Major game developer Square Enix is realigning its business strategy to move to a more robust NFT ecosystem. The company shared this information in its report for the first quarter of 2022, according to which, Square Enix plans to release NFTs for a large number of gaming products.
Square Enix is a Japanese game developer best known for Final Fantasy. According to the report, the company owns $3 billion in assets. Earlier this month, Square Enix sold the Tomb Raider franchise for $300 million.
In February, the company launched an NFT pilot program for Shi-San-Sei Million Arthur, the success of which could lead to the launch of a second NFT season in the game. This, in turn, will allow the firm to engage in broader NFT and blockchain activities.
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In the report, the company also identified the main priorities in the field of blockchain. Square Enix plans to establish regulatory clarity and guidelines for blockchain games, address the issue of scalability in the NFT economy.
In order to start launching and distributing the company’s own tokens, the gaming giant plans to create a foreign structure. The company is also exploring its possibilities in the field of blockchain – for this, Square Enix entered into a strategic partnership with Animoca Brands. The collaboration between the two firms is expected to develop as Square Enix goes deeper into the ecosystem.
In turn, Animoca Brands CEO Yat Siu believes that Square Enix’s influence in the gaming industry will only help the company gain a foothold in blockchain gaming:
“Square Enix has been talking about the potential of blockchain gaming for a long time, so they understand it better than most traditional gaming giants.”
Another main goal of the company is the investment and monetization of blockchain, artificial intelligence (AI) and cloud computing, however, this was known back in January 2022, when Square Enix CEO Yosuke Matsuda first spoke about it.
The popularity of Web3 and NFT games has remained steady throughout 2022, despite the general downturn in the cryptocurrency market . According to DappRadar, by May 14, the number of daily active players was 1 million, which is almost the same level as January 1. However, the total sales of NFT game items fell by 88% in the same time period.
