Square Enix invests in blockchain games despite the market crash
Square Enix, a prominent Japanese video game developer and publisher, has indicated that it would continue to invest in blockchain games despite recent market volatility.
In a Sunday letter, the company’s president, Yosuke Matsuda, said that the game publisher would focus more on Web3 gaming in the following year. In its attempts to establish new businesses, Square Enix is “particularly focused” on blockchain-powered games, he said.
Matsuda said that Square Enix is producing “several blockchain games” based on unique intellectual property as opposed to its current brands, with plans to release even more of these games in 2023. The company is also currently evaluating blockchain investment options “in Japan or elsewhere,” he stated.
“Blockchain has been a source of both thrill and turbulence, but with that now in the rearview mirror, we expect blockchain gaming to enter a new growth phase in 2023.”
Matsuda highlighted that despite the severe volatility in the crypto and NFT industry and a sad line of news items with blockchain ties, including the scandalous bankruptcy filing of FTX in November, there was still broad use of blockchain technology. He said:
“Looking outside, I believe it is safe to state that blockchain earned great recognition as a sector in 2022, as indicated by “Web 3.0” being a firmly established term among businesses.”
He especially noted the Japanese government’s emphasis on fostering Web3 development as part of a strategy dubbed the “Priority Policy Program for Realizing a Digital Society.” The nation even rewarded several officials with NFTs.
Matsuda also sought to characterize the latest crypto market fall as normal. He stated that new technologies frequently generate “confusion” before obtaining mainstream acceptance. Hence, investors need not necessarily dismiss its potential if the cryptocurrency market experiences volatility.
Square Enix is a publisher and developer of video games with headquarters in Shinjuku, Tokyo, Japan. Final Fantasy, the company’s science-fiction/fantasy anthology media brand, has become a worldwide sensation thanks to its cutting-edge visuals.