Square Enix, a well-known game publishing and development company located in Japan, has sold its Western studios and IPs to the Embracer Group to fund new activities, including blockchain-based ventures. The $300 million agreement involves the sale of companies like Crystal Dynamics and Eidos, the developers of Tomb Raider, as well as more than 50 gaming IPs.
In a news statement, Square Enix stated the following about the sale’s goal:
“The transaction will assist the company in adapting to the changes underway in the global business environment by establishing a more efficient allocation of resources, which will enhance corporate value by accelerating growth in the company’s core businesses in the digital entertainment domain.”
The company also explained that this transaction “enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.”
The agreement is intended to help in the administration of the firm, which will now be virtually completely made up of Japan-based development studios, with a few international enterprises remaining.
This effort is intended to put into action concepts that Square Enix CEO Yosuke Matsuda has been publicising since last year, when the firm included blockchain as a key component of its midterm business strategy.
According to the CEO Yosuke Matsuda, the firm is highly interested in the use of blockchain technology to gaming and the benefits that this may have for gamers who actively participate in these experiences,
On the significance of such new technologies, Matsuda stated that by using blockchain technology to incentivise game modders, more unique material may be created, implying the use of token economies in these games. Square Enix, along with Ubisoft, has begun to add NFT features in several of its games, and has been one of the most bullish firms about blockchain and the play-to-earn model.
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 to Embracer Group for $300M to fund its new blockchain venture.){kind=link}