Square Enix Reiterates Plans To Develop Blockchain-Based Games

Square Enix has announced its plans to continue its projects in blockchain gaming. The Japanese gaming giant says it is putting serious commitment into Web3, non-fungible tokens (NFT), and blockchain technology to develop a series of projects in the next 12 months.

Square Enix, behind the popular gaming series Final Fantasy, made this commitment in an end-of-fiscal year statement in May 2023.

Square Enix Wants To Accelerate Blockchain Development

The firm, which created the Final Fantasy series, issued an end-of-fiscal year statement this month. Square Enix has not been without challenges, as it has faced backlash from gaming firms for its blockchain pivot, a project it first launched in early 2022.

The firm saw a slight fall in its turnover in 2022 to $2.5 billion from the $.7 billion it recorded the previous year. In the same period, it had to shed 1,000

However, even though the NFT-relate titles like Symbiogenesis had a lukewarm reception, the company has promised to continue its project towards Web3 growth. The company said its blockchain business is an “initiative” that “will achieve further growth.” Additionally, Square Enix stated that the goal of the company is to become a pioneer in the web3 gaming space.

Square Enix has repeatedly noted that one of its aims is to speed up the growth and development of blockchain gaming, and it has made it one of its priorities for this year.

Square Enix Will Provide Autonomous Game Content

In line with this commitment, the company has rolled out an NFT game, which is part of its long-running Million Arthur series. Square Enix stated that the game is currently enjoying a good level of popularity even though the international gaming community has pilloried the game.

Square Enix stated that over 75% of the NFTs it issued last month have already been sold.

The company also said it is still developing the Symbiogenesis project, and it intends to sell 10,000 NFT artworks. Square Enix said that the NFTs were the highest-ranked transaction by item type on the Line blockchain protocol.

The firm has insisted that it will not be enough to focus only on traditional forms of gaming if it wants to thrive in the future. Chief Executive Officer of Square Enix, Yosuke Matsuda, stated that the company is looking to provide autonomous game content. This is in addition to the company’s plans to launch a crypto asset.

However, the firm has not been able to leave up to the expectations due to a downturn in its fortunes. This has led to talks about a change in regime in the firm, which could influence the future of its web3 progress.