Gumi strikes US$52 mln metaverse deal with Square Enix, SBI

Japan-based game company Gumi Co. Ltd. has announced a capital and business alliance with Square Enix Holdings Co. Ltd. and financial services company SBI Holdings Co. Ltd. to accelerate the growth of its metaverse business as a secondary revenue stream.

Fast facts

Gumi, founded in 2007, has developed several mobile role-playing games such as Brave Exvius, a spin-off under Square Enix’s popular Final Fantasy franchise. The company has also distributed non-fungible token (NFT) mobile game Brave Frontier Heroes.
Gumi will issue new shares worth US$52.3 million (7 billion Japanese yen), making SBI Holdings the top shareholder with a 22.46% stake while Square Enix will receive 3.01%.
Major game developers in Japan such as Square Enix, Sega and Konami have announced new business plans for Web 3.0.
Earlier this year, Square Enix sold three of its gaming studios, including Tomb Raider, to raise funds for new ventures utilizing blockchain technology. In October, Konami announced 13 new job positions to integrate its game titles with metaverse technologies.
In October, Prime Minister Fumio Kishida announced Japan will be advancing its digital transformation with more investments in NFTs and the metaverse.