Square Enix is sticking to their Blockchain investment strategy
Square Enix, the Japanese publisher of the Final Fantasy game series, has announced its intentions to continue investing in blockchain-based games and NFT technology.
The company’s president, Yosuke Matsuda, stated that Square Enix is committed to Web3 technology. This pressure against Web3 began in February last year when the company entered into a partnership with
The Sandbox brings Dungeon Siege to the metaverse. In May of that year, Square Enix sold its Western branch and related intellectual property rights to Embracer Group for $300 million to focus on developing blockchain games.
These plans for the future were unveiled by Square Enix as part of their expectations for 2023.
Yosuke Matsuda, president of Square Enix, supported the idea of adopting blockchain technology in new Square Enix games last year, but the company faced resistance to this declaration.
Despite the controversy, the president of Square Enix has reiterated that blockchain and NFTs are a top priority for the video game industry in the future.
Square Enix president validates Web 3.0
Matsuda revealed that Square Enix has aggressively invested in and developed its business in the blockchain entertainment sector. However, the risky investment approach raised players’ concerns. They were worried that they would stop making challenging video games in favor of “fraudulent” blockchain games.
Square Enix later stated that they would continue to make challenging games, however.
Square Enix’s president added:
“Based on my observations, I think it’s fair to say that the blockchain industry received significant attention in 2022, as evidenced by the widespread use of the term ‘Web 3.0’ among businesses. Meanwhile, the year has also seen a fluctuation in NFT (non- fungible token) and cryptocurrency marketplaces, which followed the significant changes detailed above.
The president claims that Square Enix will continue to fund blockchain projects. In a letter for the new year he wrote:
“The medium-term economic system that we launched in May 2020 accepts blockchain games, artificial intelligence and the cloud as new categories. As a result, we have been aggressive in our research and development activities and investments within these areas”.
Yosuke Matsuda has provided further details regarding blockchain integration in upcoming game releases. A token economy will support ideas like “Play to Earn” in this gaming scene.
Square Enix is expanding its NFT sports packs in 2023
In early 2019, the author of an online game first mentioned a few interests in the blockchain. Square Enix has since taken several initiatives centered around non-fungible tokens and the metaverse.
Square Enix successfully oversaw a $2 million crowdfunding round to support the metaverse game and Sandbox in early 2020. The company joined metaverse shortly after, and in 2021 they began launching digital stickers.
An online, Ethereum NFT-powered game called Symbiogenesis was released by the Final Fantasy company in November 2022. In the NFT game, users can trade and buy virtual products in the metaverse, and these will make more packs available for collection in 2023.
About Square Enix
Square Enix is a Japanese video game and entertainment company, best known for its role-playing games such as Final Fantasy and the Dragon Quest series. The company was formed in 2003 through the merger of Square and Enix. The company is headquartered in Tokyo and has satellite offices in various locations globally. Square Enix is known for its innovative and high-quality gaming experiences and has a dedicated fan base all over the world
Final thoughts
Square Enix’s decision to invest in blockchain-based games and NFT technology is best for the gaming organization, this will bring in more users who love cryptocurrency and NFTs, Web3 and Metaverse. This will also help users experience fun, learning and experience when they venture into them.
Ken Emmanuel is a blockchain content writer, a Web3 enthusiast and a social media management strategist, he enjoys writing educational content to help people become more knowledgeable and inspired. The growth of any organization he works with is always his priority. He is a geographer by profession and loves to read.
