According to President Yosuke Matsuda, Square Enix will continue to focus on blockchain technology in its annual letter.
President Yosuke Matsuda announced in an annual letter that Square Enix would explore blockchain entertainment opportunities in its annual letter.
Among other things, the company will increase its blockchain investment. Square Enix’s decision to enter the blockchain space caused some heated discussion in the gaming world, but the company remains committed to it. According to Matsuda, the company has “devoted aggressive investment and business development efforts.”
A department has been established by the Japanese government to promote web3 development, and Square Enix believes this is a business opportunity.
Blockchain and NFTs already a part of Square Enix’s DNA
The Japanese company Square Enix has worked with both general blockchain technology and NFTs in the blockchain space.
As part of its efforts, it has partnered with Oasys to become a node validator. It has also entered into a $50 million dollar deal with mobile and NFT developer Gumi.
Last year, it sold several of its IPs to invest more in blockchain technology, earning $300 million in the process.
It was a tough year for P2E gaming in 2022, but interest remains
Many Play-to-Earn games crashed during 2022, and many well-known ones saw reduced interaction as well. Despite its growing popularity, the crypto winter was not kind to this niche. As a result, several major gaming companies are considering blockchain technology, though Microsoft gaming head Phil Spencer cautioned against it.
In a survey conducted by ZEBEDEE, 67% of respondents said they would play more games if they were rewarded in crypto. Newer tokens and NFTs were also popular.