The CEO of Take-Two Strauss Zelnick says that is supportive of the non-fungible token (NFT) market.
Speaking to GamesIndustry.biz, the exec said that he is a believer in collectable goods, be they physical or digital. However, Zelnick said that online collectables shouldn't have value just because they are digital or NFTs, adding that the financial speculation in the space hides the fact there isn't much in the way of value right now.
"If you believe in collectable physical goods, I don't know why you wouldn't believe in collectable digital goods," he said.
"And blockchain authorization, which is what an NFT really is one way -- not the only way -- to authenticate the fact something is singular is rare.
"So I'm a big believer, but what I don't believe is that just because something is digital or an NFT that it suddenly has value and/or has value that will be increased in the future. And I think that's the problem. NFTs, because they're related to the blockchain as currently contemplated and because some have gone for a lot of money, are seen by some as just another opportunity to invest in a speculation that some think will only go up. And speculations don't just go up; they come down to.
"For an NFT to be valuable and durable, it has to be found at the intersection of rarity and value. And there's a rarity for sure in all NFTs, but I'm not sure there's value."