Game giant Square Enix has revealed in its Q1 earnings report that it will expand NFT into more gaming products. as part of the 2022 medium-term business strategy
Square Enix (SE) is a Japanese game developer with $3 billion under management. by reporting the latest earnings It states that it sold the Tomb Raider franchise for $300 million on May 3.
The report states that the company has been experimenting with NFT in its Shi-San-Sei Million Arthur game starting in February of this year. The success of the pilot program will lead to the second season of NFT of the game and will ultimately see the company conduct broader activities in the NFT and blockchain industry.
Among the top priorities, Square Enix has a plan to create clarity on regulations and guidelines for blockchain games. including tackling scalability in the NFT economy and considering the formation of corporate capital ventures.
The company also stated that it plans to set up an offshore entity that will handle “our own issuing, managing, and investing tokens,” suggesting that the company will begin building a broader gamingtoken economy.
SE is also working with Web3 Games and venture capital firm Animoca Brands to explore options in the blockchain gaming space. The partnership between the two companies is expected to grow as SE delves deeper into the ecosystem.
Animoca CEO Yat Siu believes Square Enix’s influence in games will contribute greatly. “Square Enix has been talking about the potential of blockchain games for a long time. So they will do better than any other big game.”
The report states that investment and monetization of blockchain, artificial intelligence (AI), and cloud computing are the third goals in the medium-term business strategy. This is consistent with CEO Yosuke Matsuda’s intention to have his company more involved in those technologies in January.
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