Square Enix Changes Strategy to Focus on Web 3.0 Gaming & NFTs

The new plan includes a hefty NFT ecosystem that will help bring structure and security into in-play NFT purchases.

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.

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’.

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.

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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Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.