Square Enix’s Pro-NFT Gaming CEO is stepping down amid the company’s troubles

Quick take:

• Yosuke Matsuda steps down as president of Square Enix.
• The Japanese video game publisher said Takashi Kiryu, who joined in 2020, will take his place upon board approval.
• Matsuda has been one of the leading proponents of web3 and blockchain games.

Square Enix has announced the impending departure of Yosuke Matsuda as president. His position will be taken by Takashi Kiryu, who currently serves as the chief strategy officer of the Japanese video game publisher.

Kiryu joined Square Enix in 2020 and became a director of the company in 2022.

Matsuda, who has been with Square Enix for several years, will officially retire in June 2023. The decision comes amid major changes in the gaming industry. Matsuda has been one of the biggest advocates for blockchain gaming.

Last year, following the collapse of crypto exchange platform FTX and the subsequent downturn in the crypto market, the outgoing president spearheaded the company’s push into NFTs and blockchain initiatives.

In a company statement announcing the decision, Square Enix wrote: “Under the rapidly changing business environment surrounding the entertainment industry, the proposed change is intended to reshape the management team with the goal of adopting ever-evolving technological innovations and maximizing the creativity of the company’s group to deliver even better entertainment for its customers all over the world.”

Matsuda oversaw one of Square Enix’s biggest product shake-ups selling Western studios Eidos Montreal, and Crystal Dynamics Square Enix Montreal to Embracer Group for $300 million.

The decision resulted in the publisher shedding some of its most iconic titles, including Tomb Raider. Since then, Square Enix has taken a different path, focusing on blockchain games.

The company has seen some of its recent profile releases flop or fail to meet sales projections. Marvel’s Avengers, Babylon’s Fall and Foresaw all fall under this category. Were it not for its most successful title, Final Fantasy, things would have been worse for the giant video game maker.

Square Enix’s first NFT game Symbiogenesis launched last year, with the trailer receiving mixed reactions from the community. Last month, the company revealed that it had chosen the Polygon blockchain for the game.

Polygon is arguably the leading Layer 2 blockchain gaming network, the platform has partnered with some of the leading brands including Starbucks and Reddit, giving it a huge addressable market.

Square Enix production may look to tap into this pool of web3 community in an effort to accelerate the user onboarding process for its first NFT game. In January, the company revealed a grand plan to release more blockchain games in 2023.

The company is also the node operator for the Japanese gaming-focused blockchain Oasys network and has invested in the bitcoin-focused payment protocol Zebedee.

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