Valve economist Yanis Varoufakis criticizes Metaverse, NFT, and Play-to-Earn video games

Yanis Varoufakis has recently weighed in on various debates about the metaverse, NFT, and games for money. Varoufakis is an economist at Valve before becoming a member of parliament and eventually Minister of Finance in his native Greece. He holds a PhD in economics from the University of Essex. Varoufakis teaches economics at the Universities of Sydney and Athens.

Varoufakis describes himself as a “erratic, inconsistent Marxist.” He sat down with Crypto Syllabus to discuss his views in a interview. The organization describes itself as a “network hub, a distributed think tank, that can enable, deepen, and improve the work of journalists, academics, and intellectuals who remain committed to transcending the world.” through hype and critically analyze the crypto world.”

Economists really don’t talk much about the metaverse. “Today, a decade later, it’s clear that gaming communities like the one I studied at Valve are functioning as fully official communities to use Zuckerberg’s term. Varoufakis noted that for the most part their life is making friends, producing goods to sell, consuming entertainment, debating. -reducing the platform currency he can i fight parallels with an attitude digital that Zuckerberg dreams of becoming a technology lord?”

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While participating in money games, Varoufakis points out that some positive things can come to them. “When I worked with Valve, ten years ago, there were thousands of young people in China, Kazakhstan and other places who made money from providing services to members of Valve’s gaming community,” he saved. idea. Varoufakis went on to say that “it’s good for a young man in Shenzhen who makes $60,000 a year to design a digital hat on his personal computer instead of ruining his body in a sweater shop. to a metaverse?’ The answer is not before we have robots working for all of us so that we can recreate the physical conditions of our lives. ” Varoufakis calls “the idea that people now have to play like robots for a living to be human in their spare time” as “apotheosis of misanthropy.”

When it comes to NFTs, Varoufakis believes they are “like all other commodities”. He said that they “do not offer anything new in the digital world except that they can promote the ideology of capitalism”. In the analog world, he observes, NFTs are only valuable to the extent that bragging rights bring utility to those who care about them. He argues that NFTs do not disrupt “the structure of property rights that creates and consolidates the exorbitant power of oligarchs over many.” Varoufakis drew a parallel between the NFTs and the emerging markets surrounding the oligarchs. in-game items while he worked at Valve.” What if the prices of these spontaneously lucrative items and activities dropped? That’s what keeps the people at Valve up at night. “

Yanis Varoufakis

The economist finally put the issue in cryptocurrency and blockchain. Varoufakis pointed out: “The environmental cost of cryptocurrencies is enormous. He went on to say that “in our current oligarchic, exploitative, irrational and inhuman world system, the proliferation of cryptocurrency applications will only make our society worse off.” more authoritarian, more exploitative, more irrational and more inhumane. This is why, contrary to crypto enthusiasts, I never even bothered with their environmental consequences. “

Varoufakis raised some interesting points about metaverse, NFT and games for money that will be of interest to anyone who joins these communities regardless of their opinion in all debates. around. The economist can be a valuable source of wisdom when it comes to navigating these issues in the future.

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About the author Valve economist Yanis Varoufakis criticizes Metaverse, NFT, and Play-to-Earn video games


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