The Japanese entertainment conglomerate and video game company Square Enix’s President Yosuke Matsuda released a new year’s letter for 2023 revealing the company will primarily focus on blockchain-powered games and NFTs.
Matsuda states that from their three focus investment fields under our medium-term business plan, “we are most focused on blockchain entertainment, to which we have devoted aggressive investment and business development efforts.”
Matsuda points out that “Web 3.0” became a firmly established buzzword among businesspeople in 2022, indicating that blockchain achieved major prominence as a field.
He also cited the shocking bankruptcy filing of FTX in November in addition to the crypto and NFT winter. Following these developments, Matsuda noted that certain nations are putting early efforts to strictly regulate such businesses.
In the meantime, the government of Japan has intensified its efforts to support such firms, Matsuda adds.
Square Enix’s President stated the “Priority Policy Program for Realizing a Digital Society” was approved by the Japanese cabinet in June 2022. It is pertaining to the creation of an environment for promoting the Web 3.0 idea, including the deployment of NFTs based on blockchain technology.
Also Read: Square Enix to Launch ‘Final Fantasy VII’ NFT Collection
Matsuda referred to the prior speculative craze surrounding NFTs in his letter, but he also stated his belief that the emphasis on commercialization will give way to a growing understanding of the potential benefits of NFTs for gamers.
Last year, Square Enix’s emphasis on blockchain generated a fuss online as gamers worried the company would abandon its OG games in favor of blockchain games.
Well, Square Enix is reportedly working on a number of blockchain games based on original IPs. Some of these games were revealed last year, and Square Enix is now making plans to reveal even more games in 2023.
The company is still considering blockchain investment prospects, and it will continue to invest in promising companies whether they are located in Japan or elsewhere.
Matsuda stated, “Blockchain has been an object of exhilaration and a source of turmoil, but with that in the rearview mirror, we hope that blockchain games will transition to a new stage of growth in 2023.”
Also Read: Square Enix Sells Tomb Raider to invest in Blockchain and AI
