Integrating blockchain into video games continues to be an important topic for Square Enix. Technology was mentioned several times in the last New Year’s letter.
While cryptocurrencies are on rather shaky ground, Square Enix’s stated goal is to establish blockchain technology in the gaming industry. This has not changed in the last twelve months. In the last New Year’s speech, Square Enix President Yosuke Matsuda mentioned the term “blockchain” a total of 14 times.
Already in the New Year’s letter for 2022, the company pledged to develop games with blockchain and NFT. Plans to sell NFT were announced later that year.
Square Enix names challenges and goals
In the New Year 2023 letter, Matsuda first discussed inflation, Russia’s attack on Ukraine, price hikes, supply chain disruptions, mass layoffs and the consequences of the COVID. In view of the factors mentioned, Square Enix has made structural reforms to ensure the future.
On the development side, this includes selling all three Western studios to Embracer Group, a move that Square Enix wanted to pool resources as the increasing complexity of game development has “made such ventures more expensive”.
“As for new business areas, we have identified three priority investment areas in our medium-term business plan,” Matsude explains. “Of these, we are most focused on blockchain entertainment, to which we have devoted aggressive investment and business development efforts.”
While Square Enix seems convinced that NFTs and co will prevail in the gaming sector, Matsuda also pointed to the controversy and underlined that Japan is working to master Web 3.0.
“Our group has several blockchain games in development based on original IPs, some of which we announced last year. And we are making preparations that will allow us to release even more titles this year.”
Finally, “We are also in the business of sourcing global investments and will continue to invest in promising companies whether we find them in Japan or overseas. Blockchain has been an object of excitement and a source of turmoil. But now that we see this in the rearview mirror, we hope blockchain games will enter a new phase of growth in 2023.”
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It remains to be seen whether NFTs and similar initiatives will prevail. What is certain, however, is that several companies in the sector want to extend some of their video games based on the blockchain. However, PlayStation collectibles are not NFTs, as Sony did after PlayStation Stars was announced. quickly cleared up.
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