Minecraft has just banned NFTs

An ex-Celsius employee is criticizing the company. Market Activity Total Market Cap 1.03T (-4.24%) 24 Hour Volume 81.54B (-11.02%) Notable Movers[(ATOM) $11.07]( (+8.39%) Notable Movers (DeFi)[(LDO) $1.36]( (+9.67%) Bitcoin Dominance 42,21%[(-0.44%)]( Bitcoin Price[(BTC) 23,854.36 (-5.03%)]( Ethereum Price[(ETH) $1,1530.40 (-3.99%)]( Cardano Price[(ADA) $0,4857 (-7.46%)]( Editor's Note Are NFTs Bad for Gaming? Minecraft thinks so. The very popular online sandbox video game released a statement this week that noted “integrations with Minecraft are generally not something we will support or allow.” As the play-to-earn crypto model continues to grow, and metaverse blockchain platforms like The Sandbox (literally, a sandbox game similar in ways to Minecraft) continue to develop, why is Minecraft shutting down all NFT conversations? The answer lies in inclusivity. Ironically, while the crypto space often prides itself on its motto of “banking the unbanked” and generally promoting financial freedom for all, Minecraft takes offense to the “haves and the have-nots” of NFT culture: their blog post notes that “digital ownership based on scarcity and exclusion” doesn’t align with the Minecraft “spirit.” What many in the NFT space love — the exclusivity of having a digital asset that is only yours and gives you access, perks or clout — Minecraft is politely rejecting with a “thank, but no thanks.” While past NFT boycotts by companies have often been focused around the idea of crypto’s negative effect on the environment (a documented fact, but not entirety well understood), or the idea that crypto is some sort of bubble or Ponzi scheme, it’s honestly refreshing to see company rejecting NFTs for clear reasons that they can refer to, point by point, as clashing with their existing company culture. Minecraft doesn’t leave out the possibility that NFTs may be part of their plan in the future as blockchain evolves over time — but they are very clear that right now, NFTs and their digital scarcity have no place in their online worlds. Go figure! Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] sells 75% of Bitcoin]( 😱 Tesla has sold 75% of its Bitcoin investment. The electric vehicle giant says the drastic move was linked to ongoing uncertainty around COVID lockdowns in China — and concerns about liquidity. It received $936 million in cash, and this works out at an average price of $29,000 per Bitcoin. Musk says the sale shouldn't be regarded as a verdict on BTC — and revealed Tesla is open to increasing its crypto investments in future. Surprisingly, Bitcoin stayed above $23,000 despite the shock announcement — but dipped slightly below this level later on Thursday. 'hectic and disorganized']( 👀 A former Celsius Network employee has described the company as hectic and disorganized. Timothy Cradle's also alleged that the embattled crypto lender "actively manipulated" the price of Celsius tokens. Speaking to CoinDesk, the former compliance and financial crimes director warned Celsius is now a "damaged brand" — and cast doubt over the firm's ambitions to bounce back. "I think someone would have to be frankly insane to trust Celsius with their assets at this point," he warned. Customers have been unable to withdraw crypto for over a month — and bankruptcy proceedings have now begun. sells 1,900 Bitcoin]( 💸 Musk isn't the only one offloading Bitcoin right now. Finland's confirmed that it has sold off 1,900 BTC seized through drug-related crimes for $47 million. Two crypto brokers offered their assistance with the transaction. The funds are now going to be donated to Ukraine. While this is the single biggest contribution that the country has received, the value of Finland's Bitcoin has fallen substantially since its plans were announced earlier this year. Had it been sold when BTC hit all-time highs of $68,700 last November, the crypto stash would have been worth over $130 million. talks crypto contagion]( 😬 Coinbase has confirmed that it has no exposure to the likes of Celsius, Voyager Digital and Three Arrows Capital. The exchange claimed the challenges facing these companies were entirely foreseeable — and their risk management practices had fallen by the wayside during a frenzied bull market. Coinbase executives also argue that the contagion we've seen across the industry is credit-related not crypto-related, with excessive leverage wiping businesses out in the blink of an eye. Of course, this company hasn't been immune from the effects of the crypto winter — and recently cut its workforce by 18% after growing too quickly. is banning NFTs]( ❌ NFTs are becoming a bigger part of the gaming world — but Minecraft has just announced that it wants no part of it. The company says these crypto collectibles "can create models of scarcity and exclusion that conflict the spirit of Minecraft." Aside from this, it's worried that the speculative nature of NFTs puts a focus on profiteering and detracts from the gaming experience. NFTs linked to the game's content have now been banned, with developers declaring that blockchain technology cannot be used on its platform. However, Minecraft says this may change if the industry becomes more secure, practical and inclusive. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Molly Zuckerman and Connor Sephton Was this email forwarded to you? [Sign up here](. 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