Square Enix Shows More Plans for Web3 Gaming
Square Enix gave up control of two of its subsidiaries to improve its blockchain capabilities. Now, the company has said that its medium-term business plan is to add more NFTs to its games. The plans were revealed in the company’s Q1 Earnings Report, which said that the successful testing of NFTs in its “Million Arthur” game franchise has led to a desire to do more in the NFT and blockchain industries.
Square Enix has listed a wide range of activities, such as setting clear rules and regulations for blockchain games, working on scalability in NFT economies, starting a corporate capital venture unit, and starting an overseas entity that will handle the issuing, management, and investments of its own token (which, of course, also means that the company will probably be making a large gaming token economy).
To help with the ambitious Web3 expansion, the Japanese entertainment company has been working with industry giants Animoca Brands. The CEO of Animoca Brands, Yat Siu, is optimistic about Square Enix, saying, “Square Enix has been talking about the potential of blockchain games for a long time, so it gets it better than most of the traditional gaming giants out there.”
In its Q1 Earnings Report, the company said that ‘blockchain investment and monetization’ and ‘AI and cloud computing are also goals of its medium-term business strategy. These are two areas of focus that are in line with the goals that CEO Yosuke Matsuda set in January.