Square Enix does not change course and still believes in the blockchain and NFTs

The Japanese publisher Square Enix took advantage of the beginning of this new year 2023 to present its greeting card through its leader, Yosuke Matsuda.

Like the wishes that were expressed last year where the interested party has expressed his intention to invest in NFT and blockchain technologywhich also resulted in an increase in shares Square Enixwell things and the course ahead should not change for this year 2023 with the Japanese publisher who once again claims to believe in these technologies despite the fluctuations and situations that have occurred in the field of cryptocurrencies in 2022.

“In terms of new business areas, we have designated three targeted investment fields in our medium-term business plan. Of these, we focus more on blockchain entertainment, to which we have devoted aggressive investment and business development efforts. Outside , I think it’s fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by the fact that “Web 3.0” has become an established buzzword among professionals.However, the year also saw volatility in the cryptocurrency and NFT (non-fungible token) markets that have followed the dramatic shifts in the macroeconomics described above In particular, the second half of the year has produced a number of dark blockchain-related news, including the outrageous bankruptcy filing by FTX in November.

Following these events, we are hearing rumors from some countries of anticipated moves to more stringently regulate such companies. In Japan, however, the drive to encourage such enterprises has gained momentum, led by the government. In June 2022, the Japanese cabinet approved a plan called “Priority Policy Program for Realizing a Digital Society”, which includes provisions for creating an environment conducive to promoting the Web 3.0 concept, including the use of NFTs based on blockchain technology. The Digital Agency of Japan has also launched a study group on Web 3.0.

New technologies and frameworks drive innovation, but they also create great confusion. After passing through these social waves, some of these technologies and frameworks gradually become a part of people’s lives, eventually giving rise to new business and growth. After the excitement and euphoria that surrounded NFTs and the metaverse in 2021, 2022 has been a year of high volatility in the blockchain-related space. However, if it turns out to have been a step in a process that has led to the creation of rules and a more transparent business environment, it will certainly have been beneficial to the growth of blockchain entertainment.

By closely monitoring these environmental changes by looking at a higher perspective on what Web 3.0 and blockchain entertainment really are, this represents a different view than if we only focused on them in terms of technology or speculative investments. As I said in last year’s wish letter, if we view traditional games as centralized, then blockchain games must operate on the basis of a self-supporting decentralized model. It is this concept, this philosophy that I consider essential.

That is, the kind of new experiences and thrills that our digital entertainment business can offer our customers through its game development efforts and other projects in the self-supported and decentralized arena is extremely important.

Several blockchain gaming events recently held overseas have sparked more active discussions than ever about what makes gaming exciting. However, in 2021 the market was fueled more by speculative investors than gamblers. In other words, the content that was featured was created on the premise that blockhcains and NFTs should lead to monetization. However, as a result of the aforementioned turbulence in the cryptocurrency industry, there is now a tendency to view blockchain technology simply as a means to an end and to discuss what needs to be done to achieve the goal of providing new experiences and excitement to customers. I consider this a very beneficial development for the future growth of the industry.

Square Enix has several original IP-based blockchain games in development, some of which were announced last year, and we’re gearing up to reveal even more titles this year. We are also involved in global sourcing from an investment perspective and will continue to take stakes in promising companies we find in Japan or overseas. Blockchain has been the subject of euphoria but also a source of turmoil, but now that that has passed, we hope that blockchain gaming will reach a new phase of growth in 2023.

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