Despite the crunch time in the crypto industry, Square Enix stays on course. Square Enix is the company that made games like Final Fantasy and Dragon Quest, which have become very popular. The crypto industry and blockchain games aren’t having the best of times lately. These industries boomed in both 2021 and 2022, but the reasons were poles apart. In 2021, crypto and blockchain games went super bullish and attracted a ton of investment. However, in 2022, both domains flamed out and remained down in the bearish trend. However, Square Enix, right at the beginning of 2023, made it clear that they were fully focused on blockchain gaming projects. Moreover, their new business development efforts are also eyeing blockchain-powered games and projects.
Square Enix is Robust in Blockchain Gaming Sector
With its massively successful videogame IP Final Fantasy, Square Enix is a well-known name in traditional gaming. Now, Square Enix is eyeing expansion to Web 3.0 games with the help of blockchain technology integration. Besides, it is working on “multiple blockchain games” without using its previous famous IPs. Yosuke Matsuda, the president of Square Enix, also said that this year there will be more blockchain games. The letter by Matsuda read, “[We] will continue to take stakes in promising businesses, whether we find them in Japan or abroad.”
Yosuke Matsuda Take on Web 3.0 Games
Matsuda also talked with Square Enix fans about the problems the gaming industry will face in 2022. He referred to the FTX collapse in November and how it impacted the industry in the coming months. He also talked about Web 3.0 and how it is being used more and more, calling it “a well-established buzzword among businesspeople.” However, he seems quite positive in his letter about the future of Web 3.0. “Blockchain has been an object of exhilaration and a source of turmoil,” Matsuda explained, “but with that in the rearview mirror, we hope that blockchain games will transition to a new stage of growth in 2023.”
Square Enix Flagship Blockchain Game Project Symbiogenesis
Square Enix keeps moving toward blockchain gaming, even though its fans and other fans of traditional games have spoken out against it. Back in November, Square Enix announced its first NFT game project; Symbiogenesis. Square Enix says that the game is a digital experience where you can collect art and tell a story. Moreover, the creator’s recent tweet about the game added, “gameplay revolves around choosing whether to monopolize or [share]” information with other players in the community.
Besides Symbiogenesis, Square Enix is also working as a strategic advisor for another blockchain game, Cross the Ages. Cross the Ages is a digital collectible trading card game using the Polygon blockchain. Square Enix also invested in a Bitcoin gaming startup by the name of Zebedee. Additionally, Square Enix also has stakes in the popular blockchain game The Sandbox. Square Enix recently said that it will bring back “Dungeon Siege,” a much-anticipated game that has been put on hold, as an in-game experience in the Sandbox.
Final Fantasy VII NFTs and Push to Blockchain Gaming Domain
Not long ago, Square Enix announced that it planned to launch Final Fantasy NFTs on Polkadot. These NFTs will be part of Final Fantasy VII along with physical trading cards and toys. In 2022, Square Enix sold its internal gaming studios in the West, along with major IPs like Tomb Raider and Deus Ex, to Embracer Group. The deal brought $300 million to Square Enix, which it regarded as helpful in its push into blockchain games.
Other Famous Traditional Game Publishers Dipping Toes into Web 3.0 Games
There are only a handful of traditional gaming publishers that are expanding their ventures into blockchain gaming. Ubisoft launched its first game with NFTs, Ghost Recon: Breakpoint. Moreover, it also has investments in several crypto gaming studios. Besides, Take-Two is another big name that has pushed into the NFT space via its own casual game studio, Zynga. On the contrary, Rockstar isn’t a fan of NFTs, as it banned them on GTA V servers. Similarly, Valve is also not showing any interest in giving space to blockchain or NFT games on its popular game marketplace, Steam.
Check out our take on what to expect from Gamefi in 2023. In the article, we discussed how 2022 went for Gamefi and what sort of new challenges we might expect to see in 2023. Do visit our website and Youtube channel for more on “play-to-earn games” and game reviews.
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Frequently Asked Questions (FAQ) about Square Enix’s Venture into Blockchain Gaming
1. What is Square Enix’s involvement in blockchain gaming?
Square Enix, renowned for games like Final Fantasy and Dragon Quest, is actively expanding into the blockchain gaming sector. They are developing multiple blockchain games and exploring opportunities in the Web 3.0 gaming space.
2. Why is Square Enix venturing into blockchain gaming?
Despite recent challenges in the crypto and blockchain gaming industries, Square Enix sees the potential for growth and innovation. They aim to leverage blockchain technology to create unique gaming experiences and expand their presence in the evolving gaming landscape.
3. What sets Square Enix apart in the blockchain gaming industry?
Square Enix is known for its successful IPs and is taking a bold step by creating original blockchain games, distinct from their well-established franchises. This demonstrates their commitment to exploring new avenues within the blockchain gaming space.
4. Can you provide more information about Square Enix’s flagship blockchain game project, Symbiogenesis?
Symbiogenesis is a digital experience where players can collect art and contribute to storytelling. The gameplay emphasizes the choice between monopolizing or sharing information within the community, creating a unique gaming dynamic.
5. Are there other blockchain gaming projects Square Enix is involved in?
Yes, Square Enix is acting as a strategic advisor for Cross the Ages, a digital collectible trading card game on the Polygon blockchain. They have also invested in the Bitcoin gaming startup Zebedee and are engaged with the blockchain game The Sandbox.
6. What are Square Enix’s plans for Final Fantasy NFTs on Polkadot?
Square Enix intends to launch Final Fantasy NFTs on the Polkadot blockchain, further integrating their iconic IPs into the blockchain gaming domain.
7. How does Square Enix view the future of blockchain gaming?
Square Enix’s president, Yosuke Matsuda, remains optimistic about blockchain gaming’s future. He anticipates a new phase of growth in 2023, despite the challenges faced by the industry in 2022.
8. Are other traditional gaming publishers exploring blockchain gaming as well?
Yes, several traditional gaming publishers, such as Ubisoft and Take-Two, have ventured into blockchain gaming by launching games with NFTs and investing in crypto gaming studios. However, not all traditional publishers have embraced blockchain technology in their gaming ecosystems.
9. What challenges has the gaming industry faced recently, according to Yosuke Matsuda?
Yosuke Matsuda highlighted challenges such as the FTX collapse in November 2022 and the growing prominence of Web 3.0. Despite these challenges, he remains positive about blockchain gaming’s potential.
10. How can gamers stay updated on Square Enix’s blockchain gaming projects?
Gamers can follow Square Enix’s official announcements, news releases, and social media channels to stay informed about their blockchain gaming endeavors and upcoming projects.