Square Enix continues blockchain, NFT and Web3 efforts

Square Enix, the company behind the beloved Final Fantasy video game series, is doubling down on its blockchain focus. President Yosuke Matsuda said in an annual letter that it would commit to this strategy.

Square Enix, the developer behind popular game franchises such as Final Fantasy and Dragon Quest, aims to continue its blockchain focus. President Yosuke Matsuda revealed in an annual letter that the company would explore opportunities in blockchain entertainment.

That includes increased investment in blockchain technology. Matsuda said the company has “devoted aggressive investment and business development efforts.” Square Enix’s decision to enter the blockchain space caused heated discussion in the gaming world, but the company remains committed to the idea. Matsuda stated,

“Looking externally, I think it’s fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by ‘Web 3.0’ becoming a well-established buzzword among business people. However, the year also saw volatility in cryptocurrency markets and NFT (non-fungible token) which tracked the dramatic changes in the macro economy described above.

He also pointed to the Japanese government’s focus on encouraging web3 development. The government has launched a department for this purpose, and Square Enix believes there are business opportunities here.

Square Enix is ​​already Neck Deep in Blockchain and NFTs

Square Enix’s efforts in the blockchain area are well documented. The Japanese company has worked on both general blockchain technology and NFTs.

Among its efforts is the fact that it has partnered with Oasys to become a node validator. It also inked a $50 million deal with mobile and NFT developer Gumi. The company also partnered with double jump.tokyo to work on NFT content.

The most high-profile event last year was when it sold several of its IPs to invest more in blockchain technology. It earned $300 million from this sale.

P2E Gaming had a tough 2022, but the interest remains

Play-to-Earn games have had a tough 2022, with several games crashing and famous ones also seeing reduced interaction. Despite its growing popularity, the crypto winter was not kind to this niche. This is why several major gaming companies have considered blockchain technology, although Microsoft gaming chief Phil Spencer urged caution.

However, interest in it is still high. A survey conducted by ZEBEDEE shows that 67% of respondents would be happy to play more games if they were rewarded in crypto. It also showed that newer tokens and NFTs were popular among players.