Square Enix Resolves to Continue with Web3, Blockchain Gaming Drive
GameFi
The Japanese gaming big Sq. Enix has reasserted its dedication to blockchain gaming, saying that it’s going to proceed to develop blockchain, Web3, and NFT video games within the subsequent 12 months.
The agency, which created the Last Fantasy collection, issued an end-of-fiscal yr assertion this month.
Sq. Enix has confronted a livid backlash from many gaming communities for its blockchain pivot, which it first unveiled in early 2022.
The corporate’s turnover fell barely over the previous yr from round $2.7 billion at the moment final yr to about $2.5 billion.
It additionally misplaced virtually 1,000 workers members in the identical interval.
However regardless of a lukewarm reception for its NFT-related titles corresponding to Symbiogenesis, the corporate mentioned that it will proceed to focus on Web3 development.
The agency known as its blockchain enterprise an “initiative” that “will obtain additional development.”
It defined that it needed to grow to be a “pioneer” in Web3 gaming and would “proceed to hold out funding actions globally.”
The corporate additionally claimed that the “acceleration of blockchain sport growth” was one in every of its “priorities” for the yr forward.
The agency has additionally just lately launched an NFT sport as a part of its long-running Million Arthur collection.
Whereas this sport has additionally been pilloried by the worldwide gaming group, Sq. Enix mentioned that it was having fun with recognition.
Sq. Enix mentioned that “greater than 75%” of the NFTs it issued for the sport final month have been bought.
Some units have already bought out, it added.
The corporate mentioned that its title’s NFTs held the top-placed transaction rating by merchandise sort on the Line Blockchain protocol.
And the corporate mentioned that additionally defined that its Symbiogenesis venture was “nonetheless beneath growth” with plans to “promote about 10,000 NFT artworks.”
Sq. Enix: Will Blockchain Gaming Pivot Succeed?
The corporate has beforehand mentioned that specializing in conventional types of gaming would “not be sufficient” for the corporate to thrive sooner or later.
The corporate’s President and CEO Yosuke Matsuda has beforehand talked of Sq. Enix’s want to “strive its hand” at “offering autonomous sport content material.”
Matsuda additionally spoke of his plans to launch a cryptoasset.
However an obvious downturn within the agency’s fortunes may quickly be set to spark a regime change that will affect the way forward for Web3-related progress.
In March, Matsuda introduced he can be stepping down from his position in June this yr.
His substitute, Takashi Kiryu, beforehand labored at Dentsu Innovation Initiative – one other agency with Web3 credentials.
Dentsu struck a metaverse partnership cope with Microsoft final yr.
