NFTs are super tricky, says Valve’s Gabe Newell •

Over the past few months, several companies have expressed interest in NFTs and even described this technology as an inevitable trend that will become an important part of the gaming industry.

On the other hand, some insiders in high positions in the industry have expressed confusion and even concern about NFTs and Gabe Newell, CEO of Valve, has added his voice to this list.

Newell had previously confirmed that he would not allow gaming on Steam with cryptocurrency or NFTs involved in his design, but in conversation with our colleagues at Eurogamer he went further and said we are faced to something super delicate.

“Things that were being done were super slick. And there were illegal things going on behind the scenes and you were thinking, yeah, that’s bad. As a technology, blockchains are good technology, but the way they’re used today, It’s all very sneaky. And you want to stay away.”

He says there’s a similar problem when accepting cryptocurrencies, especially since “50% of the cryptocurrencies paid out in transactions were fraudulent, right? You look at that and think, that’s bad. Then you have the volatility of cryptocurrencies, which means people have no idea what price they were really paying.”

Newell says many companies run the risk of impersonating fraudulent entities when betting on these technologies, especially since they don’t trust most people involved in these transactions.

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