Square Enix Embraces Web3 with Substantial Investments
June 1, 2022 — Gaming and media powerhouse Square Enix is forging ahead with a robust ecosystem utilizing blockchain technology and NFTs across its gaming assets as part of its business strategy starting from 2022.
Square Enix, known for iconic franchises like Final Fantasy, reported managing assets totaling $3 billion in its latest income disclosure.
In line with its Web3 initiatives, the company aims to implement stringent frameworks allowing NFTs and its token systems to scale across multiple games.
Also noted in its report is how the developer has experimented with NFTs in the game Shi-San-Sei Million Arthur earlier this year.
Successfully integrating NFTs into games promises to engage players, revealing significant potential across game titles. Animoca Brands, a venture investment company specializing in gaming and Web3, collaborates with Square Enix to develop these plans.
Yat Siu, CEO of Animoca, commented on the partnership and future with Square Enix: "Square Enix has long spoken about the potential of blockchain gaming, positioning itself better than most traditional gaming giants out there."
Current Innovations in Blockchain-Based Gaming
Square Enix is not alone in pushing forward in the Web3 space through gaming.
The new game Samurai Saga, a blockchain-based game, allows users to purchase NFTs for in-game access to play-to-earn opportunities. The team behind the game is also creating a multiplayer online option where players can earn rewards.
Developer Dino Tomic discussed Web3's potential in the current gaming market:
"Most NFT projects promise a playable game but many have yet to deliver. Some have released playable games to earn with 8-bit graphics."
"The play-to-earn model isn't new, but we've seen a gap between traditional and play-to-earn games, so the team is striving to narrow that gap by creating a multiplayer game to earn gameplay with hyper-realistic graphics, providing users with a top-notch gaming experience."
No shortage of projects and games are entering the market to overcome challenges. However, skepticism prevails with some projects failing to execute their concepts properly.
While Samurai Saga has provided a playable demo, attracting new users remains a challenge. Something that might not apply to a company like Square Enix with its profitability and market recognition.
Conclusion
Tomic concluded: "We're aiming to release the full game by late 2022, where users will experience full multiplayer gameplay while earning. Concurrently, we aim to focus on bridging the gap to bring gamers from web2 into the web3 space and vice versa to truly build a play-to-earn full game in the gaming industry."
