Minecraft developers won't allow NFTs on gaming platform

Minecraft will not allow non-fungible tokens (NFTs) to be used on the popular gaming platform, with the company describing them as antithetical to Minecraft's "values of creative inclusion and playing together". NFTs confer ownership of a unique digital item, typically an image or a video, with the ownership recorded on a decentralised digital register known as a blockchain. Digital files can usually be copied or deleted for free, but a NFT identifies the owner of the original file for the purposes of buying, selling, or trading the ownership – usually for cryptocurrency. The hype around NFTs led to a boom in sales peaking at US$12bn (AU$17.4bn) However, coinciding with the downturn in cryptocurrency, sales recently began crashing to a 12-month low of US$1bn (AU$1.45bn) in June.