Japanese gaming industry giant Square Enix is readjusting its business strategy to put an emphasis on blockchain-based gaming technology. The new plan also includes a robust NFT ecosystem that will help make in-play NFT purchases commonplace.
Square Enix also revealed their mid-term financial results, as well as its business strategy for the rest of the year.
.@animocabrands & @TheSandboxGame are very honored to be highlighted as key investment areas for @SquareEnix I spent countless hours playing @FinalFantasy in the #80's which continues to be one of the most influential RPG games in gaming history #NFT https://t.co/KcgmhHv1CO pic.twitter.com/PnMWHs4iTj
— Yat Siu (@ysiu) May 16, 2022
Gathering Funds for Future Projects by Selling Classics
Recently, Square Enix had sold the studio with the rights to the ‘Tomb Raider‘ franchise for 300$ million. The Japanese game developing company sold three Western studios in total, thereby passing on the rights to titles like ‘Legacy of Kain’, ‘Thief’ and ‘Deus Ex’.
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Square Enix minted NFTs for the Shi-San-Sei Million Arthur game earlier this year in February, and the company described its first foray into NFTs as a successful endeavour. Now the game publishing giant has bigger ambitions. The firm has already set its sights on establishing an overseas enterprise that will be responsible for the “issuing, managing and investing” of company-owned NFTs.
In the Process of Building a Broad Gaming NFT Ecosystem
Square Enix has engaged in a partnership with Animoca Brands to further explore its options in blockchain gaming. The deal represents part of a renewed business strategy which focuses on artificial intelligence cloud computing. The monetization of blockchain also features as the third objective for Square Enix’s plans.
Interest in NFT gaming is massive, even despite the crash of the crypto market, and this is evident by the sector’s 1 million active daily gamers, as reported by DappRadar.
Game industry giant Square Enix plans to issue tokens, in partnership with Animoca Brands pic.twitter.com/viDdJMphIk
— Revel Lab (@RLVentures__) May 16, 2022
In contrast, there has been a recent downtrend of in-game NFT sales. At the beginning of the year, the total sales volume of such NFTs was around $70 million, but at the time of this writing, that figure stands at just under $10 million. Some have opined that this is a sign of demand for better management in the NFT gaming market, and Square Enix looks set to try their hand.
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