Japanese gaming company Square Enix plans to continue investing in blockchain technology and non-fungible tokens (NFTs) in 2023 despite volatility in the crypto market and the current unpopularity of NFTs among gamers.
In a recent letter, Square Enix President, Yosuke Matsuda, stated that the company is aggressively investing in these trending technologies. He writes that the company has “multiple blockchain games based on original IPs under development, some of which we announced last year, and we are undertaking preparations that will enable us to unveil even more titles this year.”
In 2022, Square Enix invested a lot of resources in NFT projects, including selling game studios and franchises to the Swedish holding company Embracer Group for $300 million. A press release attached to the sale mentioned that the “transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.”
In November, Square Enix revealed the future NFT game “Symbiogenesis.”
Despite a current “crypto winter,” Matsuda remains excited.
“Following the excitement and exhilaration that surrounded NFTs and the metaverse in 2021, 2022 was a year of great volatility in the blockchain-related space… However, if this proves to have been a step in a process that leads to the creation of rules and a more transparent business environment, it will definitely have been for the good of the growth of blockchain entertainment.”
