Square Enix Dives Deeper into Blockchain & NFT Gaming: Bold Move or Costly Mistake?

Surreal pixel art gaming landscape, blockchain elements, mythical creatures, glowing Web3 portal, sun rays breaking through digital clouds, cyberpunk aesthetic, immersive metaverse vibes, curious explorer character, contrast of light & shadows, determination and innovation mood in scene.

Japanese gaming giant Square Enix, creator of the popular Final Fantasy series, has announced its plans to further delve into the development of blockchain, Web3, and NFT games over the next 12 months. The company released an end-of-fiscal year statement detailing its ongoing commitment to this sector, even amidst the backlash it received from several gaming communities due to its blockchain pivot in early 2022.

Although Square Enix experienced a decline in turnover from $2.7 billion last year to around $2.5 billion this year and lost almost 1,000 staff members, they remain optimistic about their blockchain initiatives. Despite the lukewarm reception of their NFT-related title, Symbiogenesis, the company aims to continue targeting Web3 growth and become a pioneer in the field. To achieve this, they plan to continue investment activities globally, prioritizing blockchain game development.

Square Enix has also ventured into NFT gaming with its Million Arthur series. While facing criticism from international gaming communities, the game has reportedly gained popularity. The company shared that over 75% of the NFTs they issued for the game last month have been sold, with some sets already sold out. These NFTs hold the top-placed transaction ranking by item type on the Line Blockchain protocol.

Despite its Symbiogenesis project’s tepid reception, Square Enix is adamant about continuing development and aiming to sell 10,000 NFT artworks. The company believes that solely focusing on traditional forms of gaming would not enable them to thrive in the future.

Square Enix’s President and CEO, Yosuke Matsuda, had previously expressed the company’s desire to “try its hand” at providing autonomous game content and launching a crypto asset. However, recent events within the company might influence the future of Web3-related progress. In March, Matsuda announced he will be stepping down from his position in June, with his replacement, Takashi Kiryu, previously working at Dentsu Innovation Initiative – a firm with Web3 credentials and a metaverse partnership deal with Microsoft.

While Square Enix faces various challenges, including skepticism from the gaming community, declining revenue, and a change in leadership, it remains steadfast in pursuing its blockchain and Web3 goals. The outcome of this pivot is uncertain, but with continued investments and development, it is possible that Square Enix may revolutionize the gaming industry with blockchain technology if their persistence pays off.

Source: Cryptonews

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