Users can buy, play, create or discuss PC games on the platform. In 2017, its business represented 18% of all PC games sold in the world. Owned by Bellevue, Washington-based developer Valve, the platform was estimated to hold 50% to 70% of the market for video game distribution in 2013. Simply put: Steam is one of the largest digital distribution platforms in the world. Here is more about the platform and how it came to dominate PC game distribution. If the metaverse, blockchain gaming and Web3 take off as anticipated, it’s very possible this stance could continue to make Steam a flashpoint of controversy. Valve has also indicated it is shifting resources away from VR to focus more on Steam Deck, a portable PC gaming device. Users suspect that Steam is either responding to concerns that crypto and NFTs might be a “ ponzi scheme ,” or is trying to limit how its platform can be monetized. In October 2021, Steam quietly banned NFTs and blockchain technology from its platform, leaving money on the table for rival Epic - which swiftly announced that it would be “open” to games using NFTs and crypto.ĭespite receiving a letter from blockchain game developers asking it to reverse the ban, Valve has remained firm. Game development company Valve, and its widely-used PC gaming platform Steam, are notable detractors. But the gaming sector itself is hardly 100% in support of crypto, the metaverse and Web3. Indeed, blockchain-based games like Axie Infinity, which let users “play-to-earn” crypto tokens, are gaining popularity and backing from major Silicon Valley investors. Discord, a communications platform catering to gamers, has also become the de facto host for crypto communities. Video games often spring from interests in fantasy and new technology, two concepts that also play a role in the rise of NFTs and virtual and augmented reality. If there is a secret ingredient that binds together cryptocurrency, Web3 and the metaverse, you can probably find it in gaming.
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