"Each of these uses of NFTs and other blockchain technologies creates digital ownership based on scarcity and exclusion, which does not align with Minecraft values of creative inclusion and playing together. NFTs are not inclusive of all our community and create a scenario of the haves and the have-nots. The speculative pricing and investment mentality around NFTs takes the focus away from playing the game and encourages profiteering, which we think is inconsistent with the long-term joy and success of our players."
NFT projects engrained in the Minecraft ecosystem have already seen extremely negative impacts within only 24 hours of Mojang's announcement. NFT Worlds, a Web3 gaming project focused on third-party blockchain and NFT Minecraft integrations, has already seen a 70% decline in price with their project's NFTs. WRLD token, NFT Worlds's native token, is down 65% due to the ban.