Gabe Newell is the founder and CEO at Valve. Valve is a well-known company on the PC gaming scene. He has shared his thoughts about crypto and NFTs in games. Newell spoke out in support of the NFT technology which makes it possible for digital representations to be created. Newell also indicated that actors within the sector often get involved in criminal acts.
Valve CEO talks about NFTs and the State of the Industry
Gabe Newell (CEO and founder of Valve), which owns Steam, one the biggest digital distribution markets within the PC industry, shared his views on the NFT phenomenon. Rock, Paper, Shotgun was granted a interview by Newell, who made clear the distinction between NFT technology and those currently promoting the technology.
Newell stated that NFTs were a valid technology to validate:
Separate the technology behind it from who is using that technology. It’s like if you’re a chemist, and you’re looking at nitrocellulose, you’re like ‘Oh, yeah, we can do some really interesting stuff with that’ … The underlying technology of distributed ledgers, and the notion of digital ownership, and shared universes, are all pretty reasonable.
This appears to be in contradiction with the views of many gamers about NFTs. Steam also has a stance regarding these technologies. A few in the industry blame the backlash on a general lack knowledge of these tools. This is the case with an executive of Ubisoft, who stated he believes gamers don’t understand the benefits of adopting NFTs.
Newell’s vision of the NFT community is not as positive. Newell expressed his opinion on this subject:
However, the people who work in this space are often involved in criminal activities and other sketchy behavior. So it’s much more about the actors than it is about the underlying technology or the rationale for what we’re doing.
Cryptocurrency, Volatility and Fraud
Newell spoke out about Steam’s acceptance of crypto payment for its services. The company was among the first to accept bitcoin payments. But, due to increasing fees and volatile bitcoin prices, they stopped offering this payment option in 2017. Newell made a similar point, noting:
Steam accepted cryptocurrency payments at one time. Customers were just as mad about it. Volatility was another issue. Volatility can be a problem in any medium of exchange.
Also, Valve’s CEO concluded by saying that the “vast majority” of the transactions made with cryptocurrency on Steam were fraudulent, with people using “illegal sources of funds.”
What do you think about Gabe Newell’s take on crypto, NFTs, and the people in the industry? Leave your comments below.
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