Square Enix Announces Blockchain and NFT Strategy for the New Year

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2022-01-07 22:46:06

Video game giant Square Enix revealed its blockchain and NFT development plans in a New Year’s Day announcement.

CEO discusses NFT and Metaverse

Square Enix announced its plans to develop blockchain, NFT, and Metaverse initiatives later this week in a New Year’s Day letter from company president Yosuke Matsuda. In the letter, Matsuda noted that NFTs, attracted a lot of attention last year. He calls 2021 a “first year” for NFTs thanks to their rapidly growing user base.

Matsuda observed that NFT increased the liquidity of digital goods, but commented that NFT trading was a bit “too hot” and speculative. Matsuda expects that the NFT will see a price correction as they become more popular.

Matsuda also noticed Metaverse, a VR trend that Facebook started in October. He said he hopes Metaverse will “bring changes that have a more significant impact on our business. [Square Enix]” when this concept started to take shape.

Blockchain Strategy Starts This Year

Matsuda does not publish any specific NFT or Metaverse products. However, he said that Square Enix has created a mid-term strategy for 2020, which sees the company focus on investing in AI, cloud gaming, and blockchain gaming.

He added that decentralized blockchain games will become “a major strategic topic for [Square Enix] starting in 2022.”

As with many of the company’s other NFT strategies, Square Enix has received backlash from the public. Users have criticized NFT’s anachronism and expressed concerns about the environment surrounding blockchain mining.

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