Square Enix will focus on blockchain games, NFTs

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Square Enix will focus on blockchain games, NFTs

Yosuke Matsuda, president of the Japanese entertainment giant and video game business Square Enix, published a new year’s letter for 2023 in which he revealed the company’s primary emphasis would be on blockchain-powered games and NFTs.

Matsuda says that with regard to our company’s medium-term business strategy, their three primary areas of investment concentration are as follows:, “we are most focused on blockchain entertainment, to which we have devoted aggressive investment and business development efforts.”

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Matsuda notes that by the year 2022, the phrase “Web 3.0” had become a well-established catchphrase in the corporate world. This is an indication that blockchain had acquired great importance as a sector.

In addition to the crypto and NFT winter, he mentioned the startling bankruptcy filing of FTX in November as another example. In light of these new developments, Matsuda made the observation that several countries are already making preliminary measures to rigorously control such enterprises.

Matsuda explains that in the meanwhile, the government of Japan has increased the amount of assistance it provides to businesses like this.

According to statements made by the President of Square Enix in June 2022, the Japanese government gave its approval to the “Priority Policy Program for Realizing a Digital Society.” It has to do with the establishment of a setting for the promotion of the Web 3.0 concept, which includes the implementation of NFTs that are founded on blockchain technology.

In his letter, Matsuda made reference to the previous speculative excitement that had surrounded NFTs. However, he also emphasized his hope that the focus on commercialization would give way to a greater knowledge of the possible advantages that NFTs may provide for gamers.

A commotion was caused on the internet by players concerned that Square Enix will forsake its original games in favor of blockchain games due to the company’s attention on blockchain in the previous year.

According to recent reports, Square Enix is hard at work developing a variety of unique intellectual property (IP)-based blockchain games. Some of these titles were shown off at E3 2018, and Square Enix is already making preparations to show off even more games during the event in 2023.

The business is continuing to evaluate potential investment opportunities in the blockchain space, and it intends to keep investing in good startups no matter where in the world they may be based, including Japan.

Matsuda stated, “Blockchain has been an object of exhilaration and a source of turmoil, but with that in the rearview mirror, we hope that blockchain games will transition to a new stage of growth in 2023.”

Compiled by Coinbold

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