, Newell says that the “vast majority of those transactions, for whatever reason, were fraudulent.”

Gabe Newell and Valve will not permanently determine the future of NFTs.

However, for many, it’s a positive sign that the world’s largest video game digital distribution platform is looking after the interest of its users rather than seeking quick riches.




Valve Bans Games Using Blockchain, Cryptocurrency, and NFTs From Steam

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