Square Enix’s CEO discusses the company’s intentions for blockchain, metaverse, and NFTs

Yosuke Matsuda makes a distinction between traditional gaming, which he refers to as “play-for-fun,” and next-generation, blockchain-based, earn-while-you-play gaming.

Increased acceptance of nonfungible tokens (NFTs) and play-to-earn games is possible, since one of the world’s leading gaming businesses views them as the industry’s future.

Square Enix CEO Yosuke Matsuda announced the company’s plans for blockchain and non-volatile memory spheres in his new year’s address on Saturday. Matsuda opens his letter by discussing the metaverse before stating that Facebook’s rebranding as Meta demonstrates that the notion is not a fleeting trend. He anticipates that 2022 will be a year of metaverse excitement, as society gradually embraces virtual worlds and their capacity to link humans beyond geographic borders.

He believes that advances in extended reality technology, increased usage of cloud computing, and the advent of 5G will all contribute to the metaverse’s existence. Matsuda wrote during a discussion on the concept:

“As this abstract notion takes life in the form of product and service offerings, I’m hopeful that it will also result in changes that have a more significant influence on our company.”

a New Year's letter from the Square Enix president talks about new tech/concepts including NFTs, the metaverse, and particularly how blockchain games "hold the potential to enable self-sustaining game growth" https://t.co/qtdFCvQdeB pic.twitter.com/FOG4S9Hpgb

— Wario64 (@Wario64) January 1, 2022

He continues in a similar manner regarding NFTs, followed by blockchain and play-to-earn. Matsuda notes that 2021 was the “birth year” of NFTs and the metaverse, with a flurry of uncontrolled trading that did not necessarily match to market speculations.

Investments in blockchain technology continue to grow at a fast pace, and some of the most passionate proponents of blockchain technology’s legitimacy have been gaming firms. Square Enix first engaged in the metaverse by participating in a $2 million fundraising round for The Sandbox, a metaverse game built on Ethereum. According to Matsuda’s annual letter, the company is doubling focus on numerous emerging technologies.

Matsuda’s letter seems to reinforce Ubisoft’s commitment to its NFT and blockchain aspirations. Another prominent player in the gaming business, Andrew Wilson, CEO of video game publisher Electronic Arts, concurred that NFTs and play-to-earn games are the way of the future of gaming, despite the fact that it is yet unclear how they will work.

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