Square Enix Sells Popular IPs To Invest More In Blockchain Gaming
Blockchain technology is steadily disrupting various sectors, with the gaming industry being one of them. Notably, gaming company Square Enix disclosed on Monday that it had sold some of its popular titles to be able to invest in blockchain gaming.
Square Enix Moves Forward With Blockchain Gaming Plans
On Monday, Square Enix revealed that it was selling some of its overseas studios and popular gaming titles to Swedish gaming firm Embracer Group. Embracer revealed that the deal is valued at about $300 million and includes titles like Tomb Raider, Deus Ex, Thief, and Legacy of Kain. Square Enix President Yosuke Matsuda is said to have made the final decision on the sale, and all conditions are said to have been met at the time of writing.
In their press release, Square Enix stated that the sale would give them the needed resources to advance the company’s growth in the digital entertainment industry. Square Enix also revealed that proceeds from the sale would also be directed into blockchain technology, AI, and cloud computing. The release read:
“In addition, the Transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud. The move is based on the policy of business structure optimization that the company set forth under the medium-term business strategy unveiled on May 13, 2021.”
Last month, the company’s president, Yosuke Matsuda, re-emphasized his pro-blockchain gaming stance in an interview with Yahoo Japan. Matsuda revealed that he believed that gamers would want more than what traditional games currently offer in the future. The executive also noted that Square Enix could, in the future, change its approach toward building games, moving away from building games that are defined 100% by the developers to something which gamers can contribute to.
It is not the first time the Square Enix Chief has thrown his weight behind the disruptive technology. In a New Year’s letter to customers, the executive revealed that he was excited by the possibilities brought on by the new technology and advancements in NFTs and the metaverse. Matsuda has also hinted at the company creating a cryptocurrency.
Traditional Gaming Embraces Blockchain As The Technology Drives Industry Growth
The list of traditional gaming companies pursuing integration with blockchain technology and the metaverse continues to grow. As reported by ZyCrypto last month, both Japanese gaming company Bandai Namco and Fortnite creators Epic Games have revealed plans to venture into the metaverse.
As per a report from market research firm Technavio, the gaming market is expected to grow by $125.65 billion. The researchers in their report identified the integration of blockchain technology as a major driving force for this growth. The latest trend will allow users to trade in-game assets securely while enabling developers to monetize services more efficiently.
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