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James Carter

May 19, 2023

Square Enix Resolves to Continue with Web3

Square Enix, a Japanese gaming company, has reaffirmed its dedication to blockchain gaming by saying that it will keep working on the creation of blockchain, Web3, and NFT games throughout the course of the following year.

This month, the company that is responsible for creating the Final Fantasy series released an end-of-financial-year statement.

Square Enix Resolves to Continue with Web3

Since the company initially revealed its blockchain pivot at the beginning of 2022. Square Enix has been subjected to a barrage of criticism from a variety of gaming communities.

The turnover of the corporation had a little decline over the course of the preceding year. Dropping from approximately $2.7 billion at this time the year before to approximately $2.5 billion.

During the same time period, it also lost almost a thousand members of its personnel.

However, in spite of the lackluster reaction that the business’s NFT-related titles, such as Symbiogenesis, have received. The company has stated that it will continue to focus on Web3 growth. The company referred to its venture into the blockchain industry as an “initiative” that “will achieve further growth.”

Blockchain Gaming Drive

It was claimed that the company’s goal was to become a “pioneer”. In Web3 gaming and that it would “continue to carry out investment activities globally.”

The business also asserted that one of its “priorities” for the coming year will be the “acceleration of blockchain game development.”

In addition, the company just recently released a new free-to-play video game. Next installment in its long-running Million Arthur franchise.

In spite of the fact that this game has been criticized severely by the gaming community on a global scale. Square Enix has stated that it is still quite popular.

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Square Enix

According to Square Enix, “more than 75%” of the non-fungible tokens (NFTs) it released for the game one month ago have been purchased.

It was added that some of the sets had already been purchased.

The company claimed that the NFTs associated with its titles occupied the number one spot. In the transaction ranking for their respective item types on the Line Blockchain protocol.

And the business also revealed that its Symbiogenesis project was “still under development” with ambitions to “sell about 10,000 NFT artworks.” The company said so in its statement.

Square Enix: Will Blockchain Gaming Pivot Succeed?

The corporation has stated in the past that concentrating on more conventional types of gaming will “not be enough” for the company to flourish in the years to come.

Yosuke Matsuda, President and Chief Executive Officer of Square Enix, has stated in the past that the company is interested in “trying its hand” at “providing autonomous game content.”

Matsuda also disclosed his intentions to market a cryptocurrency asset.

However, it seems as though the company’s financial situation is deteriorating, which may soon lead to a change in leadership, which in turn may affect the trajectory of Web3-related advancements in the future.

Square Enix Resolves to Continue with Web3, Blockchain Gaming Drive

Matsuda made the announcement in March that he would be resigning from his position as of June of this year.

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Takashi Kiryu, who was hired to replace him, had previously worked at Dentsu Innovation Initiative, which is another company that has Web3 credentials.

The previous year saw Dentsu and Microsoft come to an agreement for a partnership in the metaverse.