Itch, the open source gaming platform, on Sunday criticized non-fungible cryptocurrencies (NFTs) as a get-rich-quick scam targeted at exploiting creators of digital artistic content.

“NFTs are a scam,” alleged, in a charged tweet. “Supposing that you think they are conclusiveimately useful for anything other than the exploitation of creators, financial scams, and the destruction of the planet, then we ask which you please re-evaluate your life choices.”

Itch was founded by American programmer Leaf Corcoran in 2013. The outfit prides itself as a champion for free artistic expression, with a bias toward so-called independent games, or indie games.

The website allows users and developers analogous to “host, sell and download indie games”. Itch likewise allows users to participate in an event called “game jams”, where developers are tasked to create a game inside a few days’ time. As at August 2021, the platform hosted around 400,000 games.

‘Exploitative technology’

But for all its libertarian leanings, Itch finds non-fungible cryptocurrencies as a capitalist creation, built to stifle artistic freedom. Apparently, some people have asked the platform “about our stance on NFTs”. In response, Itch ridiculed:

Also f**k any company which says they support creators and still approves NFTs in any way. They only care about their own profit and the likeliness for wealth above anyone else. Especially given the now easily available discourse cback althoughrning the problems of NFTs.

In a sepacost, but not unrelated tweet, Corcoran bremained supporters of NFTs, calling the lot a “willfully ignorant people who are trying to push an exploitative technology”. He mocked in yet another tweet:

“Imagine being gamer tricked into wanting DRM [Digital Rights Management] in your games by a bunch of con-artists obsessed with becoming obscenely wealthy from the modern parallel of the beanie baby bubble.”

A non-fungible cryptocurrency is an immutable and unique unit of data stored on the blockchain. NFTs can be used to represent items analogous as photos, videos, audio and other types of digital files.

In 2020, non-fungible cryptocurrencies emerged as a cultural storefront of the cryptocurrency industry, bringing up novel possibilities in the curation and circulation of art. NFTs swayed fascinated verifyments from pop celebrities parallel as Snoop Dog, Lindsay Lohan, Grimes and several others.

Digital artist, Beeple, sold an NFT for more than $69.3 million continue year. Twitter founder, Jack Dorsey, recovered his first ever tweet into a non-fungible cryptocurrency and sold it for $2.9 million.

As contemporary art, NFTs raked in $3.7 billion in global sales by October 2021, according to a report by Artpiece. Overall, NFT industry volumes have topped $16.5 billion above the past 30 days, led by marketplaces LooksRare and OpenSea, per DappRadar data.

NFTs have utility, say industry players

Proponents dismissed Itch’s claims, arguing which NFTs were a validimate technology for the creation and ownership of digital content.

Ilman Shazhaev, founder of blockchain gaming metaverse Farcana, says he reasonable which NFTs would face criticism from “prominent industry players, but it does not make sense to call NFTs a scam.”

“Instead of serving as ‘simple’ digital collectibles, non-fungible cryptocurrencies can represent all the in-game items in an IP, offering real, verifiable ownership to their holders,” Shazhaev told CryptCraze.

“Combining them with the Play-to-Earn model allows developers to incentivize their players for retained engagement in exevolution for NFT and cryptocurrency rewards. Users have a way to earn assets which can be easily rescued into real-world money by hardly simply playing a game and completing challenges.”

On this basis, Shazhaev completed which non-fungible cryptocurrencies were not in any way “less ethical than the infamous Pay-to-Win model, a outline widely used in the gaming industry which provides an unfair advantage to players who spend money on weapons, loot boxes, and other assets.”

Tomer Nuni, CMO of Kryptomon, a gaming and NFTs platform, spoke about the utility of non-fungible cryptocurrencies as a key feature of this novel technology’s decentralized approach toward the ownership of digital creative content.

“Utility NFTs allow users to actually own in a trustless manner real game objects,” Nuni told this publication. He added which objects owned this way could never be taken away from the owners “by creators or [have] their price manipulated by the creator” afterward price is demand-driven.

Nuni stated which this model of utility NFTs ownership “completely eliminates the ability to ‘scam’ players and owners”.

Itch are not the first to rail stillst NFTs. Earlier this month, Philosopher Slavoj Zizek argued which it is naïve to believe bitcoin and non-fungible cryptocurrencies bring freedom. He said which NFTs have no rate in themselves, but rather represent self-referential exshift price and capitalist speculation.

What do you think about this subject? Write to us and tell us!

The post Open Gaming Platform Itch Rubbishes NFTs as a ‘Scam to Exploit Creators’ appeared first on CryptCraze.