Wed. Sep 27th, 2023

In an apparent response to an NFT pitch, Tim Sweeney tweeted on Monday that Epic is not touching NFTs. There was some discussion in the comments regarding his reluctance to join the space because of scams in the area (as strong statements about crypto tend to do). NFT ownership has been called into question by Sweeney, who has now clarified his views on NFTs, claiming that, to him, having an NFT is about as valuable as liking an image on Twitter.

It’s unlikely that Tim Sweeney’s stated position would prevent him from receiving numerous NFT pitches, which you can see by searching “@TimSweeneyEpic nft” on Twitter. This is understandable, given that the sale of virtual goods has generated billions of dollars in revenue for Fortnite and that NFTs in video games have been a hot topic for discussion (not that Epic and Sweeney were small fries before Fortnite took off).

V-Bucks Replaced by V-NFTs

but that doesn’t mean that the NFT arena isn’t rife with bogus art and unethical business practises (along with a slew of other scams that have emerged this year). Most likely, Epic doesn’t need blockchain technology to earn money just yet, and NFTs aren’t ready to tackle problems like Epic’s feud with Apple over what can and can’t be sold on the App Store just yet either. The NBA-licensed Top Shots has operated without incidents raising too many eyebrows, so it’s not like scammers are preventing other well-known companies from entering the area.

What is an NFT?

The blockchain is used to track the ownership of NFTs, making it possible to trade in and sell them. “Non-fungible token” is an acronym for “non-redeemable token,” and it may be used to store anything digital, from animated GIFs to tunes to things in video games. One-of-a-kind NFTs or multiple copies of the same file are both possible, but the blockchain keeps track of who owns the file.

With high-profile memes such as Nyan Cat and “deal with it” sunglasses going up for auction, NFTs have been making news recently. NFTs are also the subject of much debate because of their high electricity consumption and potential negative environmental effects. Please consult our NFT FAQ if you have any more concerns or queries.

A semi-viral thread regarding “Web 3,” or a prominent crypto community concept of redesigning the web with an emphasis on blockchains and tokens, was also retweeted by Sweeney. In contrast to “Web 2.0,” where most people spend their days on platforms owned by huge firms like Facebook, Twitter, and Google, the notion is that “Web 3” is a return to the decentralised character of Web 1. That vision, of course, incorporates cryptocurrency (particularly Ethereum). Even though it’s unclear how this has anything to do with Fortnite, the part of the thread Sweeney retweeted seems to evoke a bygone era of the web when protocols were open and community governance was more prevalent.

By Adam

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