Square Enix isn’t giving up on NFTs
Square Enix has announced a collaboration with the Web3 platform Elixir. This new alliance could help Square Enix promote possible blockchain games to more traditional gaming audiences.
The NFT craze may have been forgotten in most circles these days, but if there’s one game company still excited about this technology’s adoption, it’s Square Enix. During the first months of 2023, former president of the company Yosuke Matsuda stated that Square Enix was looking to invest aggressively in NFTs, despite how little interest most gamers seem to have in this technology. The Final Fantasy VII NFT cards released last month appear to be just the start of more plans to push these products forward.
Now Square Enix will partner with Elixir, a platform focused on Web3 games, which are blockchain-based games that use NFTs. The announcement states that this is a strategic partnership for the company and that it can help drive the adoption of these games for traditional gamers who are already hooked on Square Enix’s other projects. Elixir has previously also partnered with Epic Games in an effort to allow more Web3 games in the store, so something similar can be expected from this partnership.
Considering Square Enix is doubling down on NFTs with theirs Symbiogenesis project, which was recently unveiled, this is not surprising at all. Symbiogenesis will be a new NFT focused game that will use blockchain technology. But given how much gamers seem to dislike this technology, Square Enix has a real challenge ahead of it to actually get people interested in it.
So far, gamers seem to be uninterested in NFTs and Square Enix may end up losing some of their brand loyalty due to these issues. There are not many examples of successful Web3 games.
Square Enix isn’t the only gaming company betting on NFTs right now. Sony recently filed a patent on cross-platform NFTs, for example, and continues to show interest in these technologies. In this specific patent, the tech giant describes a system that can be used to manage and monetize digital assets across different games and platforms, linking NFTs to in-game achievements. But unlike Square Enix, which is already posting NFT projects, it’s still too early to say whether Sony’s project will ever see the light of day.
Source: IGN
