The Japanese-based entertainment multi-industry and video game company Square Enix will introduce NFTs into extra gaming merchandise.
Earlier this year, Square Enix primarily launched NFTs on the video game “Shi-San-Sei Million Arthur” and received great success. Because of this, the video game company will pave the way for the game’s non-fungible tokens to return for a second season. Besides, the business is believed to eventually seek bigger operations in the blockchain and NFT sectors.
Square Enix has also been working with Web3 gaming and the Hong Kong-based game software and venture capital company founded in 2014 to delve deeper into the ecosystem of the blockchain gaming industry. It is believed that the partnership between the two big players in the entertainment sector will grow in the near future.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What Does Staking Mean in Crypto? (Easily Explained!)
The Chairman and co-founder of Animoca Brands Yat Siu stated that the impact of Square Enix in gaming will be significant. Siu additionally commented:
“Square Enix has already been talking about the potential of blockchain games for a long time so they get it better than most of the traditional gaming giants out there.”
The organization also has plans to build a more inclusive GameFi financial system by controlling and handling its own tokens through a newly created offshore corporation.
Moreover, Square Enix intends to provide legal clarity and norms for blockchain games, handling the limited capability of the network's capacity to sustain larger transactions of NFTs.
Despite the fall of cryptocurrency in 2022, non-fungible tokens, and Web3 based on blockchain technology, still remain significant. Even though the number of gamers didn’t change when compared to January, according to some statistics, from the beginning of this year to May 14, the total sales volume for NFT game products fell from $70M to $8.7M.
According to the company’s financial results, Square Enix Holdings Co., Ltd. is one of the most popular games developer businesses with $3 billion in possession. At the beginning of May, the company closed a deal to sell the action-adventures video game series “Tomb Raider” for $300M.