Steam will No Longer Support Blockchain Games and NFT or Cryptocurrency Trading

Steam will no longer support games that use the blockchain to facilitate NFT (non-fungible token) and cryptocurrency trading. Steamworks users and partners should no longer publish "applications built on blockchain technology that issue or allow trade of cryptocurrencies or NFTs" on Steam, according to the company's onboarding page. It's unknown how many existing Steam games will be affected. There are 14 and 64 results for "NFT" and "crypto," respectively. However, not all of them allow for real-world transactions. For example, Crypto Mining Simulator lets you pretend to mine cryptocurrency, which sounds like a lot of fun.

The developer of the blockchain-based Age of Rust, SpacePirate Games, was the first to notice the shift. This is because Valve has issued a notice stating that games based on blockchain technology that allows for the trade of cryptocurrencies or non-fungible tokens will be removed (NFTs).

Valve, the business behind the Steam shop, has yet to issue a comment explaining why this prohibition has been implemented. Some suspect that the prohibition is partly due to Steam's policy of not selling games that feature "real-world value" products.

Another argument could be that, depending on the game, if a Steam game contains cryptocurrencies or NFTs, the game effectively works as an unregulated "store-within-a-store" from which Steam may be unable to profit. Because blockchain gaming is decentralized, it would be difficult for Steam to enforce regulations on a blockchain game if the game's protocol does not allow it. Steam, as a firm, would be powerless to control or shape the blockchain's immutable code.

Furthermore, blockchain gaming is a disruptive technology because some titles allow gamers to profit instead of relying on a third-party distributor such as Steam. As a result, blockchain games may be viewed as a product that, in its current form, competes with Steam's economic motivation. However, if the game's programming allows it, Steam may be able to revenue-share with a blockchain game.

How did Epic Games React to the issue?

According to CEO and founder Tim Sweeney, Epic Games supports blockchain technology as long as "they respect the necessary rules."

Epic Games has taken the other approach and claimed they are open to blockchain-based games, just hours after it was rumoured that Steam would ban blockchain-backed games that offer NFT and cryptocurrencies. "Epic Games Store will accept games that incorporate blockchain technology providing they obey the relevant laws, disclose their terms, and are age-rated by an appropriate group," Sweeney writes in a tweet.

For more tech-related news subscribe to our YouTube Channel if you haven’t done it yet.