Square Enix, a Japanese gaming industry behemoth, is changing its business strategy to include blockchain-based game technologies. The new strategy also offers a detailed NFT ecosystem, which will assist in making in-play NFT purchases more frequent.
Square Enix also released its mid-term financial results and business objectives for the rest of the year.
Square Enix just sold the studio that owns the ‘Tomb Raider’ property for $300 million. The Japanese game developer sold three Western companies in all, handing on the rights to games such as “Legacy of Kain,” “Thief,” and “Deus Ex.”
In February, Square Enix issued NFTs for the Shi-San-Sei Million Arthur game, and the company regarded its first step into NFTs as a success. The gaming publishing behemoth now has higher aspirations. The company has already set its eyes on creating an offshore entity that will be in charge of “issuing, administering, and investing” company-owned NFTs.
Square Enix has formed a partnership with Animoca Brands to further investigate its blockchain gaming potential. The transaction is part of a refreshed company strategy focused on artificial intelligence and cloud computing. The commercialization of blockchain is also a third goal for Square Enix’s plans.
Despite the crypto market’s fall, interest in NFT gaming remains high, as seen by the sector’s 1 million active daily players, according to DappRadar.
On the other hand, in-game NFT sales have recently declined. The overall sales volume of such NFTs was about $70 million at the start of the year, but as of this writing, that number is just around $10 million. Some have speculated that this is an indication of increased demand for better management in the NFT gaming business, and Square Enix seems willing to give it a go.
