Square Enix or popularly known as SE, the Japanese game developer has stated in its Q1 earnings report that it is going to expand NFTs to a more game product as part of its mid-term business strategy in 2022. According to this report, they have $3 billion in assets under management. On May 3, the Final Fantasy property is owned by the firm and they sold the Tomb Raider franchise for $300 million.
The firm piloted NFTs on the Shi-San-Sei Million Arthur game in February and the success of the pilot program leads to the second season of the game’s NFTs, making it pursue broader activities in the NFT and blockchain industries. They want to establish regulatory clarity and guidelines for blockchain games, tackle scalability in NFT economies and also focus on a corporate capital venture unit. Along with these, they also want to establish an overseas entity that will issue, manage and invest their tokens, hoping to create an expansive gaming-token economy.
They have been working with Animoca Brands, a Web3 gaming and metaverse venture capital firm Animoca Brands, and it can be seen as a future growth into the ecosystem.
Yat Siu, Animoca’s executive chairman has stated that the project is in accordance with their vision and added, “Square Enix has already been talking about the potential of blockchain games for a long time, so it gets it better than most of the traditional gaming giants out there.”
As the popularity of Web3 and NFT gaming keeps on flourishing it can be hoped that it is going to be a huge evolution in the industry. This partnership too seems to be in coordination with the ventures and is only going to lead to a huge breakthrough for the field of NFT and Web3 gaming. As the time comes, it will only show how the space changes.
She is Writer and Digital Nomad. She loves thinking, learning, and writing about all things NFT, particularly its impact on major creative industries.