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SEGA reverses its NFT plans following backlash

NFTs (non-fungible tokens) are currently one of the biggest and most controversial topics in gaming. Deemed as the future by some, but a simple scam by others, many publishers have begun exploring the application of NFTs into video games. SEGA had such plans, however has now reversed the decision following fan backlash.

Early last year, we reported that SEGA was going to start selling NFTs, with the publisher at the time announcing its plans to “sequentially sell a wealth of digital assets, such as visual art from the time of launch and video and background music used in games, as NFT content for a number of classic IPs that were developed for hardware released by SEGA in the past and are still highly popular around the world.”

Already a controversial decision at the time, the narrative surrounding NFTs has continued to sour since, with SEGA CEO Haruki Satomi now saying (in a recent management meeting) that “We need to carefully assess many things such as how we can mitigate the negative elements, how much we can introduce this within the Japanese regulation, what will be accepted and what will not be by the users.”

He continued, “Then, we will consider this further if this leads to our mission ‘Constantly Creating, Forever Captivating’, but if it is perceived as simple money-making, I would like to make a decision not to proceed.”

While this does not mean that SEGA is entirely exiting the NFT business, it is quite clear that the company is taking a step back, assessing the market and its longevity, and will only then perhaps give it a second go. Of course, if the market implodes on itself (as some expect) then SEGA’s distance from it will mean they suffer no negative outcomes. Time will tell.

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KitGuru says: What do you think of NFTs? Are you surprised by Satomi’s statement? Do you think the NFT market is here to stay? Let us know down below.

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