July 1, 2022

Phil Spencer: Xbox doesn’t want to deal with NFT technology | Xbox one

Xbox soon to be an NFT user? It’s no ! Phil Spencer is not really fond of it, because this technology is mainly intended to exploit rather than to enrich the entertainment, as he explained to the Axios site.

NFT, Bitcoin, Ethereum, what’s the difference?

Before getting to the heart of the matter and detailing Phil Spencer’s vision on NFTs, it seems important to us to take a few moments to explain to you as simply as possible what NFT technology is and why its use is the subject of so much debate. .

For a few years now, a new type of transaction has been slowly inserting itself into our payment habits: settlement by cryptocurrency.

A revolutionary technology for some, much criticized by others, which often gives way to heated debates on social networks, especially when Bitcoin (the most famous cryptocurrency), experiences a spectacular revaluation on the stock market. A volatility to which NFTs are also subject, although they differ from Bitcoin or Ethereum on several criteria.

Non-Fungible Tokens, or more commonly NFTs, indeed meet different criteria from Bitcoin, since they are non-fungible Tokens, which means in other words that each NFT has its own characteristics and therefore its own. value, unlike all Bitcoin which are all of the same value. Therefore, an NFT is not a cryptocurrency, although it is stored on a blockchain and can be exchanged for cryptocurrency.

An NFT can be any storable digital data: an image, a video, an object in a video game … What makes the specificity of an NFT is that thanks to its storage on a blockchain, the NFT is unique. For example, if a famous modder creates an object in a video game and saves it as an NFT (on a blockchain therefore), this object will be identifiable as being “the original”, the one created by the modder himself, and not a copy. So and for example, in the same way that some amateurs or collectors appreciate having a physical object that once belonged to a celebrity, interested people can now buy and own a digital object that belonged to a celebrity.

In other words, the technology of NFT makes it possible to reproduce in the digital world the concept of uniqueness which was until then specific to the physical world. Indeed, until then, all digital versions of an object were identical and interchangeable.

The unique provisions of the NFT therefore give it unique added value. A feature that companies like Electronic Arts, Atari and Valve have already tried to take advantage of, even if it means damaging the planet a little more, since its use is far from being ecological …

Phil Spencer is not at all a fan of the NFT

At Xbox, on the other hand, using the NFT is out of the question, says Phil Spencer. The boss of the American brand expressed all the “good” he thought of this technology in an interview with the Axios site:

What I can tell you today about NFTs is that I think there is a tremendous amount of speculation and experimentation going on about this technology, and that some of the creations I see today are more about exploitation than entertainment.

I don’t think it’s necessary for every NFT game to be operated. I just think we’re in a period where people are more in the discovery phase.

I can understand that at the beginning you see a lot of things that you definitely wouldn’t want to see in your store.

I think anything we see in our catalog that we see as exploitation would be something we would act on immediately. We just don’t want to see that kind of content here.

That is what is said! We are not likely to see Xbox interact with this technology. And you, would you be ready to buy NFTs in the future?