Why Are NFTs Banned From Steam? Gabe Newell Explains

March 4, 2022 at 8:39 PM in Gaming News with no comments

The spread of NFTs is now becoming rampant, and it isn’t really a popular thing in the gaming world. Valve’s Gabe Newell explains why they are still banning NFTs from Steam.

By    Daniel  |  Veena

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WHY IS STEAM BANNING NFTS FROM THEIR PLATFORM


 

President and co-founder of Valve, Game Newell explained in an interview with Rock Paper Shotgun why he banned NFTs and cryptocurrencies from Steam.

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Last year, Valve removed games that have NFTs as well as cryptocurrencies from their platform. On the other hand, Epic Games and other platforms chose to wait before making a decision.

Newell said that Steam once “accepted cryptocurrencies for payments. And it turned out that it just made customers super mad.”

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Newell adds, that the problem with NFTs is that it most often than not, comes with “criminal activity and a lot of sketchy behavior.”

He also said that cryptocurrency adds confusion and volatility to the gaming market. Users could “spend $497 one day to buy a game, and the next day I spent 47 cents.”

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When Steam used NFTs and cryptocurrency, the “vast majority of those transactions, for whatever reason, were fraudulent.”

Valve’s stand against NFTs is a positive sign since they are simply protecting their users instead of looking to just make money.


 

Steam Removes Games That Use Blockchain, NFTs and Cryptocurrency

     

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