{"id":10688,"date":"2023-05-18T21:52:32","date_gmt":"2023-05-19T01:52:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/square-enix-resolves-to-continue-with-web3-blockchain-gaming-drive\/"},"modified":"2023-05-18T21:52:33","modified_gmt":"2023-05-19T01:52:33","slug":"square-enix-resolves-to-continue-with-web3-blockchain-gaming-drive","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10688","title":{"rendered":"Square Enix Resolves to Continue with Web3, Blockchain Gaming Drive"},"content":{"rendered":"
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The Japanese gaming giant Square Enix has reasserted its commitment to blockchain gaming, announcing that it will continue to develop blockchain, Web3, and NFT games in the next 12 months.<\/p>\n

The firm, which created the Final Fantasy<\/i> series, issued an end-of-fiscal year statement this month.<\/p>\n

Square Enix has faced a furious backlash from many gaming communities for its blockchain pivot, which it first unveiled in early 2022.<\/p>\n

The company\u2019s turnover fell slightly over the past year from around $2.7 billion at this time last year to about $2.5 billion.<\/p>\n

It also lost almost 1,000 staff members in the same period.<\/p>\n

But despite a lukewarm reception for its NFT-related titles such as Symbiogenesis<\/i>, the company said that it would continue to target Web3 growth.<\/p>\n

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The firm called its blockchain business an \u201cinitiative\u201d that \u201cwill achieve further growth.\u201d<\/p>\n

It explained that it wanted to become a \u201cpioneer\u201d in Web3 gaming and would \u201ccontinue to carry out investment activities globally.\u201d<\/p>\n

The company also claimed that the \u201cacceleration of blockchain game development\u201d was one of its \u201cpriorities\u201d for the year ahead.<\/p>\n

The firm has also recently launched an NFT game as part of its long-running Million Arthur<\/i> series.<\/p>\n

While this game has also been pilloried by the international gaming community, Square Enix said that it was enjoying popularity.<\/p>\n

Square Enix said that \u201cmore than 75%\u201d of the NFTs it issued for the game last month have been sold.<\/p>\n

Some sets have already sold out, it added.<\/p>\n

The company said that its title\u2019s NFTs held the top-placed transaction ranking by item type on the Line Blockchain protocol.<\/p>\n

And the company said that also explained that its Symbiogenesis<\/i> project was \u201cstill under development\u201d with plans to \u201csell about 10,000 NFT artworks.\u201d<\/p>\n

Square Enix: Will Blockchain Gaming Pivot Succeed?<\/h2>\n

The company has previously said that focusing on traditional forms of gaming would \u201cnot be enough\u201d for the company to thrive in the future.<\/p>\n

The company\u2019s President and CEO Yosuke Matsuda has previously talked of Square Enix\u2019s desire to \u201ctry its hand\u201d at \u201cproviding autonomous game content.\u201d<\/p>\n

Matsuda also spoke of his plans to launch a cryptoasset.<\/p>\n

But an apparent downturn in the firm\u2019s fortunes could soon be set to spark a regime change that may influence the future of Web3-related progress.<\/p>\n

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In March, Matsuda announced he would be stepping down from his role in June this year.<\/p>\n

His replacement, Takashi Kiryu, previously worked at Dentsu Innovation Initiative \u2013 another firm with Web3 credentials.<\/p>\n

Dentsu struck a metaverse partnership deal with Microsoft last year.<\/p>\n<\/p><\/div>\n