According to the annual letter from company president Yosuke Matsuda, franchises such as Final Fantasy, Kingdom Hearts and Tactical Ogre.
Square Enix, the company behind the franchise, will recommit to its blockchain strategy in 2023. The company aims to launch multiple blockchain games and NFT projects using brand new IP sometime in 2023. Notably, it will also issue, manage and invest in its own cryptocurrency this year as an international entity.
Square Enix has made a new commitment to all things Web3. Best known for video game favorite series like Final Fantasy and Kingdom Hearts, the company started the new year with an update to its blockchain and Web3 strategy, debuting plans to leverage its world-building and Storytelling expertise, launching several blockchain games and NFT projects using brand new IP sometime in 2023.
Additionally, the Japanese gaming company intends to issue, manage and invest in its own cryptocurrency within the year as part of its presence as an international entity.
In order to advance its global business, Square Enix also shared its plan to establish a game and service publishing business centered on blockchain games.
Considering the recent divestment of its western studios to Embracer Group, it's a sign that the company wants to further build on the international reputation of its US game development arm. This year, Square Enix may also establish a corporate venture capital arm, signaling strong interest in following up on its initial Web3 investments in Animoca Brands and Sandbox.
The move could confuse Square Enix's core gaming audience, who have spent much of 2022 fighting against bringing the new technology to their beloved medium. Square Enix has been quietly establishing itself in Web3 over the past few years, despite blockchain technology's unpleasant reception in the broader gaming market.
In 2021, Square Enix released an NFT collection for its Japan-only mobile game Shin-San-Sei Million Arthur, and later released a blockchain mobile game for the Japanese market , as a proof of concept for future blockchain games. In 2022, the new 30 million King Arthur completed the first season, providing important insights for launching and maintaining the blockchain version of the game.
In 2022, Square Enix is also teaming up with King to release a set of collectible digital cards and figurines based on Final Fantasy VII to celebrate the milestone game's 25th anniversary.
Square Enix will likely plan the economic structure of its future blockchain games in 2023, citing explorations of user-generated content and effective community autonomy in the document. In addition to increasing regulation around the crypto and NFT space around the world, Matsuda mentioned Japan’s interest in using blockchain technology to serve the Japanese public, saying the company’s response to the volatility in the space is to create a “more transparent business environment.” Locally, this includes a priority policy plan for the realization of a digital society approved by the Japanese government, and a DAO centered on researching Web3 as closely as possible, established by its official digital agency in November.
The move also comes after the Japanese government intends to integrate blockchain technology into the services it provides to the people of the island nation. In his letter, Matsuda emphasized the legitimacy of this strategy as a business decision, addressing the concerns of readers who are only familiar with the negative 2022 headlines surrounding Web3. This makes sense, as Square Enix's decision also runs counter to the broader gaming market's attitude towards NFTs, best exemplified by Minecraft's July 2022 ban of all blockchain technology from the platform.
At last
According to Matsuda, 2023 is a milestone year for the pair, as it marks the 20th anniversary of the merger between Enix and Square. Remarkable growth has been driven by countless opportunities that have emerged over the past two decades, against a backdrop of dizzying changes in the business environment. They will drive the business forward with the goal of making 2023 a year of significant development and change. Square Enix has a world-renowned storytelling and world-building powerhouse, and the move could be a step toward reassuring consumers in the industry concerned that Web3 games may lack substance.
Blog Source – whatisblockchain.com