Square Enix inks 7 billion yen deal with NFT mobile developer
Amid declining general interest in Non-Fungible Tokens (NFTs), game publisher Square Enix (NASDAQ: SQNXF ) is keeping faith with the beleaguered asset class with a series of innovations.
A report from The Gamer noted that Square Enix has entered into an agreement with mobile game developer Gumi to collaborate on creating a game based on blockchain technology. The deal is worth around JPY 7 billion ($52.2 million) and will see both entities explore the use of NFTs in the game.
Details from the press release suggest that the metaverse will feature prominently in future collaborations between the companies as they look to “break away from the highly speculative blockchain games of the past.” Other areas of partnership between Gumi and Square Enix include mutual use of networks and a partnership to improve the business environment in the Web3 space.
The press statement confirms that in the future both parties may consider issuing security tokens backed by the incoming mobile games Gumi and Square Enix will work to develop “Wow and Earn” into a new iteration of the Play-to-Earn mode of blockchain-backed games .
Before the partnership with Gumi, Square Enix dabbled in NFTs with the July sale of the Cloud Strife character as a digital collectible. In November, the company announced a playable NFT art experience called Symbiogenesis, a game that lets players use collectibles as characters to jostle for resources.
Despite the initial interest in NFTs, Square Enix has kept plans to turn its biggest franchises into blockchain-based games.
“It is still too early to consider making Dragon Quest and Final Fantasy blockchain games,” said Square Enix CEO Yosuke Matsuda.
Gumi and Square Enix have been doing business lately, with Gumi listing two games from the Final Fantasy series on its platform. There is great speculation in the gaming industry that Gumi will be tipped to make NFT games for the Final Fantasy series in the future.
Japanese gaming companies are scrambling over NFTs
Japanese game publishers are doubling down on their efforts to enter blockchain gaming, with Nintendo, Sega, Bandai Namco and Konami leading the way. Nintendo revealed that they are exploring the use of NFTs in their games in a way that doesn’t take away the “joy of gaming”.
Sega, on the other hand, has repeatedly affirmed that the future of gaming revolves around NFTs, which are “interactive titles that go beyond the traditional framework of gaming.”
Bandai Namco threw its hat into the ring for NFT games with a groundbreaking announcement to create metaverses for its flagship games like Dragon Ball Z, while Konami’s intentions can be gleaned from the job listing of an NFT and metaverse expert to join the game development team.
See: BSV Global Blockchain Convention panel, Blockchain: Data Power-Ups and NFTs for eSports and Online Gaming
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