Square Enix Reaffirms Commitment to Web3 Technology

Video game fans awaiting news of Square Enix's plans for blockchain gaming have been presented with a “goal of making 2023 a year of major evolution and transformation” by their president.

The renowned developer of beloved games like Final Fantasy recently released a letter confirming their commitment to the Web3 sector. This marks a major step forward in the industry's adoption of NFTs and other blockchain-based solutions.

Square Enix increased its investment in Web3 technology and has dedicated significant resources towards its development and implementation, according to company President Yosuke Matsuda.

Focus on blockchain entertainment

The decision to enter the blockchain space has generated some controversy within the gaming industry. However, Square Enix remains dedicated to exploring the potential of this technology.

Matsuda stated that: “In terms of new business domains, we named three focus investment fields under our medium-term business plan. Among those, we are most focused on blockchain entertainment, to which we have devoted aggressive investment and business development efforts. Looking externally, I think it is fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by ‘Web 3.0’ becoming a firmly established buzzword among businesspeople.”

Square Enix deeply invested in blockchain and NFTs

The Dragon Quest developer has already demonstrated a significant level of investment in the realm of blockchain technology and NFTs.

In his letter, Matsuda wrote that: “Our Group has multiple blockchain games based on original IPs under development, some of which we announced last year, and we are undertaking preparations that will enable us to unveil even more titles this year."

He continued: “Blockchain has been an object of exhilaration and a source of turmoil, but with that in the rearview mirror, we hope that blockchain games will transition to a new stage of growth in 2023.”

Square Enix has already partnered with Oasys as node validators and entered into a $52M deal with mobile developer Gumi. They even sold off several IPs to invest more in blockchain technology - earning them $300 million in the process.

Additionally, Square Enix also recently took on a role as a strategic advisor to Cross the Ages, a digital trading card game built on Polygon. It also made investments in gaming start-up ZEBEDEE and The Sandbox.

Optimism for blockchain gaming in 2023

The future of Play-to-Earn games looks promising, with more gamers interested in rewards for their efforts. Despite the challenges faced during 2022, blockchain technology could be a viable solution to many issues within the gaming world.

A recent survey by ZEBEDEE showed that 67% of respondents are open to playing more games if rewarded with cryptocurrency or NFTs. This shows how Web3 gamers remain optimistic about what lies ahead.

If developers can use these technologies to create incentives and drive engagement, the future looks bright for blockchain gaming.