Square Enix Chugs On With Blockchain, NFT, and Web3 Efforts

Square Enix, the company behind the beloved Final Fantasy video game series, is doubling down on its blockchain focus. President Yosuke Matsuda said in an annual letter that it would commit to this strategy.

Square Enix, the developer behind popular game franchises like Final Fantasy and Dragon Quest, aims to continue with its blockchain focus. President Yosuke Matsuda revealed in an annual letter that the company would explore opportunities in blockchain entertainment.

That includes upping investment in blockchain technology. Matsuda said that the company has “devoted aggressive investment and business development efforts.” Square Enix’s decision to enter the blockchain space caused some heated discussion in the gaming world, but the company remains committed to the idea. Matsuda stated,

“Looking externally, I think it is fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by ‘Web 3.0’ becoming a firmly established buzzword among businesspeople. However, the year also saw volatility in the cryptocurrency and NFT (non-fungible token) markets that tracked the dramatic shifts in the macroeconomy described above.”

He also referred to the Japanese government’s focus on encouraging web3 development. The government has launched a department for this purpose, and Square Enix believes there are business opportunities here.

Square Enix Already Neck Deep in Blockchain and NFTs

Square Enix’s efforts in the blockchain space have been well documented. The Japanese company has worked with both general blockchain technology and NFTs.

Among its efforts are the fact that it has partnered with Oasys to become a node validator. It also entered a $50 million dollar deal with mobile and NFT developer Gumi. The company also partnered with double jump.tokyo to work on NFT content.

Its most high-profile incident last year was when it sold several of its IPs to invest more in blockchain technology. It earned $300 million from this sale.

P2E Gaming Had a Tough 2022, but Interest Remains

Play-to-Earn games have had a tough 2022, with several games crashing and well-known ones also seeing reduced interaction. Despite its growing popularity, the crypto winter was not kind to this niche. This is why several major gaming companies have considered blockchain technology, though Microsoft gaming head Phil Spencer urged caution.

However, interest in it remains high. A survey conducted by ZEBEDEE shows that 67% of respondents would be happy to play more games if they were rewarded in crypto. It also showed that newer tokens and NFTs were popular among gamers.