Sq. Enix Resolves to Proceed with Web3, Blockchain Gaming Drive

The Japanese gaming large Sq. Enix has reasserted its dedication to blockchain gaming, asserting that it’ll proceed to develop blockchain, Web3, and NFT video games within the subsequent 12 months.

The agency, which created the Last Fantasy collection, issued an end-of-fiscal yr assertion this month.

Sq. Enix has confronted a livid backlash from many gaming communities for its blockchain pivot, which it first unveiled in early 2022.

The corporate’s turnover fell barely over the previous yr from round $2.7 billion presently final yr to about $2.5 billion.

It additionally misplaced virtually 1,000 workers members in the identical interval.

However regardless of a lukewarm reception for its NFT-related titles reminiscent of Symbiogenesis, the corporate stated that it might proceed to focus on Web3 progress.

The agency referred to as its blockchain enterprise an “initiative” that “will obtain additional progress.”

It defined that it wished to develop into a “pioneer” in Web3 gaming and would “proceed to hold out funding actions globally.”

The corporate additionally claimed that the “acceleration of blockchain recreation growth” was one in all its “priorities” for the yr forward.

The agency has additionally just lately launched an NFT recreation as a part of its long-running Million Arthur collection.

Whereas this recreation has additionally been pilloried by the worldwide gaming group, Sq. Enix stated that it was having fun with reputation.

Sq. Enix stated that “greater than 75%” of the NFTs it issued for the sport final month have been offered.

Some units have already offered out, it added.

The corporate stated that its title’s NFTs held the top-placed transaction rating by merchandise kind on the Line Blockchain protocol.

And the corporate stated that additionally defined that its Symbiogenesis undertaking was “nonetheless below growth” with plans to “promote about 10,000 NFT artworks.”

Sq. Enix: Will Blockchain Gaming Pivot Succeed?

The corporate has beforehand stated that specializing in conventional types of gaming would “not be sufficient” for the corporate to thrive sooner or later.

The corporate’s President and CEO Yosuke Matsuda has beforehand talked of Sq. Enix’s need to “attempt its hand” at “offering autonomous recreation content material.”

Matsuda additionally spoke of his plans to launch a cryptoasset.

However an obvious downturn within the agency’s fortunes may quickly be set to spark a regime change that will affect the way forward for Web3-related progress.

In March, Matsuda introduced he could be stepping down from his function in June this yr.

His substitute, Takashi Kiryu, beforehand labored at Dentsu Innovation Initiative – one other agency with Web3 credentials.

Dentsu struck a metaverse partnership cope with Microsoft final yr.