Yesterday, Mojang announced that it was banning NFTs in Minecraft, something that the community mostly celebrated, and already it has sent waves across crypto. NFT Worlds' stock is down to less than a third of its original price before the announcement which happened in only one hour.
If you haven't heard of it, NFT Worlds uses Minecraft to build "decentralised gaming metaverses" on the Ethereum blockchain. As its website states, the idea is to host a "fully customisable, community-driven, play-to-earn gaming platform where world owners can create their own limitless metaverse games or experiences for players or exclusive communities within their worlds."
It has over 960,000 worlds and 64,000 players, but the price has dropped by 62.65 percent in the past 24 hours. An NFT World is now worth only £0.01. This decline is expected to continue as it has shot down to 98 percent lower than its all-time high value, dropping by 3.41 percent in only the past hour. In the past week, its value has plummeted by 55.37 percent in total.
"To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our Minecraft client and server applications nor may they be utilised to create NFTs associated with any in-game content," Minecraft wrote on Twitter.
This announcement sent shockwaves across unofficial NFT sites that were built around Minecraft such as NFT Worlds and plenty more are expected to follow suit such as Gridcraft. These systems are not allowed to use Minecraft's resources or likeness going forward, so they will only continue to drop in value.
In response, NFT Worlds wrote, "We're working through this internally and have all hands on deck brainstorming solutions around the Minecraft EULA changes, as well as outright pivots for the NFT Worlds ecosystem and team if necessary." The options listed include creating its own Minecraft-like engine or moving to GameFi, but it's clear that it cannot continue as is.
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