Take-Two CEO: Crypto and the metaverse probably won’t matter in 5 years

Take-Two image of corrupted computer screen

Crypto “probably won’t matter” within five years, according to Take-Two Interactive chief exec Strauss Zelnick.

Zelnick made the claim in a Thursday earnings call in which he discussed his buzzword apathy.

Zelnick used the metaverse, augmented reality (AR), and cryptocurrency as prime examples.

“I’m always allergic to buzzwords — virtual reality didn’t get this industry very far, AR hasn’t really improved matters, 3D hasn’t really done much for us,” said Zelnick.

Take-Two stock has underperformed the market over the past year.

“So, the problem I have is that if you take metaverse, SPAC, and cryptocurrency and put them all together — in five years, will any of this matter? I’m not sure it will,” he added.

It’s not totally clear whether Zelnick was referring to crypto in general or specifically within the games industry. But he’s historically not shy about bashing digital currencies.

Zelnick pushes blockchain, not Bitcoin

In a March 2019 podcast, Zelnick (who also founded private equity firm ZMC), said he sees value in blockchain tech, but “doesn’t believe” in crypto due to its high volatility.

Take-Two is behind some of the world’s biggest gaming franchises in Grand Theft Auto, Red Dead, and NBA2K (to name a few).

So, it could be that Zelnick doesn’t want to rock the boat — particularly in relation to anything that may impact how gamers pay for in-game content.

Zelnick effectively said “blockchain, not Bitcoin.”

Zelnick hit the news in 2018 when it was revealed his executive bonus was partly reliant on how many in-game microtransactions Take-Two’s games attracted.

In 2019, microtransactions reportedly made up nearly 60% of Take-Two’s revenue.

[H/T: VentureBeat]

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