In its Q1 results report, Square Enix announced that as part of its medium-term business strategy in 2022, it would include non-fungible tokens (NFT) into more game goods. According to its most recent earnings report, Square Enix (SE) is a Japanese game developer with $3 billion in assets under control. The company controls the Final Fantasy franchise and just sold the Tomb Raider franchise for $300 million.

https://twitter.com/BMDaily1/status/1526080561835540480

&nbsp;

According to the report, the company began testing NFTs on the Shi-San-Sei Million Arthur game in February. The pilot programme's success will lead to the second season of the game's NFTs, and the company will eventually expand its NFT and blockchain activities. SE wants to provide regulatory clarity and norms for blockchain gaming, address scalability in NFT economies, and consider forming a corporate capital venture unit as the top priority of its blockchain domain projects.

The company also announced that it intends to create an overseas organization responsible for "issue, maintaining, and investing our tokens," implying that the company will begin to build a large gaming token economy. SE has been exploring its prospects in the blockchain gaming market with Web3 gaming and Metaverse venture capital firm Animoca Brands. As SE digs deeper into the ecosystem, the two companies' collaboration is expected to deepen.

The report's third goal in its medium-term business strategy is investing in and monetizing blockchain, artificial intelligence (AI), and cloud computing. This aligns with CEO Yosuke Matsuda's stated desire to expand his company's involvement in those technologies in January.

Despite a broad crypto market dip in 2022, the appeal of Web3 and NFT gaming has remained strong. On May 14, according to market tracker DappRader, there were 1 million daily active gamers, nearly the same as on January 1.

On the other hand, Gamers aren't buying as much as they used to, as total NFT gaming item sales have decreased 88 percent from $70 on January 1 to $8.7 million on May 14.

Square Enix Plans to Issue Tokens and Make Substantial Investments in Web3 Gaming

Square Enix announced that as part of its medium-term business strategy in 2022, it would include non-fungible tokens (NFT) into more game goods

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Square Enix Plans to Issue Tokens and Make Substantial Investments in Web3 Gaming

Top Picks