Square Enix is a gaming developer and media company that will create a robust ecosystem using blockchain, NFTs across its gaming assets, as part of its ongoing business strategy for 2022 and beyond.
Recently, the company behind the film and video game series Final Fantasy, sold the assets of Tomb Raider to Embracer Group AB in Sweden for $300 million. Square Enix has $3 billion of assets currently under management, according to its most recent earnings report.
The company is pursuing web3 plans and wants to establish a strict regulatory framework that allows for NFTs as well as its token system to scale across multiple games.
It also included details about how NFTs were used on the Shi-San-Sei Million Arthur video game earlier in the year.
NFTs will be adopted by gamers with great success. This will lead to the expansion of the initiative across other games. Square Enix is partnering with Animoca Brands Venture Capital, a venture capital firm that specializes in gaming and web3.
Yat Siu, Animoca’s executive chair, spoke to Cointelegraph about the partnership and the future. He said that Square Enix has been discussing the potential of blockchain gaming for a while, so it is better than many of the traditional gaming giants.
Blockchain-based games are a current innovation
Square Enix isn’t the only company that is trying to enter the web3 market for gaming. Samurai Saga, a new blockchain-based game, allows users to purchase NFTs to access their play-to earn game. The game’s creators are also working on an online multiplayer option that will allow players to earn rewards.
Dino Tomic, an artist involved in the project, spoke about the capabilities of web3 on the current gaming market.
“Most NFT projects within the space promise to deliver games, but few have actually delivered one.” A few have released a “play-to-earn” game in 8-bits.
The play-to earn model isn’t new. However, we have seen a gap in online multiplayer games and real play-to earn. So the team is dedicated to closing that gap. They created a multiplayer game-to-earn with surreal graphics, allowing users to experience the best gaming experience.
There are many games and projects that can cut through the clutter in today’s market. Skepticism is rampant as several projects fail to deliver on their promises.
Samurai Saga has created a playable demo that combats this problem, but it is still difficult to attract new users. Square Enix, with its market reputation and profitability, will likely find this difficult to apply.
Tomic stated, “We want to release the complete game at the end 2022. Users will enjoy a full multiplayer gaming experience and can also play to earn. We want to reduce the gap between gamers on the web2 and those in the web3 space to create a complete play-to-earn gaming experience.