The largest video game business is overhauling its corporate approach to include a more robust NFT ecosystem, with blockchain gaming infrastructure as one of the key components.
In 2022, video game giant Square Enix announced that it will use its medium-term business plan to introduce nonfungible tokens (NFTs) into additional gaming items as part of its long-term strategy.
According to the most recent earnings report, Square Enix (SE) is a Japanese game developer with $3 billion in assets under management. The company owns the Final Fantasy brand and sold the Tomb Raider franchise for $300 million on May 3th.
The report claims that the business began testing NFTs on the Shi-San-Sei Million Arthur game in February. Because of the success of the pilot project, the company will continue to develop NFTs and blockchain technology into a full-fledged entertainment platform.
SE plans to establish regulatory clarity and standards for blockchain games, tackle scalability in NFT economies, and explore the establishment of a corporate capital venture unit among its top blockchain domain objectives.
The company also said it will establish an overseas entity to oversee “issuing, managing, and investing” its own tokens, implying that it will start a gaming-token economy.
Animoca and Web3 Gaming & Metaverse Venture Capital Firm SE have been working together to examine possible strategies in the blockchain gaming sector. As SE continues to immerse itself within the ecosystem, cooperation between them is anticipated to develop.
According to the report, its third goal in its medium-term business strategy is to invest in and monetize blockchain, artificial intelligence (AI) and cloud computing. This is in line with what Yosuke Matsuda said in January, which was that his company plans to get more involved with these technologies.
Despite a general crypto market downturn, the popularity of Web3 and NFT gaming has remained high throughout the year. On Saturday, January 28th, there were 1 million daily active gamers on the site, which is almost the same as on New Year’s Day.
However, sales volume for NFT game items has dropped 88% from $70 million on January 1 to $8.7 million on Saturday, according to ESOZ’s market report.
