Minecraft-Based NFT Project Collapses As Minecraft Bans NFTs

Following Mojang's announcement that NFT integrations would be banned, NFT Worlds' stock was down to less than a third of its original price.

On July 20, 2022, Mojang Studio announced that it is banning blockchain integration and NFT in Minecraft. The developers noted the decision was made due to the fact that the concept of NFT is contrary to the basics of Minecraft and emphasized that all content must be available to all players, while non-fungible tokens are distributed on an exclusive basis.

The studio's new policy heavily affected NFT Worlds, a metaverse gaming project inspired by Minecraft where players could purchase NFTs tied to "world seeds" which could be used to create Minecraft worlds. Following. Mojang's announcement, NFT World's stock fell to less than a third of its original price. And the price of NFT Worlds NFT dropped by more than 60% – from 3 ETH ($4,500) to 1 ETH ($1,500).

At the same time, the number of transactions on July 21 increased 34 times compared to the previous day. NFT owners started to massively sell their digital assets, including at lower prices. As of July 21, the average cost of a token was 1.05 ETH ($1,500). In comparison, in April 2022 it was 11.8 ETH ($18,000), and the all-time highest NFT price reached 20 ETH ($30,000).

The creators of NFT Worlds have published an open letter to token holders in the project's Discord account saying that they did not expect such a decision from Microsoft and Mojang.

"This out of nowhere announcement by Microsoft/Minecraft to outright ban all possible uses of NFTs & blockchain tech within Minecraft feels like a step backwards in innovation and may even have painful downstream effects for them in the long run," an NFT Worlds developer wrote. "Regardless, we're working through this internally and have all hands on deck brainstorming solutions around the Minecraft EULA changes."

The NFT Worlds developers said that they have a plan for further action in case they can not agree with the developers of Minecraft and shared that, among other things, they are considering the possibility of transferring their infrastructure to another game similar to the Mojang sandbox.

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