Games

Square Enix believes that the recent volatility of the blockchain may benefit its plans for its games

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Final Fantasy Publisher, Square Enix, has used its New Year letter to promote its blockchain games, alleging that recent volatility in the market could benefit their plans.

Square Enix was one of the first major publishers to declare its support for “blockchain entertainment”, so that the user can effectively own, buy and sell digital items.

In its 2021/2022 New Year letter, the company committed to creating blockchain and NFT games. Later, in mid-2022, he announced plans to sell NFTs as part of what he calls the “first digital collectible art project designed from the ground up for Web3 fans.”

In a new year-end letter discussing his plans for 2023, Square Enix president Yosuke Matsuda said that blockchain remains the main focus of his investments in the medium term, despite the “volatility” of the market. blockchain in 2022.

Regulations could benefit blockchain growth

Matsuda argued that the lessons learned and likely regulation to come could benefit the growth of the blockchain and his plans to develop games based on the technology.

“In terms of new commercial domains, we have three fields of investment, which we will focus on as part of the medium term,” the executive wrote. “Among them, we are most focused on blockchain entertainment, to which we have devoted aggressive investment and business development efforts.”

“Looking externally, I think it’s fair to say that blockchain gained significant recognition in 2022, as evidenced by the fact that ‘Web 3.0’ became a firmly established buzzword among entrepreneurs.”

“However, the year also saw great volatility in the cryptocurrency and NFT markets, which followed the dramatic changes in the macroeconomy described above. The second half of the year in particular produced a grim series of news with connections to blockchain, including FTX’s scandalous bankruptcy filing in November.

Continuous: “In the wake of these developments, we hear rumors from some countries that they want to regulate such businesses more strictly. In Japan, meanwhile, the drive to foster these types of companies has come to life, and it is led by the government.

Matsuda goes on to cite Japan’s ‘Priority Policy Program to Realize a Digital Society’, a plan that was signed in June 2022 regarding the promotion of the Web 3.0 concept, including the use of blockchain-based NFTs.

“New technologies lead to innovation, but they also create considerable confusion,” he wrote. “Having weathered such social tides, some of these technologies and frameworks gradually become part of people’s lives, eventually giving rise to new businesses and growth.

Square Enix believes that the recent volatility of the blockchain may benefit its plans for its games

“After the excitement and jubilation that surrounded NFTs and the metaverse in 2021, 2022 was a year of great volatility in the blockchain-related space. However, this proves to have been one step in a process leading to the creation of rules and a more transparent business environment, it will definitely have been for the sake of the growth of blockchain entertainment.”

Square Enix has several original IP-based blockchain games in developmentsome of which have already been announced and some of which are planned to be shown this year.

“Blockchain has been an object of euphoria and a source of confusion, but that will remain in the rear view mirror, we expect blockchain gaming to transition to a new stage of growth in 2023,” Matsuda wrote.

Fountain: Square Enix

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