Square Enix highlights blockchain investment in 2023 strategic plan

The presidentSquare Enix Yosuke Matsudashared in his annual letter that the game studio is committed to releasinghigh definition games and expand your business worldwide.

Developerfinal fantasypassionate about blockchain technology and committed toimplement your blockchain investment strategy. Square Enix has released some of the most anticipated games of 2022, and this June the studio will release the newest additions to the Final Fantasy series. Matsuda said that developing existing franchises such as Kingdom Hearts into global blockbusters with an extensive collection of IP is their top priority. He later added that they are also focusing on blockchain investments, especially in the entertainment sector.

Legitimizing Web 3.0.Matsuda said that Square Enix sentaggressive investment and business development efforts in the blockchain-based entertainment industry. However, the aggressive investment strategy has caused concern among gamers. They feared that the company would abandon the development of hardcore games in favor of “rogue” games on the blockchain. However, Square Enix later stated that it would continue to create games for hardcore gamers.

Matsuda added:“From an outside perspective, I think it is fair to say that blockchain has gained significant recognition as a field in 2022, as evidenced by “Web 3.0″ becoming a household name among business people . However, this year also saw volatility in the cryptocurrency and NFT (non-playable token) markets, which tracked the dramatic shifts in macroeconomics described above.”

Japan has become one of the most dynamicemerging markets Web3 in 2022, projecting growth of more than 53% despite chaotic market conditions. Factors such as interest from youth, progressive government policies and love for art have played a decisive role in the massive adoption of Web3 technologies in the country. Interestingly, in June 2022, the Japanese Cabinet signed a plan called“Priority policy program for the implementation of the digital society”.

This plan resulted in the creation of an environment conducive todevelopment of Web3, including the use of Web3 technology. As a result, Square Enix is ​​optimistic about investing in Web3. The company believes that there are numerous business opportunities in this sector.

Matsuda shared:“New technologies and systems lead to innovation, but they also create significant confusion. After experiencing such social unrest, certain technologies and systems gradually become part of people's lives, which ultimately leads to new businesses and growth. According to Matsuda, 2022 was a year of significant instability for the blockchain industry after 2021 saw excitement and euphoria around NFTs and metaverse concepts.

However, the President shared the enthusiasm for 2023 andsees the previous year as a stepping stone for development and regulation. Matsuda added: “However, if it turns out that this was a step in the process that leads to the creation of regulations and a more transparent business environment, it will definitely benefit the development of blockchain entertainment.” The President added that existing and future Web3 games should operate on a self-sustaining decentralized model. He sees this concept and model as key to the success of the sector.

Matsuda shared his curiosity regardingwhat games and entertainment Square Enix will create based on this model in 2023. There have been more active discussions about game development at global gaming events lately compared to the speculative talk in 2021. Matsuda said: “The trend now is to look at blockchain technology as a means to an end and discuss what needs to happen to achieve the goal– deliver new experiences and delight to consumers. I find this very beneficial for the future growth of the industry”.

On the reverse side, Game Developer stated thatit is developing several blockchain games with original IPs and is preparing to introduce more games this year. Square Enix has struck a $300 million deal with Swedish publishing group Embracer to fund its blockchain gaming strategy in 2022. Square Enix is ​​at the forefront of the traditional gaming industry, developing some of gaming's most famous franchises such as Dragon Quest and Final Fantasy. Interest from the Japanese gaming giant could prove fruitful for Web3. The developer has extensive experience building infrastructure and attracting a new generation of users to Web3. Square Enix Releases Final Fantasy NFT Card Collection, Minecraft Rejects NFTs Japanese NFT Market Projected to Grow 53% Despite Crypto Winter.