Roblox- the massively popular online gaming platform, has recently announced the introduction of a new type of virtual items called Limiteds. They are issued by third-party creators and sold in limited quantities on their gaming platform. These digital items can be resold by users at any price of their choosing. Sounds a lot like NFTs, isn’t it? Well, hodl your horses. There is more to it.
Limiteds are created (it’s hard not to say minted) and are sold like NFTs, but there is one fundamental difference – they exist exclusively in the Roblox ecosystem. Unlike NFTs, Limiteds can not live on the blockchain but within Roblox’s internal gameplay only. This means users can only access Roblox-issued virtual assets within the game, while playing it.
Nevertheless, the introduction of the Limiteds feature marks a turning point for the massively popular gaming platform, which reported 67.3 million daily active users in February 2023, more than the population of Italy!
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The inability of existing outside Roblox ecosystem has divided the room and led some to criticize the move as a way for Roblox to capitalize on the current hype surrounding NFTs. Despite this FUD, Roblox has defended their decision to introduce Limiteds, stating that “adding scarcity to our marketplace is a key element of creating healthy marketplace dynamics that benefit creators, buyers, and sellers alike.”
To prevent creators from FOMOing and flooding the market with too many items, Roblox requires them to pay an upfront fee when issuing a limited item or collection. The amount of this fee is calculated based on the type of asset being sold and the number of items being issued. Once an item is sold, this upfront payment is returned to the creator. While this profit-sharing model is considerably less generous than those used by NFT marketplaces, it is consistent with Roblox’s model for other virtual goods.
What does Roblox’s Limiteds mean to the NFT world?
Roblox’s decision to introduce Limiteds has raised questions about the future of virtual assets in gaming platforms. While some have criticized the move as a way for Roblox to jump onto the bandwagon without truly embracing the blockchain technology, others see it as a positive development that will create healthy marketplace dynamics.
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The gaming community’s response to Limiteds has been mixed. Some gamers are excited about the introduction of this new feature and see it as an opportunity to own rare and valuable virtual items within the Roblox ecosystem. Others, however, have expressed disappointment that Limiteds cannot leave the Roblox platform and be traded on other platforms.
Limiteds may not be blockchain-backed, but they sure are taking inspiration from the NFT hype train. It’s like they’re trying to sneak their way into the blockchain-enabled systems party without an invite! But hey, this is a step in the right direction towards a more dynamic and speculative virtual economy. Who knows, maybe one day we’ll see Roblox issuing their own blockchain-backed NFTs and becoming the talk of the crypto town. We just have to hodl on and see.
