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Valve's Gabe Newell shares why Steam banned NFTs

The word Newell uses a lot is "sketchy".

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In an interview with Eurogamer, Valve’s Gabe Newell opened up about why Steam opted to ban NFTs from the platform. According to Newell, some of the things being done with them were “super sketchy” and even potentially illegal.

Newell went on to compliment blockchain as a technology, while noting that the ways in which the technology has been used are “pretty sketchy” as well.

Newell didn’t provide specific examples of what he means by “sketchy” but he does cite an example in regards to cryptocurrencies, with 50 percent of the cryptocurrency used in Steam transactions reportedly being fraudulent.

Newell goes on to say it simply wasn’t a good method, and that “people who are currently active in that space are usually not good actors.” Regardless of whether you agree with Newell on this, it’s clear that Valve intends to continue keeping blockchain games that offer cryptocurrencies and NFTs off the platform.

The decision to exclude these types of games was first made by Valve back in October of 2021 with “applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs” added to Steam’s rules and guidelines about what can and cannot be distributed on Steam.

For more on NFTs, be sure to read through our feature on NFTs, cryptocurrencies, and their hidden environmental impact.

Senior Editor

Morgan is a writer from the frozen wastelands of Maine who enjoys metal music, kpop, horror, and indie games. They're also a Tetris fanatic who's fiercely competitive in games like Tetris 99... and all games in general. But mostly Tetris. You can follow Morgan on Twitter @Author_MShaver.

From The Chatty
  • reply
    February 25, 2022 1:30 PM

    Morgan Shaver posted a new article, Valve's Gabe Newell shares why Steam banned NFTs

    • reply
      February 25, 2022 4:19 PM

      Crypto is still a solution in search of a problem.

      • reply
        February 25, 2022 4:22 PM

        A scam in search of a rube, more like.

      • reply
        February 25, 2022 4:29 PM

        The problem: Capital always needs new frontiers for growth as the rate of profit in existing spaces inevitably declines.

        That's it.

        • reply
          February 25, 2022 4:39 PM

          This really isn't one, though. They'll try it, I know, but crypto in it's current form is doomed to failure.

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            February 25, 2022 4:47 PM

            I believe that what we are seeing today is like computing in the 1970s or the Pets.com peak of the dotcom bubble, which is the worst version of whatever ends up coming out of this.

            This isn't to say that what comes next won't be bad or even a nightmare, just look at what Web 2.0 got us, only that something will shake out

            • reply
              February 25, 2022 4:49 PM

              You may be right, but I just don't see anything of value worth pursuing on this path.

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