October 3, 2022

Steam Kicks Out Crypto, Epic Replies: We’ll Welcome Them

3 min read

The battle in between Steam and Epic Games, 2 of the most crucial videogame circulation platforms worldwide, has reached the crypto market. As Bitcoinist reported yesterday, video game developer Vault eliminated and banned crypto-based video games from Steam. The decision was consulted with a reply from its rival.

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Via his Twitter account, CEO and Co-Founder of Epic Games Tim Sweeney verified that the platform “will invite video games that use blockchain tech”. Crypto, Non-Fungible Tokens (NFTs), and on-chain gaming has become a threat for platforms such as Steam.

Therefore, there has actually been speculation about the company attempting to restrict their users’ access to these products on their platform. On the other hand, Epic Games is willing to embrace crypto development supplied the video games are certified with “relevant laws”, be transparent with their regard to usage, and got an age-rated classification.

Sweeney said the following to his 172,000 audience on Twitter:

Though Epic’s not utilizing crypto in our video games, we invite development in the locations of innovation and financing. As an innovation, the blockchain is just a distributed transactional database with a decentralized company model that incentivize financial investment in hardware to broaden the database’s capacity. This has energy whether or not a specific use of it prospers or stops working.

With over 180 million users reached in 2021, Epic Games’ platform is among the couple of capable of providing Valve and Steam a run for its money. Hence, this statement from Sweeney seems to be a strategic move to take the lead in a sector with the possible to interrupt the entire billion-dollar videogame industry.

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Legendary Games CEO Defends Crypto After Steam Ban

The Epic Games CEO’s declarations activated a lot of comments from the crypto neighborhood. Some users think Proof-of-Work based cryptocurrencies, such as Bitcoin and Ethereum, are a danger for the environment and a “deceptive monetary plan”.

On the contrary, Sweeney thinks crypto can be a structure to create a brand-new system with increase transparency and trust. According to his remarks, he appears more inclined to Proof-of-Stake based networks:

Well, I believe there’s a terrific core concept of using cryptography and video game theory as a foundation for building trustable consistent decentralized computations. And after that there’s an early execution called Proof of Work that scaled up way too far and needs to be deprecated ASAP.

The CEO of Epic Games likewise sparked controversy due to recent remarks he made on the NFT sector. Via Twitter, on September 27th, Sweeney greatly slammed the sector:

We aren’t touching NFTs as the entire field is currently tangled up with an intractable mix of frauds, intriguing, decentralized tech structures, and scams.

The video and crypto market await to see the next relocation and to see the actions Epic Games will take to implement crypto and blockchain innovation.

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At the time of composing, Ethereum trades at $3,831 with a 2% loss in the day-to-day chart.

ETH with small losses in the daily chart. Source: ETHUSD Tradingview