Gabe Newell, founder, and CEO of Valve, parent company of Steam who recently banned NFTs, has shown his take on the potential of the NFT technology alongside the people that take advantage of it.
In an interview with Rock, Paper, Shotgun, Gabe shared his thoughts about the NFT technology.
You have to separate the underlying technology versus which actors are utilizing that technology. It’s like if you’re a chemist, and you’re looking at nitrocellulose, you’re like ‘Oh, yeah, we can do some really interesting stuff with that’… The underlying technology of distributed ledgers, and the notion of digital ownership, and shared universes, are all pretty reasonable.
Gabe Newell
Nonetheless, some people manipulate this new technology system, and the majority don’t understand the benefits of adopting such technology.
The people in the space, though, tend to be involved in a lot of criminal activity and a lot of sketchy behaviors. So it’s much more about the actors than it is about the underlying technology or the rationale for what we’re doing.
Gabe Newell
Steam is one of the largest digital distribution markets in the PC Industry. Steam is also the creation of Valve, and some of you already know that steam blocked crypto payments and any game associated with blockchain technology. This was due to fraudulent transactions made across the steam platform while calling them illegal sources of funds.
At one point Steam was accepting cryptocurrencies for payments. And it turned out that it just made customers super mad. There was the issue of volatility. Volatility is a bad thing in a medium of exchange
Gabe Newell
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