Square Enix, one of the largest video game companies in the world, wants to use blockchain technology even more, according to President Yosuke Matsuda’s annual letter.
The company, which has developed classic games like Final Fantasy and Dragon Quest, is increasingly focusing on new digital technology. In the recent annual letter, Chairman Yosuke Matsuda explained that the company wants to discover and seize opportunities in the blockchain entertainment space.
Therefore, the company also wants to expand its investments in digital technology. According to Matsuda, the company has made aggressive investments and business development efforts towards this end. Square Enix’s decision to jump into the new division has sparked heated debate in the gaming world. In the annual letter, Matsuda said:
“Seen from the outside, it can probably be rightly said: the blockchain industry has attracted considerable attention in 2022. This is also reflected in the fact that “Web 3.0” has become a well-known buzzword. established in the business world.However, the year was also marked by volatility in the cryptocurrency and NFT (non-fungible token) markets following the dramatic macroeconomic changes described above.
Square Enix invests heavily in Blockchain & Web 3
Square Enix’s efforts in the new digital market are well documented. The Japanese company works with both classic blockchain technology and NFTs.
For example, the company has partnered with and operates a node (a “node” that validates transactions) of the Oasys proof-of-stake chain. The company has also struck a $50 million deal with mobile developer and NFT Gumi. The company is also working on NFT content with double jump tokyo.
The gaming company also made headlines last year by selling several IP addresses to raise more capital to invest in new digital technology. The sale brought in around $300 million in total.
Play to win: interest remains
Developers of play-to-earn games had to struggle particularly hard with price drops in 2022. Several games crashed, and user interaction with well-known games dropped significantly. Despite the growing popularity, the niche space has not been spared from the crypto winter. Despite this, several major gaming companies have considered betting on blockchain technology. Phil Spencer, the head of Microsoft Gaming, warned against caution.
However, interest in the play space to win remains high. According to a survey conducted by ZEBEDEE, 67% of respondents would play more video games if they were rewarded with crypto for doing so. Additionally, the survey showed that the new tokens and NFTs were popular with gamers.
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