Team17 U-Turns on their MetaWorms NFT project following backlash

[WYP]

Team17 recieved pushbacks from both developers and gamers.



Read more about Team17 U-turning on its MetaWorms NFT plans.

 

[Dark NighT]

Small Typo

"In less than 24 hours, Team18 have announced and backed away from NFTs."

Also serves them right for doing this, NFT needs to die asap.

 

[demonking]

Perhaps i have misunderstood the technology but i thought all NFT's were just a cash grab?

 

[grec]

Perhaps i have misunderstood the technology but i thought all NFT's were just a cash grab?

The technology of NFTs is essentially just a receipt system stored in the form of public distributed database commonly referred to as a blockchain. There's some valid use cases, but they can't do anything that a receipt system on a traditional centralised database couldn't already do, they'd just do it with more fault tolerance and persistence.

However yeah in practice, most NFTs are just used for quick cash grabs. The first major primary use of NFTs was essentially just recreating the traditional art market in a digital form via these receipts (Traditional art is often also traded in paper only, with the art itself often never physically moving or changing hands or being seen in person), and the traditional art market and gallery scene is rife with corruption, theft/counterfeiting, money laundering, quick cash grabs, and more, and this is all true (but on crypto steroids) for the NFT version of the market too.