Square Enix, the Japanese publisher of the Final Fantasy game series, has announced further investments in blockchain-based gaming and NFT technology.
Company president Yosuke Matsuda explained that Square Enix relies on Web3 technology. This foray into Web3 began last February when the company partnered with
The sandbox brings dungeon victories to the Metaverse. In May of that year, Square Enix sold its western arm and related intellectual property rights to Embracer Group for $300 million to focus on blockchain game development.
These future plans were revealed by Square Enix as part of its 2023 expectations.
Square Enix president Yosuke Matsuda has spoken out in favor of using blockchain technology in new Square Enix games in the past year, but the company has faced opposition to the statement.
Despite the controversy, the president of Square Enix has reiterated that blockchain and NFTs are high priorities for the video game industry going forward.
Square Enix President confirms Web 3.0 strategy
Matsuda revealed that Square Enix has been aggressively investing in the blockchain entertainment sector and growing its business. However, the risky investment approach has raised concerns among players. They feared that they would stop making sophisticated video games in the interest of “cheating” blockchain games.
Square Enix later stated that they will continue to develop challenging games despite this.
The president of Square Enix added:
“From my observations, it is undoubtedly fair to say that the blockchain industry has received significant attention in 2022, as evidenced by the widespread use of the term “Web 3.0” in business. Meanwhile, there has also been a fluctuation in NFT ( Non Fungible Token) and cryptocurrency marketplaces this year, following the significant changes outlined above.”
The president claims that Square Enix will continue to fund blockchain projects. In a New Year’s letter he wrote:
“The medium-term economic system we introduced in May 2020 incorporates blockchain gaming, artificial intelligence and the cloud as new categories. As such, we have aggressively pursued our research and development activities and investments in these areas.”
Yosuke Matsuda has shared more details about blockchain integration in upcoming game releases. A token economy would support ideas like play-to-earn in this gaming scene.
Square Enix is expanding its NFT sports packages in 2023
In early 2019, an online game writer mentioned some interests in blockchain for the first time. Since then, Square Enix has taken several initiatives centered around Non Fungible Tokens and the Metaverse.
Square Enix successfully raised a $2 million crowdfunding round in early 2020 to support the Metaverse game and sandbox. The company quickly joined Metaverse and began rolling out digital stickers in 2021.
A web-based Ethereum NFT-powered game called Symbiogenesis was released in November 2022 by the Final Fantasy company. In the NFT game, users can shop and buy virtual products in the Metaverse, and they will have more packages available for pickup 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 around the world. Square Enix is known for its innovative, high-quality games and has a loyal fan base around the world.
Square Enix’s decision to invest in blockchain-based games and NFT technology is the best for the gaming company, as it will attract more users who love cryptocurrencies and NFTs, whether on Web3 or Metaverse. This will also help users to have fun, learn and gain experience when venturing into the games.